Banking

  Bloomberg Barclays Plc is weighing an increase in the bonus pool for its fixed income trading division, with the unit expected to produce record revenue after 2022’s wild market swings. The British bank is considering boosting the overall incentive compensation for fixed income traders by as much as 15%, according to people familiar with the matter. The proposals are ...

  Bloomberg Bank of Montreal (BMO), which just completed its $16.3 billion takeover of Bank of the West, expects to be able to gain share even in US markets where the firm only has a sparse branch presence. The Bank of the West deal expands Bank of Montreal’s US footprint to 32 states and gives it 1.8 million new customers. ...

  Bloomberg Deutsche Bank AG is preparing further job cuts to keep costs in check, with the focus likely to be areas outside the trading unit. Meeting expense targets in an inflationary environment will require a redoubling of savings efforts, including job cuts, Chief Executive Officer Christian Sewing said at an earnings press conference. He singled out the lender’s consumer ...

  Bloomberg Denmark’s Nationalbanken raised its benchmark interest rate less than the European Central Bank (ECB) as its new governor seeks to weaken the krone and defend the peg to the euro. The central bank in Copenhagen, which doesn’t hold scheduled meetings, raised the current account rate to 2.1% from 1.75%, it said. The 35 basis-point hike comes on the second ...

  Bloomberg Banco Santander SA’s earnings beat estimates as a revenue boost stemming from central-bank rate hikes offsets the impact of higher expenses and the cost of covering souring loans. The Spanish retail-banking giant posted net income of €2.29 billion in the fourth quarter of 2022, exceeding the consensus analyst forecast of €2.1 billion, according to a statement. The lender ...

  Bloomberg Japan’s financial regulator is urging regional banks to raise wages for employees, people familiar with the matter said, responding to Prime Minister Fumio Kishida’s call for higher pay with inflation hitting its highest level since 1981. Officials at the nation’s Financial Services Agency (FSA) are telling regional banks — which number around 100 — that it’s important to ...

  Bloomberg Credit Suisse Group AG is weighing a plan to carve up its investment bank in China by retaining a domestic unit and shifting the overseas operation to the new CS First Boston division. The securities and wealth businesses in mainland China is likely to be kept under the Swiss lender, while Hong Kong staff focusing on offshore deals ...

  Bloomberg State Bank of India (SBI), the country’s largest financier, has given loans of as much as $2.6 billion to companies in the Adani conglomerate, or about half of what is allowed under the rules, according to a person familiar with the matter. SBI’s exposure includes $200 million from its overseas units, the person said, asking not to be ...

  Bloomberg Lulalend will unveil South Africa’s newest digital bank, Lula, by March after it secured $35 million to expand its business. Lulalend, a startup founded in 2014, will partner with Nigerian lender Access Bank to establish Lula. The neobank will offer a bespoke suite of products that address the challenges faced by small and medium-sized enterprises in managing their ...

  Bloomberg For the fifth straight quarter, European banks are set to match or beat Wall Street rivals after a debt trading surge last year saw revenues surge by almost 30%. Six of the region’s top investment banks — led by Barclays Plc and Deutsche Bank AG — are expected to show an average 29% increase in bond and currency ...