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European Banks Face 20% Cut in Bonuses
By: Daniel Schäfer
European investment banks are set to cut their bonus pools in the coming weeks by 20 percent in a move that will exacerbate the pay gap with their U.S. rivals. The Financial Times reports.
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"I'm on my way to an unknown destination in Asia where I'm going to look for a cave," Warren Buffett joked. "If the U.S. Armed forces can't find Osama bin Laden in 10 years, let Goldman Sachs try to find me."
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The Federal Reserve will inform some U.S. banks on Friday that they passed a new round of stress tests, giving them the green light to raise dividends for the first time since the financial crisis, the Wall Street Journal reports.