Weekly Global News Wrap: Morgan Stanley’s top performers get 20% bonus raise; Credit Suisse files insurance claims worth $1.17b
And Mexico alert on antitrust implications for local Citi consumer franchise asset sale.
Morgan Stanley will raise its annual bonus for top-performing staff by more than 20%, according to people with direct knowledge of the matter.
Bankers in equity underwriting and M&A advisory businesses are expected to receive some of the highest increases at the Wall Street firm on the back of the reportedly strong performances of those divisions over the past year, said two of the sources.
Credit Suisse has filed five insurance claims related to $1.17b in exposure across two of its Greensill-linked supply chain finance funds, the bank said in a document published on its website.
As of 31 December, the Swiss investment bank had filed five claims related to $846m in exposure for its Luxembourg-based supply chain finance fund, the document read.
It has also filed two claims for its high-income supply chain finance fund related to $326m in an exposure.
The Mexican government has signalled it would be alert to possible antitrust implications of Citigroup's sale of its consumer banking operations in Mexico.
Mexico expects plenty of bidders to vie for the assets.
In a statement, the finance ministry noted that the departure of what is reportedly the country's third-largest consumer bank "raises delicate matters for the finance and regulatory authorities, which will receive rigorous and strict attention from the finance ministry, including a fundamental issue regarding concentration."