Nordea Bank AB will need to cut more than the 2,500 jobs already axed to adjust to slow growth, as Scandinavia’s biggest bank focuses on increasing rewards to shareholders, Chief Executive Officer Christian Clausen said.
Banca Monte dei Paschi di Siena SpA, the Italian bank engulfed by probes of its former managers, will take a 730 million-euro ($987 million) hit to its assets after accounting for structured deals that hid earlier losses.
Europe’s drive to rescue Cyprus risks undermining a region-wide deposit guarantee plan, a key tenet in the battle to contain the debt crisis, and casts doubt on the ability of the weakest lenders to retain deposits.
OAO Sberbank’s depositary receipts will rise to a premium of as much as 4 percent over the lender’s Russian shares as foreigners seek the securities after a limit on converting stock was reached, according to VTB Capital.
Commerzbank AG, Germany’s second- biggest bank, said it will sell 2.5 billion euros ($3.3 billion) of shares to repay the government and insurer Allianz SE. The company slumped the most since November 2011.