Deutsche Bank 'to limit bonuses to top 10%'

FRANKFURT • Deutsche Bank may withhold bonuses from as many as 90 per cent of its bankers and traders, the New York Post has reported, citing unidentified people briefed on internal talks.

Only the top 10 per cent are expected to receive bonuses for 2016, and those payments may be spread out over the next five years, the newspaper said.

The bonus plans are still under discussion and could change over coming weeks, the Post reported.

A Deutsche Bank spokesman in Hong Kong declined to comment.

BLOOMBERG

Buffett's insurance firm to operate in Malaysia

KUALA LUMPUR • Mr Warren Buffett's Berkshire Hathaway has won a licence to provide reinsurance services in Malaysia, the billionaire investor's group said.

Berkshire Hathaway Specialty Insurance said in a statement that it has established an office in Kuala Lumpur to provide non-life reinsurance services.

Malaysia has attracted several insurers lately. Canada's Sun Life Financial and Malaysian sovereign wealth fund Khazanah Nasional were in talks to buy Hong Leong Financial Group's insurance business, Reuters has reported.

REUTERS