Weekly Global News Wrap Up: Australian banks risk misconduct exposure; Deutsche Bank to cut more jobs

And UBS hikes Asia investment banking bonus pool.

From Bloomberg: Australia’s banks, rocked by years of scandals and wrongdoing, risk having further misconduct exposed as a powerful government-appointed inquiry into the nation’s financial industry starts. The yearlong Royal Commission will examine the nation’s banks, insurers, financial services providers and pension funds, and consider whether regulators have enough power to tackle misconduct.

From Reuters: Deutsche Bank has begun making selective cuts to its banking and markets businesses in its UK-based investment bank, according to multiples sources, just a week after results showed staff numbers rose last year while revenue had fallen. The sources said reductions were slightly deeper than the usual cuts made by investment banks at this time of year and are not focused on any particular business.|

From Bloomberg: UBS Group AG boosted the 2017 bonus pool for its investment bankers in the Asia-Pacific region by about 6 percent, reflecting a rebound in dealmaking and efforts to retain junior staff focusing on China, according to people familiar with the matter. Total compensation for junior bankers in the region rose by about 12 percent on average, the people said, asking not to be identified because the information is private.