A new generation of bankers are about to get a raise, as firms open wallets to head off defections to investment funds and Silicon Valley.
Bank of America plans to raise salaries for junior staff by at least 20% as Wall Street firms try to discourage defections, a person briefed on the matter said.
The $16.65 billion settlement by Bank of America over financial crisis-era mortgage securities highlights a pattern of the government extorting the banks, said Dick Kovacevich, former Wells Fargo chairman and CEO.
Royal Bank of Scotland said on Wednesday it had reached a settlement allowing it to use a key piece of software in its trade finance business that a U.S. judge had prevented the bank from using due to copyright infringement.
Bank of America on Thursday agreed to pay $16.65 billion to end investigations into mortgage securities that the bank and its units sold in the run-up to the financial crisis.
Goldman Sachs, which cut the portion of revenue set aside for pay the past two years, will increase 2015 salaries for junior employees in the U.S. by about 20%, according to a person briefed on the decision.
Britain's deepest postwar recession has led to record numbers of self-employed people, who are earning lower wages and working longer hours than other workers, a study suggests.
A $300m fine on Standard Chartered for lapses in anti-money laundering controls has piled pressure on the bank's board, coming after a series of transgressions and a drop in earnings that had prompted calls for change at the top.
Investment-banking fees in Europe, growing faster than in Asia and the Americas, are set to reach a seven-year high as sales of debt and stock and a buoyant U.K. economy outweigh stagnant income from trading.
Jefferies Group is reorganizing businesses that help fund corporate deals, elevating senior investment banker Jim Walsh to oversee its leveraged finance unit as Kevin Lockhart leaves, according to people with knowledge of the matter.
The City’s top regulator has said a new system designed to hold bank executives to account is “not about trying to get heads on sticks”.
Credit Suisse Chairman Urs Rohner will stand for re-election at the bank’s annual general meeting even after the stock fell about 60% under his tenure.