Banking

  Bloomberg Lloyds Banking Group Plc is poised to pay more in bonuses than Royal Bank of Scotland Group Plc for the first time since the financial crisis, underscoring the contrasting performances of two of Britain’s bailed out banks. Lloyds has earmarked about 390 million pounds ($486.8 million) for its employee bonus pot, overtaking RBS, which is considering a pool …

  Dubai / Emirates Business Mashreq, the market leader in innovation, recently added two new advanced safety features to its Card Control service, integrated to its award-winning mobile banking app – Mashreq Snapp. Both the features are launched for the first time in the UAE. The two new features ‘Block by Country’ and ‘Block by Merchant Category’ are aimed at …

  AP Deutsche Bank, Germany’s largest lender, has apologized in full-page German newspaper ads for misconduct that has cost the company billions. The ad, signed by CEO John Cryan on behalf of the bank’s top management, ran in the Frankfurter Allgemeine Zeitung and the Munich-based Sueddeutsche Zeitung. The bank said its past conduct “not only cost us money, but also …

  Bloomberg The pound snapped a two-day rally and gilts rose after the Bank of England (BoE) signaled that a policy tightening wasn’t imminent. Sterling rose initially after the central bank said that some within its committee had become more concerned about accelerating inflation and that they were “closer to those limits” of tolerance. It reversed gains after a fuller …

  Bloomberg Salespeople of all stripes know the drill. Go to the morning pump-up sessions. Hit the revenue targets. Move product or move along. The playbook for selling everything from phones to time shares also crops up in a rarefied environment — the Manhattan offices of JPMorgan Chase & Co.’s elite wealth-management unit. There, private bankers working with JPMorgan’s richest …

  Bloomberg UniCredit SpA will sell new shares for more than a third less than their current price in a 13 billion-euro ($14 billion) rights offer aimed at strengthening its capital position. The bank will sell stock at 8.09 euros a share and offer 13 new shares for every five held, the Milan-based lender said in a statement. The offer …

  Bloomberg The number of bankers and financiers pulling down 1 million euros ($1.1 million) or more soared 33 percent to 5,142 across the European Union in 2015, the bloc’s banking regulator said. Bankers based in the UK accounted for 80 percent of the highest earners largely driven by appreciation of the pound against the euro, the European Banking Authority …

  NEW YORK / AP A former Morgan Stanley financial adviser was arrested in Nevada on charges in New York that he stole at least $5 million from several members of a wealthy family to live lavishly, including using private jets, authorities said. Barry Connell, 50, of Chester, New Jersey, was arrested in Henderson, Nevada, on fraud and identity theft …

  Bloomberg Buckle up, bond investors. Global reflation and fading central-bank stimulus herald a new dawn for the European corporate debt market that will buoy high-yield paper at the expense of high-grade, according to analysts at Bank of America (BofA), citing an upcoming portfolio shift among investors. “In 2016 we saw the lowest in yields and spreads,” strategists at the …

  Bloomberg Deutsche Bank AG fell the most in four months after earnings missed analysts’ estimates, in part because clients stepped back from doing business with the lender amid concern about its financial strength. The stock slumped as much as 7.1 percent, the most since September, after revenue from debt trading, its biggest source of income, fell short of estimates …