Photo courtesy of Brandon Jacoby via Unsplash.

Weekly Global News Wrap: BNP Paribas vows to slash oil lending; Bank of America employees awarded restricted stock

And Barclays names ex-Credit Suisse dealmaker as head of investment banking.

From Reuters:
French bank BNP Paribas pledged to slash the money it has outstanding with oil extraction and production industries to less than $1.1b by 2030, or 80% lower than its current balance of €5b.

The lender said it stopped financing oil projects in 2016. BNP Paribas also raised its target for outstanding financing for the production of low-carbon renewable energies to €40b by 2030.

From Bloomberg:
Bank of America’s employees will be granted a pool of restricted stock, boosting compensation in a bid to retain workers.

The incentive–which comes on top of regular compensation–goes to staff who earn up to $500,000 in total annual pay, according to a memo from CEO Brian Moynihan. About 96% of the global workforce is eligible for the reward. 

This is the sixth year the firm has paid such awards, which now total more than $4b, according to the memo.

Wall Street firms are trying to navigate keeping their best talent whilst keeping a lid on costs that have already forced them to trim staff or freeze hiring. 

From Reuters:
British bank Barclays has appointed former Credit Suisse dealmaker Cathal Deasy as co-head of its investment banking unit, the lender announced.

Deasy left Credit Suisse a few weeks ago, just months after being promoted to regional co-head of its investment banking & capital markets unit.

JF Astier and John Miller, who currently lead investment banking, are in "active dialogue" with Barclays about what roles they might now take, a Barclays spokesperson said.

Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!