Canada’s Bank of Nova Scotia and Royal Bank of Canada are looking into returning to business in Cuba, where they have been absent for more than 50 years, the Financial Times reports.
The Cuban government recently passed reforms which open the country to economic opportunity for both citizens and foreign banks, including the ability to buy and sell private residences, liberating small businesses and cutting state subsidies and payrolls.
Both banks operated in the Caribbean country before the 1959 revolt, and would join nine European banks that operate on the island. Jim Westlake, head of RBC’s international operations, told the Times: the bank was concerned about not running afoul of U.S. sanctions.
Morgan Stanley is the leader in global M&A and equity offerings. [Bloomberg]
Credit Suisse will slash bonuses by 40 percent. [Businessweek]
More advisors are leaving Morgan Keegan since it was put up for sale in June. [Investment News]
Fortress suffers at the hands of the SEC case against its CEO. [DealBook]
RBS mulls shuttering more than half its global banking unit and warns the division’s 18,900 employees of impending layoffs. [Telegraph]
London hedge funds Brevan Howard, BlueCrest Capital and Winton Capital are set to pay their partners $3 billion this year. [Financial Times]
Private equity pioneer Warren Hellman dies. [Fortune]
London’s luxury retailers are braced for weak holiday sales amid signs bankers are concerned about a recession next year. [Bloomberg]