Photo courtesy of Ank Kumar.

Weekly Global News Wrap: Credit Suisse to cut 10% OF EU investment bankers; BOE skeptical over digital pound

And Spain’s BBVA says it will exceed 2021 dividend.

From Reuters:
Swiss lender Credit Suisse is looking to cut more than 10% of its staff of European investment bankers this year, the Financial Times reported on Saturday, citing people with knowledge of the moves.

The Swiss lender announced in October that it planned to cut as many as 9,000 roles globally over the next three years from its 52,000 workforce.

Analysts are expecting a wave of heavy job cuts across investment banks globally, following on the heels of Goldman Sachs, which kick-started a plan to fire more than 3,000 staff this week.

From Reuters:
Bank of England Governor Andrew Bailey questioned the need for a digital pound as Britain prepares to launch a public consultation on what should be its legal attributes.

Bailey told the Treasury Select Committee that he was not sure if a digital pound was needed for now. Bailey was also cautious about a digital pound for retail use such as for making payments, adding there is no plan to abolish cash.

"We have to be very clear what problem we are trying to solve here before we get carried away by the technology and the idea," he said.

From Reuters:
Spain’s BBVA expects its 2022 dividend to top the 0.31 euros dividend per share it paid out in 2021, its chairman Carlos Torres said in a website post at the bank’s official website.

"If we take the consensus on expected profit for the entire year, and considering our 40 to 50 percent payout policy, we expect the dividend in 2022 to clearly exceed the 0.31 euro dividend from 2021, which was already the highest cash dividend we have paid in the past decade," Torres wrote.

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