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Photo courtesy of Wells Fargo.

Weekly Global News Wrap: US banks closed 2,000+ branches in 2021; Morgan Stanley CEO pay raised to $35m

And Citi, BNP Paribas eye 7 February return-to-office date.

From CNBC:
US banks closed a record 2,927 branches in 2021, according to S&P Global Market Intelligence.

Wells Fargo was the top branch closer, shuttering 267 retail locations last year.

The branch closures come as banks consolidate, with merger and acquisition deals in the sector topping $77b in 2021, the highest level since 2006.

From Reuters:
Morgan Stanley CEO James Gorman will get a 6% raise in annual pay, bringing his total compensation for 2021 to $35m, the bank said.

Gorman's total compensation will include an annual base salary of $1.5m, a cash bonus of $8.38m, a deferred equity award of $5.03m and a performance-based equity award of $20.1m, according to a regulatory filing.

From Reuters:
Citigroup and BNP Paribas have both set their sights on getting their employees back in the office by early February.

Citi reportedly told its staff in the New York Tri-State area to begin returning to the office from 7 February. BNP Paribas is reportedly targeting the same date.

Banks were forced to postpone back-to-office plans due to the onset of Omicron infections in winter.

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