Bloomberg Commerzbank AG will post a restructuring charge of 470 million euros ($550 million) in the first quarter for its job-cuts program, adding to about a billion euros of related costs booked previously. The German lender is taking the charge to account for 1,700 job cuts agreed with the works council, it said in a statement. New Chief Executive Officer ...

Bloomberg S&P Global Ratings downgraded its outlook on Credit Suisse Group AG to negative from stable, as the fallout from the Archegos Capital Management crisis impacts the Swiss bank’s debt and shares. Credit Suisse is one of the most exposed banks to the family office of former hedge fund manager Bill Hwang, with potential losses from the unwinding of positions ...

Bloomberg Wells Fargo & Co., the US bank with the largest workforce, is making plans to bring its employees back into offices in September. The company, which has about 200,000 employees working from home, is extending that arrangement through September 6, and aims to return to a “more normal operating model” that month, according to a memo from Chief Executive ...

Bloomberg The Indian rupee, Asia’s best-performing currency in March, is going to slide right back to levels last seen in the depths of the pandemic meltdown, according to Parul Mittal Sinha at Standard Chartered Plc. The currency will drop towards 76.5 to a dollar — about 4% weaker than current levels — by the end of the year, said the ...

Bloomberg Bank of America Corp. (BofA) said the 1,800 new graduates it’s hiring will be trained online, but are likely to work in offices. Virtual training and orientation, including any licensing needed, will begin in July for the bank’s campus hires, with the aim of having new employees at offices in October, Bank of America said. In-office assignments will depend ...

Bloomberg The spike in bond yields this year may have spooked many global equity investors, but fans of the historically underperforming European market are winning big. The blue-chip Euro Stoxx 50 Index has surged 11% this year, outpacing other major market benchmarks including the S&P 500 Index and the Nasdaq Composite Index. A predominance of cheap and cyclical shares has ...

Bloomberg The day-trading Reddit crowd turned the first quarter of 2021 into one of the wildest periods of stock market mania in modern history. Books — plural — will undoubtedly be dedicated to the topic in years to come. But after these small-time speculators banded together to drive up dozens of obscure stocks by hundreds or even thousands of percent ...

DUBAI / WAM Ohood bint Khalfan Al Roumi, Minister of State for Government and the Future, has reaffirmed the UAE government’s commitment towards supporting global efforts in bridging the gender gap, achieving balance, and ensuring equal opportunities between women and men in various fields, through promoting partnerships between government and private sectors. Minister Al Roumi stated, in her keynote speech ...

Bloomberg President Joe Biden said the sweeping infrastructure proposal he unveiled this week would result in 19 million jobs created over the next decade as the US seeks to emerge from the pandemic. “Independent analysis shows that if we pass this plan the economy will create 19 million jobs,” Biden said in remarks at the White House. “Good jobs, blue ...

ABU DHABI / WAM Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has discussed with Sigrid Kaag, Minister for Foreign Trade and Development Cooperation of Netherlands, trade and investment ties and ways to develop them for the interest of both countries and peoples. During the meeting, which was held virtually, they exchanged views on a number ...