May, 2021

• 11 May

  UBS bankers get $40,000 bonus on promotion to associate level

  

  Bloomberg UBS Group AG will pay a $40,000 one-time bonus to its global banking analysts when they are promoted, doubling what some competitors are offering, as lenders seek to reward younger employees weighed down by a surge in dealmaking. Starting as soon as this month the Swiss bank will pay the sign-on bonus to analysts promoted to associates on top ...

  Read More »
• 11 May

  Nomura moves past Archegos with Australia, New Zealand tie ups

  

  Bloomberg Nomura Holdings Inc. announced business partnerships at home, Australia and New Zealand as Japan’s biggest brokerage seeks to move past a $2.9 billion hit from the implosion of Archegos Capital Management. Nomura signed an agreement with three regional Japanese banks to set up a joint venture to provide remote financial consulting services. It also struck up an alliance with ...

  Read More »
• 11 May

  Commerzbank to pay more than $2.4 billion for job cuts program

  

  Bloomberg Commerzbank AG increased the amount it will pay for a job cuts program to more than 2 billion euros ($2.4 billion), as Chief Executive Officer Manfred Knof overhauls the lender to boost profitability. The German bank’s anticipated costs of “slightly above” 2 billion euros compares with an earlier estimate of about 1.8 billion euros. The lender raised its estimate ...

  Read More »
• 11 May

  Credit Suisse names new head of Europe equities

  

  Bloomberg Credit Suisse Group AG named Neil Hosie head of equities for Europe, Middle East and Africa, replacing Ryan Nelson who stepped down after bank lost $5.5 billion in the collapse of Archegos Capital Management. Hosie will remain as head of equities for Asia Pacific, according to people familiar with the decision who asked not to be identified since the ...

  Read More »
• 11 May

  Citi defeat on $500m error was wrong, say groups

  Bloomberg Investment firms shouldn’t be allowed to keep half a billion dollars Citigroup Inc accidentally sent them because the payment wasn’t due for three more years, legal experts and advocacy groups said in asking a court to overturn the ruling. A group of law professors said in a brief with the federal appeals court in Manhattan that the lower-court ruling, ...

  Read More »
• 11 May

  SocGen to expand corporate banking after trading losses

  

  Bloomberg Societe Generale SA plans to focus its investment bank more on corporate banking as Chief Executive Officer Frederic Oudea attempts to turn the unit around following steep trading losses on complex derivatives last year. The Paris-based lender on Monday said the business, which is heavily geared toward markets activities, will pursue a “client-centric” strategy and allocate more capital to ...

  Read More »
• 11 May

  Nasdaq futures decline as commodities stoke CPI fear

  

  Bloomberg Nasdaq futures fall as surging commodity prices stoked concern about whether inflation will derail a growth rebound in the world’s largest economy and spoil a record stock rally. The tech-heavy index has been whipsawed by the prospect of inflation which can threaten longer-horizon revenues typical of the industry. Contracts on the S&P 500 Index were steady. Treasury yields edged ...

  Read More »
• 11 May

  Australia’s stock benchmark surges to a record high

  

  Bloomberg Australia’s stock market is on a tear, with surging commodity prices and a v-shaped economic rebound from the pandemic pushing the nation’s benchmark index to a record high. Mining giants BHP Group and Rio Tinto Ltd traded at all-time highs on Monday as global demand fuels surging metals prices while the country’s biggest banks advanced amid rising earnings. With ...

  Read More »
• 10 May

  Floward covers entire GCC with launch in the Sultanate of Oman

  

  May 10 / Emirates Business Floward, the go-to online flowers and gifts delivery store in the region launched its services in Muscat, Oman on Sunday, May 2, 2021 making it the first expansion of the year for the company. With this expansion, the company now operates in 19 cities across seven countries. As part of its expansion strategy, Floward will ...

  Read More »
• 10 May

  UAE can be a bridge between Central America, Arabian Gulf

  

  Abu Dhabi / WAM The United Arab Emirates can be a bridge between Central America and the Arabian Gulf, according to a senior Costa Rican official. In an exclusive interview with Emirates News Agency (WAM) at the Costa Rican Embassy in Abu Dhabi, Adriana Bolanos Argueta, Deputy Minister of Foreign Affairs and Worship of Costa Rica, also said that Mohamed ...

  Read More »