AT&T announced yesterday that it’s resolved an ongoing battle with activist Paul Singer and his Elliott Management by agreeing to keep CEO Randall Stephenson on the job through “at least 2020,” with the chair and CEO roles to be split upon his departure. AT&T also revealed that it will shed up to $10 billion of noncore assets in 2020 in an effort to appease Elliott – NYTimes and WSJ and Law360
Boeing chief Dennis Muilenburg will be in the hot seat before Senate and House Committees on the Hill today and tomorrow facing what’s sure to be a barrage of questions about his company’s 737 Max-related failures – Bloomberg and WSJ and NYTimes
The ongoing trade war between the U.S. and China is highlighting a growing dispute between Wall Street and K Street, with the former looking to continue investing in China and the latter pushing lawmakers to “help curb the flow of dollars into China” – NYTimes
The British Parliament has defeated PM Johnson’s bid for a December 12 snap election, though “a national ballot this year remained in the cards as opposition parties sought an alternative route to end the Brexit stalemate” – WSJ and Bloomberg and MarketWatch
Former UBS “star broker” Christine Carona won a more-than $1.5 million arbitration award against the bank “after she alleged gender discrimination” for “treating her differently from male peers and then retaliating after she complained multiple times to the human resources department” – Bloomberg
Telecom billionaire Patrick Drahi is making his mark on the recently acquired Sotheby’s, naming former Altice USA exec Charles F. Stewart as CEO of the auction house “just two weeks before the start of the fall auction season” – NYTimes
Britain’s Labour Party has reversed course and will back an early general election, “likely paving the way for a vote in December” – NYTimes and Bloomberg
Rating agencies: 1 [billion or so], post-crisis financial regulators: a hard zero – WSJ
The $4 trillion ETF market has started eating its own as the industry enters “a new phase of competition and oversaturation that threatens to squeeze out smaller funds.” So far this year, 90 funds have closed down, joining the nearly 140 that shuttered last year – WSJ
A federal jury in Boston has convicted PixarBio CEO Frank Reynolds of “lying about the biotech firm and himself in order to drive up stock prices” after a month-long securities fraud trial – Law360
In an effort to “rein in costs ahead of a possible economic downturn,” JPMorgan has been “quietly shrinking” its New York workforce and is actively considering relocating “ several thousand” NY-based employees to lower-cost hubs in Texas, Ohio, and Delaware – Bloomberg
HSBC will undergo a “remodeling” effort after net profit fell 24% in Q3. Interim CEO Noel Quinn told investors on Monday that the bank “needs to simply its structure further and revamp its operations in the U.K., Europe and the U.S.” – WSJ
Denmark’s lead financial watchdog agency has reported Nykredit, the country’s biggest mortgage bank, “to police for potential market abuses after finding evidence of spoofing” there – Bloomberg
A Brooklyn-based grand opening means it’s time to revisit the cult of Wegmans – NewYorker
