Bank of America’s release bonuses announcement from 3% to lower
Bank of America’s new tab bonus pool for investment bankers will range from stable to 3% lower for 2023, with top achievers receiving bigger rewards. Traders should expect flat or slightly increased incentives, with the exception of standouts in the mortgage and credit industries receiving high single-digit percentage rises throughout 2022. The bank started telling…
Evergrande China property filed a lawsuit to repay its fund
Evergrande Property Services has filed a lawsuit against China Evergrande to recoup pledge guarantees on deposit certificates worth 11.4 billion yuan ($1.59 billion). The complaints, which also include Hengda Real Estate and other China Evergrande subsidiaries, are filed in front of a high-profile case. The Guangzhou Intermediate People’s Court has recognized the filing of the…
Llyods take a renewed push and result in jobs cut
Lloyds, the largest UK bank, is restructuring to offer more online services and severing 1,600 positions within its branch network. The cuts are part of a push by banks to trim expenses amid challenging economic conditions and competition pressures. The company’s redesign includes adding 830 positions to an expanded “relationship growth” team, responsible for understanding…
Bank of America take job cuts as solution on Asia regions
Bank of America has announced the layoff of around 20 bankers in Asia due to falling markets in China and Hong Kong. The majority of the affected bankers are based in Hong Kong and work on transactions in China. The bank became the first major international bank to reduce the size of its regional investment…
China’s take a move to stabilize Yuan on market
China’s state-owned banks are selling US dollars onshore to stabilize the yuan and counter negative market sentiment on equities. The move is seen as a policy signal to prevent the yuan from depreciating too quickly. The Shanghai Composite index has seen its largest one-day decline since April 2022, down 2.7%. Approximately $1.6 billion worth of…
Russia gain China’s trust for being number 1 crude oil suppliers
Russia has become China’s primary crude oil supplier in 2023, surpassing Saudi Arabia. Russia exported a record 107.02 million metric tons of crude oil to China last year, or 2.14 million barrels per day, surpassing other major oil exporters like Saudi Arabia and Iraq. Saudi Arabia saw a 1.8% decline in imports to 85.96 million…
China and Brazil improved their relations on many sectors
Brazil has endorsed the “One China policy,” which asserts Taiwan’s integration into China, a move seen as a sign of deeper ties between the two nations. Chinese Foreign Minister Wang Yi praised the policy as a sign of improved relations between China and Brazil, both part of the BRICS alliance. The two countries have improved…
Market slowdown wait for Fed signals
Global markets have gained some traction following a turbulent week marked by sticky inflation readouts, dashed hopes for interest rates, and reduced new year bets. The US’s domestic inflation picture is still relatively benign, but retail, manufacturing, and housing data exceeded expectations, leaving investors questioning whether the Fed’s lackadaisical approach will result in the magnitude…