Banking

  Bloomberg Pay for the leaders of Canada’s five largest banks rose an average of 28% as the lenders’ earnings increased and shares gained. Total direct compensation for the chief executive officers climbed to a combined C$65.7 million ($51.2 million) for fiscal 2021, which ended Oct. 31. The bump for CEOs tops the 18% average increase in variable pay that ...

Bloomberg The odds of Russia making its foreign debt payments are diminishing as bond prices fall, recession in the nation looms and various payment restrictions pile up after the invasion of Ukraine, according to Morgan Stanley & Co. “We see a default as the most likely scenario,” Simon Waever, the firm’s global head of emerging-market sovereign credit strategy, wrote in ...

  Bloomberg China’s smaller banks could come under greater scrutiny over financing to Russia as the nation’s biggest lenders are already showing signs of complying with US and European sanctions in a bid to protect their large international footprints. Within the commercial banking system, one model allowing China to support its strategic partner would be through an institution similar to ...

  Bloomberg China’s central bank pledged to keep its monetary policy flexible and responsive to changing economic conditions, with an overriding objective of achieving stability. The People’s Bank of China will adjust the strength, pace and focus of its monetary policy as needed, the central bank said. The statement was the first in a series planned in relation to the ...

  Bloomberg German bonds surged on Tuesday, sending the benchmark yield below zero for the first time in a month as rates traders bet the European Central Bank will put off raising interest rates until next year. The repricing comes as investors come to terms with the fallout from Russia’s invasion of Ukraine and the risks it poses to the ...

  Bloomberg Commerzbank AG raised the prospect of higher shareholder payouts and lifted a key profit target as the turnaround under Chief Executive Officer Manfred Knof gathers pace. The German lender on Tuesday said it may pay out as much as 5 billion euros ($5.6 billion) to shareholders until 2024, compared with up to 3 billion euros promised last year. ...

  Bloomberg Barclays Plc named JPMorgan Chase & Co veteran Urvashi Batra as its head of equities electronic trading for the Americas. Batra’s page on the Financial Industry Regulatory Authority BrokerCheck website and her LinkedIn page both show the move, and Barclays formally announced the hire in a statement Tuesday. In her new role, she’ll oversee electronic equities client offerings ...

Bloomberg Hong Kong’s banking regulator told finance executives in recent weeks that it’s lobbying the government to shorten the strict hotel quarantine placed on incoming travelers as it seeks to prop up confidence in the city’s status as a financial hub. Hong Kong Monetary Authority told a group of banks that it will start engaging with the government to reduce ...

  Bloomberg The euro zone could be vulnerable to stagflation in the wake of the Russian attack on Ukraine, according to European Central Bank Governing Council member Mario Centeno. The Portuguese governor, speaking in an interview in Lisbon on Monday, said he favours continuing the monetary policy “normalization” flagged by officials in recent weeks, though he acknowledged that the conflict ...

  Bloomberg Toronto-Dominion Bank agreed to buy First Horizon Corp for $13.4 billion, putting its massive capital stockpile to use for its largest deal ever and expanding its presence in the US Southeast. The Canadian bank will pay $25 a share in cash for Memphis, Tennessee-based First Horizon, according to a statement Monday. The purchase price is about 37% higher ...