Back in business
China’s economy expanded 4.9% year on year in the third quarter as industrial growth powered the country’s recovery from the coronavirus pandemic.
While GDP growth missed expectations, it was well ahead of the second quarter’s 3.2% increase. Retail sales, which have lagged behind the wider recovery, also recorded their best performance this year, beating expectations to rise 3.3% last month.
Bonus hope blighted
Citigroup, JPMorgan Chase and Bank of America have warned staff their bonuses will not keep pace with blowout performances in areas such as fixed-income trading and debt and equity underwriting, setting the scene for a record gap between payouts and profits.
Senior investment executives at two of the banks told the Financial Times they were trying to "manage expectations" by reminding staff that the wider businesses have booked huge loan loss charges to prepare for a surge in defaults.
Would you like to comment on this article or view other readers' comments?
Register (it’s quick and free) or sign in now.
Please read our Comment Policy before commenting.