Bloomberg European banks operating in Russia are preparing to separate those business from their main computer systems to reduce their vulnerability to cyber-attacks following the invasion of Ukraine. Commerzbank AG is preparing to cut off its Russian unit from its system as one potential scenario and already has the ability to rapidly sever the connection through what’s internally known …

  Bloomberg Wells Fargo & Co raised Chief Executive Officer (CEO) Charlie Scharf’s pay 20% for 2021, a year in which profit recovered and shares advanced more than most of the bank’s rivals. The board paid Scharf $24.5 million for his second full year atop Wells Fargo, up from $20.3 million for 2020, according to a filing. The package consisted …

  Bloomberg Citigroup Inc is setting up a new hub in Malaga, Spain, where it plans to hire 30 analysts, as part of the banking giant’s efforts to retain staff. The lender hopes the Andalusian city, with more than 8 miles (13 kilometers) of coast line along the Mediterranean Sea, will offer employees a better work-life balance and help curb …