Barclays shares cuts for senior executives

Barclays almost half the value of shares could be delivered to its top executives this year due to a drop in stock price, delivery shares worth 8.7 million pounds (12 million dollars) compared to 16.4 million pounds the previous year.

The new Barclays CEO Jes Staley was the largest payment with shares worth just under 1.8 million pounds, consisting of its allocation which is based on roles and payments of purchase of shares forfeited to employers above.

Day annual payment in Barclays, announced Tuesday, includes various role-based plans, including allowances in the first quarter of incentives, vesting of shares delivered the last three years and the bonuses paid this year in shares.

The shares were above nine executives of the bank, compared with 11 who received shares in 2015 following the exits. Much of the decrease in the total value of shares granted is due to stock price sinking bank in the past year. The shares delivered to senior executives were worth 1.65 pounds each, according to the bank, below 2.53 lbs a year ago.

Barclays said on March 1 that it would sell its business in Africa as part of a plan to simplify the structure of the bank and seek higher returns for shareholders, after reporting a drop in profits of 2 percent to cut its dividend.

US banks work with fresh technology

Large US banks after spending large amounts of money and time with their old systems, are now trying to sell the technology to other companies have developed internally.

US banks like Goldman Sachs Group Inc, Morgan Stanley and JPMorgan Chase & Co are spinning out or selling a range of tools that relate to data security, mobile applications and systems in a flattening process of old technology.

Banks are not making much money from these efforts, especially compared to what they have had to spend on technology in recent years. Among the software and hardware upgrades, creating new applications and strengthen cybersecurity defenses, technology is becoming one of the biggest expenses of industry.

US banks together spent $ 62.2 billion on technology last year alone, according to a major investigation. Sale of foreign technology recovers only a small fraction of that amount. But the transfer of technology expense line to line revenue is a major change for big banks, which are on the hunt for new growth areas

Banks are looking for other ways to generate profits by Jonathan Lehr, managing director of venture capital firm Workbench that invests in technology startups business. Goldman has undoubtedly been the most aggressive promoter and seller of its own technology to outside companies, which has been doing since the 1990s.

The bank is working with the software company Synchronoss Technologies Inc (SNCR.O) to spin out a business that secures data on mobile phones, in part, through a software called loophole that allows employees to access job applications in their own mobile phones, and partly through an email service called Orbit.

The average payment of Goldman Sachs fell 15 percent

The average payment of Goldman Sachs fell 15 percent year over year as turbulent markets discourage companies from the list of markets, hitting hard underwriting business bank. Goldman Sachs International (GSI) reported a total payroll of $ 2.45 billion, up 6.4 percent, although staff increased by 10 percent.

Each employee received about $ 400,000 in wages on average, below about $ 470,000 in 2014, according to estimates. Subscription revenue GSI has decreased by almost 27 percent as the fall in oil prices, uncertainty about the actions and concerns about global economic growth.

This uncertainty has led to Goldman Sachs and other big banks to try to reduce costs to offset low interest rates and stricter regulations. Chief executive Lloyd Blankfein said last month that the market turmoil, declining oil prices and concerns about profitability across the banking sector meant many costs.

"We can do quite a lot more on the cost side, if we have to, especially now, when you have to deliver a return"

Rival Morgan Stanley said in January it plans to cut $ 1 billion in costs by 2017, while JPMorgan Chase is in the midst of a cost reduction program of $ 2.8 billion.

Credit Suisse Group is under investigation in Italy

Credit Suisse Group is under investigation in Italy in connection with a case on accusations that the bank helped wealthy clients transfer funds undeclared Wednesday Italian judicial sources said.

Credit Suisse offices in Milan were searched by the Italian police in December as part of an investigation by Milan prosecutors.

The investigation concerns alleged fraudulent system used to transfer up to 14 million euros ($ 15.33 million) to accounts abroad, mainly through the use of insurance policies, according to the same judicial sources.

Credit Suisse said in a statement Wednesday that his business is "focused systematically on goods declared and have clear internal rules and procedures to ensure that we conduct our business in accordance with applicable laws in Italy."

"In connection with the outreach program [voluntary tax] approved by the Italian government in December 2014, Credit Suisse immediately asked its customers to provide evidence that they are compatible with taxes. This process is almost finished, "he said.

The investigation by prosecutors in Milan, which began in 2014, had focused on bank officials, consultants and hundreds of wealthy Italian clients and not the bank itself. However, under Italian law, a company can be held liable if one considers that failed to prevent or try to prevent a crime committed by an employee who benefited the company.

Italian financial police are in the process of verifying the position of about 13,000 clients of Credit Suisse, although not everyone will be placed under investigation, judicial sources said. It is expected that the probe is wrapped in the coming months, they said