Bloomberg Deutsche Bank AG cut its 2016 bonus pool by almost 80 percent, a figure unmatched in the bank’s recent history as it tries to recover from legal expenses that wiped out profit and eroded capital levels. The lender is reducing payouts with an eye toward shareholders and is aware it will be ‘frustrating’ for employees, Chief Administrative Officer ...

  Bloomberg Barclays Africa Group Ltd. said it will receive about $1.1 billion for costs associated with splitting from its U.K. parent and the setting up of a black economic-empowerment program. The UK bank will contribute about 2.1 billion rand ($163 million) towards the inclusion of black shareholders, the Johannesburg-based lender, which trades under the name Absa in South Africa, ...

  Bloomberg Sam Woods, head of the Bank of England’s (BOE) Prudential Regulation Authority, said UK supervisors plan to ease capital demands on smaller banks to make it easier for them to compete against larger lenders. Writing in the comment pages of the Financial Times, Woods said the authority is adopting a new approach that will help even out disparities ...

  Bloomberg Intesa Sanpaolo SpA climbed in Milan trading after abandoning the idea of a joint business model with an insurance company as Chief Executive Officer Carlo Messina doesn’t see sufficient value in merging with Assicurazioni Generali SpA, Italy’s biggest insurer. The country’s second-largest bank said that after studying a possible combination under the bancassurance model, it now plans to ...

  Bloomberg One of the smallest parts of Standard Chartered Plc, the UK bank with operations sprawling across Asia and Africa, has become one of its biggest losers. Losses at the unit that houses the Standard Chartered Private Equity business, or SCPE, more than doubled to $650 million in 2016 as its investments lost value, the London-based bank said. The ...

  WASHINGTON / AP A new military strategy to meet President Donald Trump’s demand to “obliterate” the IS group is likely to deepen US military involvement in Syria, possibly with more ground troops, even as the current US approach in Iraq appears to be working and will require fewer changes. Details are sketchy. But recommendations due at the White House ...

  BAGHDAD / AP Iraqi federal police units pushed deeper into western Mosul on Monday, gaining control of a neighborhood along the Tigris River and the foot of one of the city’s five bridges amid intense clashes with IS militants, a senior Iraqi police commander said. According to Maj. Gen Thamir al-Hussaini, who commands the federal rapid response force, the ...

  DUBAI / AP Authorities in Bahrain say five police officers have been wounded in a bomb attack that targeted a bus in the island nation. An Interior Ministry statement says two of those wounded have since been discharged from the hospital while the three others are in stable condition. The attack on Sunday came ahead of a court hearing ...

  MOSCOW/ AP Moscow municipal workers have demolished the impromptu memorial to Russian opposition leader Boris Nemtsov on the day he was killed two years ago. Nemtsov, a former deputy prime minister, was shot dead late on Feb. 27, 2015, just outside the Kremlin wall in an apparent contract killing. Thousands of mourners marched across Moscow on Sunday and brought ...

  BRUSSELS / AP The European Union is boosting its sanctions against North Korea in line with a U.N. Security Council Resolution following another nuclear test in September last year. The EU member states said in a statement on Monday they will restrict trade in coal and iron and ban imports of several other metals. The EU also imposed a ...