Bloomberg China’s central bank is winning the battle against leverage, yanking billions of funds from the financial system and crushing a popular trade in the bond market. The People’s Bank of China drained a net 150 billion yuan ($23 billion) of funds using open-market operations, the largest such amount since October. That adds to its 178 billion yuan withdrawal from ...

Bloomberg Wells Fargo & Co. cut Chief Executive Officer (CEO) Charlie Scharf’s compensation about 12% for 2020, a year in which shares tumbled and the company slashed its dividend and reported its first quarterly loss since 2008. The board paid Scharf $20.3 million for 2020, his first full year atop Wells Fargo, down from $23 million for 2019. The San Francisco-based ...

Bloomberg Ghana banks are extending relief measures to cushion clients from fallout of pandemic as a resurgence in the number of infections threatens an economic recovery. Lenders are retaining measures such as reduced borrowing costs, restructured credit facilities and repayment holidays to customers into 2021 to “ensure that the wheels of the economy continue grinding,” John Awuah, chief executive officer ...