Foreign news: Wells Fargo to increase Asia headcount, GABV appoints executive director, Indian banke 13 May 2015 4:13PM Banking Day staff Foreign news, US bank Wells Fargo plans to add as many as 140 people to its Asian banking operations over the next 12 months, reports Bloomberg. Wells Fargo's Asia Pacific regional president, John Rindlaub, said the bank was seeking to expand its Asian business as the region's economic growth outpaces that of the United States and Europe. In Asia, Wells Fargo aims to provide banking services to its US clients operating in the region, and to Asian multinational companies seeking to expand their operations in the United States. The Global Alliance for Banking on Values has appointed Marcos Eguiguren as its inaugural executive director. GABV, which was founded in 2009, has 25 members, with bankmecu as the only Australian member. Eguiguren has held senior management positions at BBVA and Barclays Bank, and has worked in consulting in Spain and internationally. Indian banking veteran Kundapur Vaman Kamath will be the first head of a planned BRICS development bank. The new bank is being created in partnership with Brazil, Russia, India, China and South Africa for infrastructure financing and sustainable development project funding. The US$100 billion development bank will be based in Shanghai, and will be headed by an Indian for the first five years, followed by a Brazilian and then a Russian. The bank is expected to be operating by end of 2015. The Federal Reserve Board has barred five banking executives at Credit Suisse from further employment in the banking industry. The bankers were associated with a Fed investigation into failure to comply with federal banking laws and assisting US citizens in evading federal income taxes. The five had been previously indicted for conspiracy to defraud the US Government. The Fed said the bank employees "would impair public confidence in the institution" if they remained working at the bank. Deutsche Bank's global head of fixed income and currencies, Richard Herman, told employees he's leaving after 20 years at the company to pursue interests outside of finance. Head of structured finance Elad Shraga is also leaving after 15 years at the company to start his own fund. The German bank disclosed plans in April to reduce the size of its investment bank and sell some consumer operations.