Stephen Hester, the chief executive of Royal Bank of Scotland, has bowed to intense political pressure and waived a bonus of nearly £1m. (The Guardian)

China’s national auditor has warned of potential risks in the fiscal and financial sectors this year, the state-run Xinhua News Agency reported Saturday, citing the auditor. China faces a certain “unignorable” potential risks in some areas as global economic uncertainties are rising, and China’s economy isn’t yet balanced, coordinated and sustainable, the National Audit Office was cited as saying. (Wall Street Journal)

Australian Federal Treasurer Wayne Swan says he won’t be pulling back from pressuring banks to pass on the benefit of moves in official interest rates. He said he intended to continue to be ‘‘frank and fearless’’ when it comes to discussing the nation’s banking system. His comments follow a study showing Australian bankers had ranked the euro zone debt crisis and political interference as the biggest threat to the global banking system. (Sydney Morning Herald)

Bank of America intends to shake up its investment-banking leadership and name Christian Meissner to be sole head of that business, said people familiar with the situation. (Wall Street Journal)