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Deutsche Bank is joining the ranks of banks that tie their top managers’ bonuses to sustainability targets, highlighting the fact that there is great variety in how this is done among leading investment banks.

Investment bankers have piled up heaps of revenue for their firms this year, but their employers may feel the need not to be too generous with bonuses in the first few months of next year.

The sustainable finance market clamoured for a Taxonomy to tell it what was green. Now it’s here, many are finding the answers constraining or simplistic. Alarmingly, the Taxonomy is also perpetuating the very thing it was supposed to root out — greenwashing.

The European Central Bank is set to meet on Thursday and is widely expected to announce a substantial increase to its Asset Purchase Programme. Antonio Cavarero, head of investment at Generali Investments, expects the ECB to stand foursquare behind European government borrowing.

Bankers and investors are unconcerned by an inquiry by UK members of Parliament into the cost-effectiveness of syndicated Gilt issues.

The European Union’s Taxonomy of Sustainable Economic Activities, the cornerstone of its action on sustainable finance, looks set to bless several technologies such as biofuels and hydroelectric power that are not just environmentally questionable but actively harmful, as a result of lobbying by vested interests.

UniCredit chief executive Jean Pierre Mustier upset the Italian establishment but he acted in the best interests of shareholders. But if he moves on, the bank would face an uncertain fate amid a new chapter of domestic and international banking M&A, writes David Rothnie.

The European Commission is considering a way to proceed with its €750bn coronavirus recovery fund that will exclude Hungary and Poland. The two countries have stood firm in their opposition over the idea that receipt of EU funds will depend on states adhering to the rule of law.

Martine Mills Hagen, the head of funding at the Asian Infrastructure Investment Bank, has left to join the Opec Fund for International Development.

The resignation of Jean Pierre Mustier as group CEO on Monday night has laid bare deep fissures between the senior management of UniCredit, which has been focused on serving the interests of shareholders, and members of its board, which want to reposition the bank as a servant of the Italian economy.

Banca Monte dei Paschi di Siena found plenty of demand for a new senior bond in the euro market on Tuesday, aided by growing speculation about the possibility of a merger with UniCredit.

Credit Suisse has picked the outgoing chief executive of Lloyds Banking Group, António Horta-Osório, as its next chairman.