It’s a tough market.
Commerzbank aims to cut around 9,000 jobs in the next few years and will scrap its 2016 dividend as part of efforts to reduce costs in the face of negative interest rates, a source close to the bank's supervisory board said on Tuesday.
Deutsche Bank shares plunged to a new record low today, dropping 7.5 per cent to close at €10.55, prompted by reports in Focus magazine over the weekend that German Chancellor Angela Merkel has ruled out state assistance for the bank.
The U.S. Department of Labor agreed to conduct a review of Wells Fargo requested by lawmakers including Elizabeth Warren, who said the bank may have put undue pressure on employees to meet sales quotas.
A senior former banker at HBOS received a string of bribes over five years – including cash, use of a credit card, luxury holidays and payments for prostitutes – in exchange for agreeing bank loans channelled to ailing business with little or no hope of recovery, a court has heard.
Pimco co-founder Bill Gross won access to some of the firm’s internal records he says will show he was forced to resign two years ago so his former colleagues could divvy up his $200m bonus among themselves.
Wall Street would have to come up with billions of dollars in additional capital in a proposed revamp of the Federal Reserve’s annual stress tests that could also scrap some provisions that lenders have criticized.
'Our support for the CEO is now wavering'.
Steven Cohen’s Point72 Asset Management has been on its biggest ever hiring spree in Asia, seeking higher returns amid turmoil in the global hedge fund industry.
Jose Barroso, the former European Commission president, said it’s entirely legitimate to work for Goldman Sachs and any mistakes its bankers made during the financial crisis were nothing to do with him.
It remains early days for assessing Donald Trump’s economic plans, not least because of the difficulty in separating the serious policies from the wilder campaigning rhetoric, but the bond market seems clear on the central point: the president-elect intends to cut tax taxes, increase spending and deregulate.
HSBC has been forced to insist its plan to install more than 1,000 key staff in Birmingham is on track, after the process was reportedly described as “in crisis” by an official monitor at Britain’s biggest bank.
Killing two birds with one stone.