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INVESTMENT BANKING, RETAIL BANKING | Staff Reporter, Singapore
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Weekly Global News Wrap Up: Credit Suisse to cut 5,500 jobs this year; More women dominate central banks in Southeast Asia

And Wells Fargo to cut 2016 bonuses for top execs.

According to Reuters, Credit Suisse posted a 2.44 billion Swiss franc ($2.43 billion) net loss for 2016, its second straight year in the red, keeping pressure on Chief Executive Tidjane Thiam to deliver on his turnaround plan for Switzerland's second-biggest bank. The average estimate in a Reuters poll of seven analysts was for a net loss of 2.013 billion francs in the quarter. Read the full story here.

Bloomberg reports that many hailed Zeti Akhtar Aziz's 16-year tenure as governor of Malaysia’s central bank as a triumph for gender diversity in Southeast Asia. Turns out it wasn't such a rarity. Women have become uniquely well represented throughout the region's central banks, the latest available data show. They account for almost two thirds of managerial staff in the Philippines, and at least half in Indonesia, Thailand and Malaysia. That compares with much lower figures at their developed-world peers. Read more here.

Reuters cites a report from Wall Street Journal saying Wells Fargo & Co's board is likely to eliminate 2016 bonuses for the bank's top executives following the bogus account scandal. The board met in late January and discussed withholding bonuses for senior executives, including Chief Executive Timothy Sloan and Chief Financial Officer John Shrewsberry, the WSJ said. Read more here.

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