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Morning Briefing

Morning Briefing

Standard Chartered has made its first annual loss since 1989 and is considering clawing back bonuses from 150 of its senior staff. The bank reported a $1.5 billion loss for 2015.

Restructuring costs of $1.8 billion, an $863 million repricing of complex financial instruments and an 87 percent rise in bad debts all contributed to the bank's annual loss. It reported profit of $4.2 billion in 2014.

JPMorgan Chase has signalled a difficult first quarter marked by double-digit declines in investment banking revenues and a $500 million increase in provisions for anticipated losses on energy loans. "There is no doubt that so far it has been a very tough quarter," Daniel Pinto, the bank's head of investment banking said at the bank's investor day in New York.

The bank said that in a hypothetical scenario where oil prices stayed at $25 a barrel for 18 months, it would have to set aside an additional $1.5 billion in reserves.

Growth in its US retail banking business lifted Bank of Montreal to a higher than anticipated quarterly profit although bad loans to the energy sector jumped in the first quarter.

Gross impaired loans in the energy sector rose by C$162 million ($118.15 million), from none recorded in the same period in the previous year. Net income for the first quarter was C$1.07 billion compared with C$1 billion a year earlier.

A credit bureau that will enable licensed moneylenders to assess the creditworthiness of borrowers will begin operating in Singapore on 1 March.

All licensed moneylenders will have to provide information on their loans to customers and their repayment records to the Moneylenders Credit Bureau (MLCB). The information will then be available to borrowers and other licensed moneylenders when deciding on credit applications.

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