Britain abandoned a bid to overturn a European Union ban on banker bonuses of more than twice fixed pay after it suffered a setback in the EU’s top court.
Steven A. Cohen’s firm will stop collecting employees’ best trading ideas for a central investment pool and rewarding them with a special bonus, a practice that the U.S. government said created wrong incentives at his former hedge fund SAC Capital Advisors.
UBS secured support from its investors to swap 90% of their shares into a new holding company under a plan to spare taxpayers another bailout of the bank.
The U.S. Securities and Exchange Commission resolved an impasse over punishing Bank of America in a mortgage-bond case, clearing the way for the lender to complete a $16.7bn global settlement, people familiar with the matter said.
• Worldwide M&A tops the $3 trillion mark for the first time since 2007
Humbled bond manager Bill Gross just got a vote of confidence from one of the most successful investors of all time.
Chris Ronnie, the former boss of JJB Sports, has been found guilty of accepting more than £1m in backhanders from suppliers.
The Senate has rapped the Federal Reserve on the knuckles for the central bank’s failure to oversee big banks who bullied their way into dominant positions in commodities like copper and aluminum.
Shawn D. Miller, a Citigroup executive found dead in his apartment bathtub in New York City earlier this week, probably killed himself, police said.
In the race for fresh tech talent, IBM is looking to give itself a leg up on the competition by turning to Watson.
Support for staying in the EU has risen among the finance bosses of big British firms, but they are also increasingly jittery as June’s referendum approaches.
Saudi Arabia is planning to establish a $2tn (£1.4tn) sovereign wealth fund by selling off its state petroleum assets in preparation for a world beyond oil.