Pimco Europe profits boosted by bonus cut
Profits at the European arm of Pimco, the world's largest bond fund manager, jumped by more than two-thirds last year, helped by a £20m drop in staff costs. (FN)

Buffett becomes Bank of America’s biggest investor
Berkshire Hathaway notched paper gains of about $13bn after it exercised warrants to buy 700 million Bank of America shares in a deal that makes it the bank's biggest shareholder. (WSJ)