 | | | | Credit Suisse Group AG is discussing slashing thousands of jobs globally, Bloomberg News reported on Thursday, citing people familiar with the matter. | | | | | | Citigroup Inc said its total exposure to Russia rose by $500 million in the second quarter due to a rise in the value of the rouble. | | | | | | Italian state-owned bank Monte dei Paschi di Siena reached an accord with unions over thousands of job cuts which are part of commitments Rome agreed this week with the European Commission, the sector's biggest union FABI said. | | | | | | | | Bonuses for Wall Street bankers are projected to plunge as much as 45% this year as business dries up. Payouts for investment bankers who underwrite deals will probably drop 40% to 45% this year, while incentive compensation for those advising on transactions is estimated to fall 20% to 25%, according to compensation consultancy firm Johnson Associates. "Headcount will decrease as firms scale back after increasing headcount in 2021 and into 2022," Alan Johnson, a managing director at the consultancy, wrote in a report. While investment bankers have come under pressure from turmoil in financial markets, their counterparts in trading have benefited from a surge in volatility and client activity. Fixed income traders and salespeople will probably get pay bumps of 15% to 20%, while bonuses for stock traders could rise 5% to 10%, according to the report. | | | | | | | | Two years after India's central bank had to step in to take control of Yes Bank to calm panicky depositors and stem systemic risk, the lender is aiming to expand its loan book and acquire smaller rivals to revive its business, Chief Executive Prashant Kumar said. | | | | | | ING Groep NV , the largest Dutch bank, reported on Thursday better-than-expected second quarter pre-tax profit of 1.74 billion euros ($1.77 billion), with low new loan provisions despite the worsening economic outlook. | | | | | | French banking group Credit Agricole's shares rose sharply on Thursday after it joined rivals BNP Paribas and Societe Generale in announcing better-than-expected quarterly profits driven by buoyant investment banking. | | | | | | Sun Life Financial , Canada's second-biggest life insurer, on Wednesday comfortably beat analysts' estimates for second-quarter core profit, which rose slightly from a year earlier as higher earnings in Canada helped offset a decline in profits from its wealth management unit. | | | | | | Retail trading platform Robinhood Markets Inc disclosed in a filing on Wednesday that the U.S. Securities and Exchange Commission has been probing the company's compliance with short selling rules since October 2021. | | | | | | U.S. insurer MetLife Inc reported a 22% fall in quarterly profit on Wednesday as weaker investment returns offset gains from rising premiums. | | | | | |
