Banking

  Bloomberg Wells Fargo & Co. will withhold 2016 cash bonuses from eight senior executives and claw back compensation received in 2014 as the board holds managers accountable for the company’s bogus-account scandal. The actions cut a total of about $32 million in pay and equity awards from managers including Chief Executive Officer Tim Sloan and Chief Financial Officer John ...

  Bloomberg Bank of Baroda’s South African unit has started closing accounts of companies controlled by the Gupta family, according to three people familiar with the matter, potentially leaving the friends of President Jacob Zuma without banking facilities in the country. The Mumbai-based lender is winding down its relationship with companies related to the Gupta family to ensure it is ...

  Bloomberg Scandinavia’s biggest bank is in talks with the Swedish government to stop it raising industry payments towards a national reserve intended to shield the country from the next financial crisis. Nordea Bank AB is trying to make the case that the government’s proposal poses ‘a risk,’ in part because the fees paid by lenders will go into the ...

  Bloomberg After more than a year of disinflation, price pressures are quickly mounting across South-east Asia as fuel costs rise, putting central banks on watch after years of policy easing. In Malaysia, consumer prices rose at the fastest pace in almost a year in January and economists see that as closing the door on another interest-rate cut this year ...

  Bloomberg A European Union bad bank would go a long way towards reducing the 1.2 trillion-euro ($1.3 trillion) mountain of soured loans on lenders’ books, but that relief may be a long time coming, according to the bloc’s bank regulator. Andrea Enria, chairman of the European Banking Authority (EBA) has proposed setting up a bloc-wide asset-management company to take ...

  Bloomberg Citigroup Inc. is in advanced discussions for a banking license in Saudi Arabia, returning after a more than 10-year absence from the kingdom, as the bank looks for ways to capitalize on financial reforms, according to people familiar with the matter. The New York-based bank has started sounding out potential staff in expectation that the license application will ...

  Reuters Annual growth in Saudi Arabian bank lending slowed in January to its lowest level in nearly seven years, official data showed, a sign of weak corporate demand but also improving liquidity in the economy. Bank loans to the private sector rose just 1.8 percent from a year earlier, compared to 2.4 percent in December, the central bank said. ...

  Bloomberg India’s weaker economic growth will lead to more soured loans, even after an audit of lenders’ books pushed stressed assets in the South Asian nation to the highest among major economies, according to the head of the country’s largest bank. “There could be a few more accounts that could start showing stress mainly because the kind of growth ...

  Bloomberg The UK’s 50 pound-note is here to stay, at least for now, according to the Bank of England official who signs the nation’s bills. Chief Cashier Victoria Cleland said in an interview that the BOE has no plans to scrap the bill — its largest — and hasn’t ruled out eventually replacing the current paper note with a ...

  Bloomberg Canada’s financial industry is urging the federal government to consider alternatives to proposals that could require them to take on a greater share of mortgage defaults through a deductible — calling it one of the biggest shakeups to hit housing finance in 50 years. “This submission has questioned whether a deductible is the most effective way to rebalance ...