Weekly Global News Wrap Up: UK to probe banks' involvement in money laundering case; Barclays most exposed to 'Trump effect'

And Deutsche Bank cuts staff bonuses by more than three quarters.

According to Reuters, Britain said on Tuesday that its authorities would investigate newspaper allegations that UK-based banks had been used in a global money laundering scheme. A Reuters report published earlier this month shone light on a Moldovan "Laundromat" probe into an alleged Russian-led money laundering scheme, in which $22.3 billion passed through Moldova using Russian shell companies and fictitious loans from offshore companies based in Britain in 2011-2014. Read more here.

According to Financial News, Barclays, one of the UK's biggest banks, has the "the most to lose and least to gain" from President Trump's policies out of 25 global banking peers. MSCI, the index company, has ranked the banks on a number of metrics, attempting to capture how exposed their revenues are to the risks of populist politics, greater protectionism in international trade, and rising interest rates. Read more here.

BBC reports that German banking giant Deutsche Bank cut its bonuses by more than three-quarters last year, its annual report and accounts show. Bonuses were cut to 0.5bn euros (£433m) from 2.4bn euros a year earlier. Total pay at the bank, which employs about 100,000 people worldwide, was 8.9bn euros in 2016, down from 10.5bn the year before. Read more here.