Bright lights, big Citi after financial storm We see that Citigroup may not be quite the basket case that it is sometimes perceived to be after its pasting during the financial crisis. Research by Mirae Asset Management shows Citi's emerging market business compares favourably with HSBC and Standard Chartered, with annualised revenue of US$26 billion to US$27 billion from Asia and Latin America, which is close to HSBC's emerging market revenue of US$30 billion and almost 1.7 times Standard Chartered's entire revenues of US$16 billion. Citi's emerging market operations are also much more profitable. It squeezes US$13.3 billion out of an asset base of US$457 billion, while HSBC has revenues of US$14.9 billion from assets of US$827 billion. Standard Chartered, which has a similar asset base, generates roughly half the revenue. So maybe chief executive Vikram Pandit should relocate to Asia, where he might feel more comfortable about paying himself a salary. Oversubscribed As the hoopla surrounding the insurer AIA mounts ahead of its initial public offering, a lunch for investors at the Shangri-La attracted a big crowd. In fact, way too big. Although investment banks were each allowed five senior bankers, Goldman Sachs turned up with 32 and J.P. Morgan with 25. Most, alas, had to be turned away. Girl power Hard on the heels of her recent move up the list of Fortune Magazine's 50 most powerful women in business, Jing Ulrich tells us that she has also made it onto the Forbes list of 100 most powerful women. Ulrich (above), managing director of China equities and commodities for JPMorgan Chase, weighs in at No 81, well below the likes of Lady Gaga (7), Madonna (9) and Serena (55) and Venus Williams (60). But at 43, she is among the top 20 youngest most powerful women. She was listed at 95 in 2008, though her power apparently evaporated last year when she slipped off the list. According to Forbes, Ulrich is known as the 'unofficial voice of China' and achieved sales amounting to US$2.81 billion over the past 12 months. Other Asian women on the list include Singapore's Ho Ching, chief of US$135 billion sovereign wealth fund Temasek Holdings. Chua Sock Koong (No 71) is chief of Singapore Telecommunications. Don't bank on it Again on the subject of power women, Warren Buffett was a speaker at Fortune Magazine's Most Powerful Women conference. He took the chance to join a growing band of critics attacking the salaries of bankers, saying they should face greater accountability for losses made from the risks they took, observing that the risk-taking produced losses for shareholders and imperilled the economy. The use of derivatives had allowed banks to add risk and 'makes a mockery' of federal rules designed to limit losses, he said. 'You should go broke ... and I think your wife should go broke, too.' If Buffett really takes such a dim view of these risk-taking financial institutions, maybe he should think about selling his investments in the likes of Goldman Sachs. His interest is only encouraging everyone else to get involved. Hong Kong royalty The surprise appearance of Prince Andrew at the annual Hong Kong dinner in London led Trade Development Council chairman Jack So Chak-kwong to call on what he described as the closest thing Hong Kong has to royalty. Also on the top table with the Duke of York was Hong Kong's most famous posh boy, Sir David Tang. 'Well, he walks and talks like royalty,' So deadpanned. Leader of the pack J.P. Morgan is the top-earning investment bank for the first nine months of the year with fees of US$3.7 billion, giving it 6.5 per cent of the pie, the Thomson Reuters Global Investment Banking Review shows. Our own HSBC was well down the pack at 16th, with fees of US$822.7 million and a 1.4 per cent market share. It ranked higher, at 14th, as a fee payer of US$172.7 million, mostly for the issuance of bonds. Interestingly, HSBC wasn't in the top 10 in terms of investment banking fees in any region, not even Asia-Pacific, where it's been telling us for years that it's going to leverage off its commercial banking franchise. Sympathy card from Facebook The stiff sentence handed out to Jerome Kerviel, France's rogue trader, appears to have attracted a surprising level of sympathy. He might console himself with the fact that this case has at least done wonders for his social circle. He used to boast just 11 Facebook friends - today the total stands at 4,005. Now, if he can just get each of them to cough up Euro100,000 (HK$1.08 million), that debt to Societe Generale will be repaid in no time at all.