Banking

  Bloomberg Bank of America Corp (BofA) Chief Executive Officer Brian Moynihan’s total compensation declined 6.3% to $30 million for his work in 2022, a year in which profit tumbled and the shares sank. The board granted Moynihan $1.5 million in salary and $28.5 million in stock-based incentive awards, the Charlotte, North Carolina-based lender said in a filing. A year ...

  Bloomberg The chief of one of Australia’s largest commercial banks warned strength of the nation’s economy suggests that markets and home owners should brace for “a lot more rate rises.” The comments from Australia & New Zealand Banking Group Ltd. (ANZ) Chief Executive Officer Shayne Elliot in local newspapers come ahead of an interest rate decision by the central ...

  Bloomberg State Bank of India’s (SBI) quarterly profit rose 69% from the previous year, surpassing analyst estimates, amid heightened interest in the lender’s exposure to billionaire Gautam Adani. Net income was 142.1 billion rupees ($1.74 billion) in the three months through December, as bad-loan ratio narrowed and income from loans rose, according to a statement from the bank. That ...

  Bloomberg Paytm, India’s leading digital payments brand, posted a narrower third-quarter loss after its drive to add customers boosted revenue. The net loss in the quarter through December shrank to 3.9 billion rupees ($48 million) from 7.8 billion rupees a year earlier, the company said in a statement. Revenue from operations rose 42% to 20.6 billion rupees, while total ...

  Bloomberg The Bank of England (BOE) signalled the fastest pace of interest-rate hikes in three decades may be drawing to a close after it raised its benchmark lending rate a half point. Policy makers led by Governor Andrew Bailey voted 7-2 to raise the benchmark lending rate to 4%, the highest since 2008. The majority said strong pay growth ...

  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 ...