Wells is working hard to keep from having to produce four databases in ongoing toxic RMBS litigation with an investor class headed by Royal Park & BlackRock...more
11/8/2016
/ Administrative Appointments ,
China ,
Class Action ,
Financial Institutions ,
Financial Markets ,
Hillary Clinton ,
Investment ,
Investment Management ,
Investors ,
Political Campaigns ,
Presidential Elections ,
RMBS ,
Trump Administration ,
Wells Fargo
In a closely watched battle over the DOL’s new fiduciary rule for retirement account investment advisers, the Labor Department has scored an early first victory. A DC federal judge ruled late last week that the rule at issue...more
11/7/2016
/ Automotive Industry ,
Bond Markets ,
Canada ,
China ,
Department of Labor (DOL) ,
Elon Musk ,
Fiduciary Duty ,
Fiduciary Rule ,
Financial Institutions ,
Financial Markets ,
Government Investigations ,
Institutional Shareholder Services (ISS) ,
Investment Adviser ,
Investment Banks ,
Investment Management ,
Job Creation ,
Merger Agreements ,
Retirement Plan ,
Tesla ,
Trade Relations ,
Volkswagen ,
White Collar Crimes
Wells Fargo is well past the rain, the pouring, and even the flooding. So why not possible liability for its RMBS practices? As part of an SEC disclosure, the bank acknowledge that it’s “in discussion” with the RMBS Working...more
11/4/2016
/ Banks ,
Brokers ,
Credit Suisse ,
Department of Justice (DOJ) ,
Financial Crisis ,
Financial Institutions ,
Generic Drugs ,
Investment Management ,
Pharmaceutical Industry ,
RMBS ,
Securities ,
Securities and Exchange Commission (SEC) ,
Wells Fargo
Soooooo . . . about that whole Brexit thing. A UK High Court has ruled that Britain’s EU withdrawal cannot move forward without the approval of Parliament, setting off more uncertainty and what’s expected to be a series of...more
11/3/2016
/ Disclosure Requirements ,
Earnings Reports ,
EU ,
Facebook ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Interest Rates ,
Investment Banks ,
Investors ,
Member State ,
Merger Agreements ,
Microsoft ,
Pharmaceutical Industry ,
Referendums ,
Securities and Exchange Commission (SEC) ,
UK ,
UK Brexit ,
Valeant ,
Variable Annuities ,
Wells Fargo ,
Whistleblowers
Merrill Lynch has already staked out the position in response to the DOL’s retirement account fiduciary duty rule that it would no longer offer commission-based IRAs to retirement savers. Yesterday, it effectively doubled...more
11/2/2016
/ Acquisition Agreements ,
Appraisal ,
Banks ,
Broker Commissions ,
Brokers ,
Class Action ,
Dark Pool ,
Department of Labor (DOL) ,
Employee Benefits ,
Exchange-Traded Products ,
Fiduciary Duty ,
Financial Institutions ,
Financial Markets ,
Goldman Sachs ,
Herbalife ,
Individual Retirement Account (IRA) ,
Inflation Adjustments ,
Merger Agreements ,
Merrill Lynch ,
Mortgage Lenders ,
Mortgages ,
Mutual Funds ,
Nasdaq ,
Nutritional Supplements ,
Pharmaceutical Industry ,
Retirement Plan ,
Settlement ,
Stocks ,
Takeda Pharmaceuticals ,
Trading Platforms ,
Valeant ,
Wells Fargo
The CFTC’s reportedly investigating the interest rate swap activities of Citigroup and others. Swaps allow companies to “hedge against a rise or fall in interest rates on the debt that they issue or hold, with banks usually...more
11/1/2016
/ Baker Hughes ,
Bank of England ,
Bonds ,
CFTC ,
China ,
Citigroup ,
Department of Justice (DOJ) ,
Digital Currency ,
Enforcement Actions ,
Financial Institutions ,
Financial Markets ,
General Electric ,
Interest Rates ,
Pharmaceutical Industry ,
Swaps ,
UK ,
Valeant ,
Virtual Currency
The latest on the AT&T/Time Warner deal, including its place in the “ambitious climb” of AT&T’s CEO, Randall Stephenson [NYTimes] and a conversation with one of the deal’s vocal political opponents, Sen. Al Franken....more
10/31/2016
/ Acquisition Agreements ,
AT&T ,
Baker Hughes ,
BlackRock ,
Energy Sector ,
Exxon Mobil ,
Financial Institutions ,
General Electric ,
Goldman Sachs ,
Interest Rate Adjustments ,
Merger Agreements ,
Oil & Gas ,
RMBS ,
Telecommunications ,
Time Warner Cable ,
Wells Fargo
Qualcomm is reportedly set to acquire NXP Semiconductors for just shy of $40 billion in a deal that would help Qualcomm move beyond smartphone chips and into the broader internet of things....more
10/28/2016
/ Acquisition Agreements ,
Cable Operators ,
Consumer Financial Products ,
Consumer Lenders ,
Financial Institutions ,
Financial Markets ,
Internet of Things ,
Merger Agreements ,
Qualcomm ,
Securities and Exchange Commission (SEC) ,
Telecommunications
Faced with new Department of Labor rules requiring investment advisers to act in the best interest of their retirement account customers, Morgan Stanley’s decided to let its customers keeping paying for retirement advice with...more
10/27/2016
/ AT&T ,
Banks ,
Cable Television Providers ,
China ,
Department of Labor (DOL) ,
Deutsche Bank ,
Driverless Cars ,
Financial Institutions ,
Financial Markets ,
FinTech ,
Google ,
Initial Public Offering (IPO) ,
Innovative Technology ,
Investment Adviser ,
Morgan Stanley ,
NYSE ,
OCC ,
Private Equity ,
Retirement Plan ,
Technology ,
Time Warner Cable ,
Transportation Industry
Italy’s struggling lender Monte Dei Paschi is cutting jobs and closing branches in an effort to revive the world’s oldest bank (and maybe save Siena in the process)....more
10/26/2016
/ Acquisition Agreements ,
AT&T ,
Banks ,
Credit Suisse ,
Financial Institutions ,
Financial Markets ,
Initial Public Offering (IPO) ,
Italy ,
Morgan Stanley ,
RMBS ,
Time Warner Cable ,
Wells Fargo
The latest from the CFPB and its “Project Catalyst,” which aims to “encourage the development of innovative consumer financial products that meet regulatory requirements” [think Fintech]....more
10/25/2016
/ AT&T ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
Financial Markets ,
FinTech ,
Hiring & Firing ,
Innovative Technology ,
Layoffs ,
Merger Agreements ,
Securities ,
Securities and Exchange Commission (SEC) ,
Time Warner Cable ,
Twitter
The weekend’s business news was dominated by the word that AT&T has agreed to buy Time Warner for $85.4 billion in the biggest yet in a series of telecomm mergers....more
10/24/2016
/ Acquisition Agreements ,
AT&T ,
Brokers ,
China ,
Department of Justice (DOJ) ,
Financial Crisis ,
Financial Institutions ,
Internet ,
Merger Agreements ,
MetLife ,
Moody's ,
Rating Agencies ,
Scottrade ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
SIFIs ,
TD Ameritrade ,
Telecommunications ,
Time Warner Cable
China’s expected to announce Q3 economic growth of 6.7 percent this week—a number envied by any other country in the world but the sign of major slowdown there. Dealbook looks at what, exactly, a less-gangbusters Chinese...more
10/19/2016
/ Acquisitions ,
Banks ,
BlackRock ,
China ,
Data Breach ,
Deutsche Bank ,
Federal Reserve ,
Financial Institutions ,
Financial Markets ,
Global Economy ,
Goldman Sachs ,
Hackers ,
HSBC ,
Inflation Adjustments ,
Junk Bonds ,
Loans ,
Mergers ,
RMBS ,
Salesforce ,
Social Media ,
Twitter ,
Verizon ,
Yahoo!
For a start-up looking to unseat Bloomberg as the go-to insider source for financial news [other than this blog, of course], there’s a surefire way to gain some instant credibility: hire one of Bloomberg’s former top execs,...more
10/18/2016
/ American Express ,
Caterpillar ,
Confidentiality Agreements ,
Deutsche Bank ,
Financial Institutions ,
Investment Adviser ,
Netflix ,
NLRB ,
Pre-Employment Agreements ,
Price-Fixing ,
Registration Requirement ,
Securities and Exchange Commission (SEC) ,
Startups ,
Technology Sector ,
Traditional News ,
Visa Inc
Some thoughts—from Chair Yellen, herself—about why, despite pretty strong economic indicators for a pretty long time now, the Fed hasn’t begun to raise rates again....more
10/17/2016
/ ATMs ,
Bank of America ,
Banks ,
Caterpillar ,
China ,
Chip and PIN ,
Debit and Credit Card Transactions ,
Deutsche Bank ,
Federal Reserve ,
Financial Institutions ,
Heavy Equipment ,
Interest Rate Adjustments ,
Investment Management ,
Point of Sale Terminals ,
Retailers ,
RMBS ,
Securities Violations
Like a hot new underground nightclub [I presume. Not exactly my scene], Marcus—Goldman Sachs’ new online lending platform aimed at the consumer banking segment—requires a password. Goldman’s reportedly sending out the...more
10/14/2016
/ Acquisitions ,
Bank Accounts ,
Consumer Financial Products ,
Consumer Lenders ,
Corporate Culture ,
Cross-Selling ,
Deutsche Bank ,
Financial Institutions ,
Financial Markets ,
Fraud ,
Goldman Sachs ,
Hiring & Firing ,
HSBC ,
Inversion ,
Mergers ,
Online Marketplace Lending ,
Regulatory Oversight ,
Stocks ,
U.S. Treasury ,
Verizon ,
Wells Fargo ,
Yahoo!
Regulators aren’t the only ones after Theranos now. On Monday, one of its major investors—Partner Fund Management—filed suit against the embattled blood-testing company in Delaware state court over an alleged series of...more
10/11/2016
/ Bonds ,
Corporate Culture ,
Cross-Selling ,
Financial Institutions ,
Financial Markets ,
Pharmaceutical Industry ,
Salesforce ,
Stocks ,
Theranos ,
Tone At The Top ,
Twitter ,
Wells Fargo
Some good news for the UK after a brutal few days for the pound? It appears that the pound’s precipitous fall has acted as a sort of “giant shock absorber” against Brexit—a release valve of sorts that has meant decreased...more
10/10/2016
/ Acquisitions ,
Alibaba ,
Corporate Culture ,
Cross-Selling ,
Department of Justice (DOJ) ,
Deutsche Bank ,
Financial Adviser ,
Financial Institutions ,
Financial Markets ,
Foreign Currency ,
General Motors ,
Mergers ,
Mobile Payments ,
Mylan Pharmaceuticals ,
Online Platforms ,
Pharmaceutical Industry ,
Prescription Drugs ,
Salesforce ,
Securities and Exchange Commission (SEC) ,
Social Media ,
Twitter ,
UK ,
UK Brexit ,
Volkswagen ,
Wells Fargo ,
White Collar Crimes
It’s not quite in the 9-year AIG/Greenberg territory, but it’s been five years since the Feds started investigating former NJ Senator and Governor Jon Corzine and his role in overseeing the collapse of brokerage firm MF...more
10/7/2016
/ Acquisitions ,
CFTC ,
Deutsche Bank ,
Financial Institutions ,
Financial Markets ,
Foreign Currency ,
Initial Public Offering (IPO) ,
Insider Trading ,
Mars ,
McDonalds ,
Mergers ,
Snapchat ,
Social Media ,
UK ,
Unemployment ,
White Collar Crimes
Theranos is “retreating” from its blood tests, cutting its workforce by 40 percent, and shuttering facilities—all signs that Elizabeth Holmes’ company may be shifting to developing products to sell to outside labs rather than...more
10/6/2016
/ Activist Investors ,
Deutsche Bank ,
Financial Institutions ,
Financial Markets ,
IMF ,
Insider Trading ,
NYSE ,
Pharmaceutical Industry ,
SCOTUS ,
Stocks ,
Theranos ,
US v Salman
Investor plaintiffs won a big discovery battle with the US gov’t over its 2012 decision to seize Fannie & Freddie’s profits. Federal Claims Court Judge Margaret Sweeney has ruled that the government improperly invoked the...more
10/5/2016
/ Acquisitions ,
Bank of America ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deutsche Bank ,
Disney ,
Fannie Mae ,
Financial Institutions ,
Freddie Mac ,
Housing Market ,
IBM ,
JPMorgan Chase ,
Millennials ,
Mobile Devices ,
Prepaid Payment Products ,
Retail Market ,
Salesforce ,
Target ,
Twitter ,
Wells Fargo
The Journal gives us a closer look at Italy’s Monte dei Paschi—the world’s oldest bank (founded in 1472)—that’s deeply tied to Siena and that’s threatening to drag the whole of the region’s economy down with it if it fails,...more
10/4/2016
/ Acquisitions ,
Bank Accounts ,
Banks ,
Bitcoin ,
Blockchain ,
Cross-Selling ,
Deutsche Bank ,
Digital Currency ,
Financial Crisis ,
Financial Institutions ,
Fraud ,
Germany ,
Italy ,
JPMorgan Chase ,
Morgan Stanley ,
Och-Ziff ,
RMBS ,
Royal Bank of Scotland ,
Underwriting ,
Virtual Currency ,
Wells Fargo
NY hedge fund Och-Ziff has agreed to pay a $413 million fine as part of a deferred-prosecution agreement with US regulators over allegations that it was involved in the payment of more than $100 million in bribes to African...more
9/30/2016
/ Acquisitions ,
Bank Accounts ,
Banks ,
Bribery ,
Cross-Selling ,
Deferred Prosecution Agreements ,
Deutsche Bank ,
EU ,
Financial Institutions ,
Financial Markets ,
Fraud ,
Germany ,
Hedge Funds ,
IBM ,
Investment ,
Natural Resources ,
Och-Ziff ,
Wells Fargo
OPEC has reached a tentative deal among its 14 member nations to “modestly cut” their oil output toward the end of the year in an effort to shore up sagging oil prices–an announcement that immediately sent global oil prices...more
9/29/2016
/ Anheuser-Busch ,
Bank Accounts ,
Banks ,
Cross-Selling ,
Energy Sector ,
Financial Institutions ,
Fraud ,
Google ,
Interest Rate Adjustments ,
Mergers ,
Municipal Bonds ,
Oil & Gas ,
OPEC ,
Underwriting ,
Wells Fargo
It wasn’t exactly a direct reaction to his testimony on the Hill, but Wells Fargo CEO John Stumpf didn’t do himself any favors there, and Wells Fargo’s Board has announced that it will claw back an estimated $41 million in...more
9/28/2016
/ AIG ,
Bank Accounts ,
Banks ,
Clawbacks ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Cross-Selling ,
Deutsche Bank ,
Elon Musk ,
Financial Institutions ,
FinTech ,
Fraud ,
Indonesia ,
Insurance Industry ,
Life Insurance ,
NCUA ,
Online Marketplace Lending ,
Payday Loans ,
RBS ,
RMBS ,
Technology Sector ,
Tesla ,
Wells Fargo