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INVESTMENT BANKING, RETAIL BANKING | Staff Reporter, Singapore
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Weekly Global News Wrap Up: Deutsche Bank executives leave after bonuses were cut; Swiss regulator still investigating 3 banks over 1MDB scandal

JPMorgan spent US$9.5b on tech in 2016, and Lloyds Bank to shrink branches in size.

According to Blooomberg, Deutsche Bank AG, which slashed bonuses for a second straight year, saw several senior employees leave after paying out deferred compensation for previous years. At least three executives -- Kevin Burke, Neil Hosie and Patrick Kelly -- departed from the lender’s trading unit in Asia, and one executive, Holger Knittel, took a new job in the bank’s home town of Frankfurt. Deutsche Bank paid out deferred compensation last month, two people familiar with the situation said. Read the full story here.

Switzerland’s financial regulator said it’s still investigating three private banks in relation to alleged corruption and money laundering at the Malaysian government fund known as 1MDB, said a Bloomberg report. A probe of UBS Group AG in the matter was closed. Read more here.

According to CNBC, JPMorgan CEO Jamie Dimon said the bank spent $9.5 billion on technology in 2016 and has plans this year to introduce products for digital banking, online investment advice and electronic trading. Read the full story here.

According to BBC, Lloyds Bank has announced plans to shrink hundreds of its branches in size, in some cases boarding up the old counter sections. The new "micro branches" will be staffed by just two people, who will help customers to use machines, including pay-in devices. Read more here.

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