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Banker had been at NatWest for three years
New hire to be US head of digital infrastructure finance for combined firm
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Antonio Horta-Osorio, ceo of Lloyds Banking Group, is said to be planning management changes that would result in his relinquishing some responsibilities in the hopes of avoiding another bout of exhaustion, which led to his recent two-month medical leave.
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Stephen Hester, ceo of Royal Bank of Scotland, has waived his bonus of nearly £1 million ($1.6 billion) after the U.K.’s Liberal Democrat party threatened to force the government, which holds a 83% stake in RBS, to cancel the compensation.
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Bank of America is said to have told investment bankers that their compensation would on average be 25% less than a year ago.
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Portugal’s Banco BPI is planning to raise its capital ratio with a discounted buyback offer for a covered-bond issue, the second European bank to do so this year following National Bank of Greece.
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Morgan Stanley has been hit with lawsuits by two foreign banks over residential mortgage-backed securities.
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UniCredit is looking to boost its capital with an offer to buy back up to EUR3 billion ($3.9 billion) of Tier 1 and Tier 2 bonds.
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John Hourican, head of Royal Bank of Scotland’s investment bank and its highest-paid staffer, is under pressure to forgo £5.6 million ($8.8 million) of long-term bonuses that he is due according to his contract.
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Citigroup may cut back further in spending on its securities unit if revenue doesn’t improve this year, says John Gerspach, the bank’s cfo.
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Credit Suisse’s plan to award annual bonuses in part with structured notes is seen as a strategy that will allow the bank to remove toxic assets from its balance sheet that, if they remained, would mean higher capital charges as imposed by the Basel Committee on Banking Supervision.