Campbell’s Soup CEO Denise Morrison retired abruptly late last Friday. Though the company’s stock has struggled in the past year, Morrison gave no reason for stepping down—a move that drops the number of female chief...more
5/21/2018
/ Banks ,
Campbell Soup Company ,
CFTC ,
China ,
Commodities ,
Consumer Financial Products ,
Corporate Culture ,
Credit Ratings ,
Cryptocurrency ,
Cyber Crimes ,
Cyprus Bailout ,
Derivative Suit ,
Financial Instruments ,
Foreign Trade Regulations ,
Goldman Sachs ,
Greece ,
Media ,
Rating Agencies ,
Regulatory Oversight ,
Tariffs ,
Theranos ,
Trade Relations ,
Wells Fargo ,
Woman Board Members
More trouble for Wells Fargo, as news emerged yesterday that some employees in the company’s business banking wholesale unit “altered information on documents related to corporate customers” without customers’...more
5/18/2018
/ Administrative Appointments ,
Antitrust Provisions ,
BlackRock ,
BSA/AML ,
CBS ,
China ,
Credit Default Swaps ,
Cryptocurrency ,
Deutsche Bank ,
Federal Trade Commission (FTC) ,
Food Manufacturers ,
Initial Coin Offering (ICOs) ,
Investment ,
Iran ,
Money Services Business ,
PayPal ,
Peugeot ,
Price-Fixing ,
RMBS ,
Seafood ,
Securities and Exchange Commission (SEC) ,
Share Buybacks ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Toshiba ,
Trade Deficit ,
Wells Fargo
Anbang Insurance founder Wu Xiahoui’s fall from grace now includes an 18-year prison sentence for his conviction by a Shanghai court for using Anbang to “cheat investors out of more than $10 billion”....more
5/11/2018
/ Anbang ,
Apple ,
Apple Pay ,
Barclays ,
Commercial Bankruptcy ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Currency Manipulation ,
Enforcement Actions ,
Fraud and Abuse ,
Goldman Sachs ,
Grand Juries ,
Investment Fraud ,
RBS ,
Regulatory Oversight ,
RICO ,
RMBS ,
Settlement Agreements ,
Student Loans ,
Wal-Mart ,
Wells Fargo ,
Whistleblowers
Some analysis of last week’s jobs report, including thoughts on why a sub-4% unemployment rate poses a problem for a Fed still set on a slow and steady rate hike plan....more
5/7/2018
/ Antitrust Provisions ,
Berkshire Hathaway ,
Case Consolidation ,
China ,
Class Action ,
Corporate Culture ,
Enforcement Actions ,
EU ,
Financial Instruments ,
Insider Trading ,
Interest Rate Adjustments ,
Job Creation ,
Libor ,
Mutual Funds ,
Nestle ,
Nike ,
Racial Bias ,
Regulatory Agencies ,
Retail Market ,
Securities Fraud ,
Securities Litigation ,
Sexual Harassment ,
Starbucks ,
SWIFT ,
Tariffs ,
Tesla ,
Unemployment ,
US Trade Policies ,
Wells Fargo
Facebook isn’t the only tech stock having a good week. Amazon—helped along by its booming cloud business—more than doubled its net income in Q1 as compared to a year ago....more
4/27/2018
/ 401k ,
Amazon ,
ConocoPhillips ,
Cryptocurrency ,
Digital Currency ,
Disney ,
Facebook ,
Financial Crimes ,
GDP ,
Huawei ,
Initial Public Offering (IPO) ,
Investment Products ,
Iran Sanctions ,
Nasdaq ,
Quarterly Report ,
Retirement Plan ,
Telecommunications ,
Virtual Currency ,
Wells Fargo
A scary combination of rising bond yields (across the 3% Rubicon!) and a warning from Caterpillar (which called its expectation-beating performance for Q1 the “high watermark for the year”) helped propel stocks significantly...more
4/25/2018
/ Bitcoin ,
Comcast ,
Cybersecurity ,
Data Breach ,
Dun & Bradstreet ,
European Commission ,
Financial Regulatory Reform ,
Fines ,
Foreign Corrupt Practices Act (FCPA) ,
Hackers ,
High Yield Bonds ,
Regulatory Violations ,
Securities and Exchange Commission (SEC) ,
Stock Prices ,
Subprime Mortgages ,
Telecommunications ,
Wells Fargo ,
White Collar Crimes ,
Yahoo!
Not an ideal report on the state of affairs for Zelle, the big banks’ payment-platform answer to Venmo. The Times reports that the “same features that make Zelle so useful for customers, its speed and ubiquity, have made it...more
4/23/2018
/ Anti-Money Laundering ,
AT&T ,
Automotive Loans ,
Bond Markets ,
China ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Deutsche Bank ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Government Investigations ,
Imports ,
Initial Public Offering (IPO) ,
Know Your Customers ,
Money Services Business ,
Music Streaming ,
OCC ,
Recessions ,
Regulatory Oversight ,
Tariffs ,
Telecommunications ,
Unemployment ,
US Trade Policies ,
Verizon ,
Wells Fargo ,
Wireless Industry
China announced yesterday that it was loosening its rules forcing foreign carmakers to link up with a local partner before building factories in China—a move that some see as a step to lowering tensions with the US....more
4/18/2018
/ Automotive Industry ,
Bitcoin ,
Broker-Dealer ,
China ,
Class Action ,
Class Certification ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Discriminatory Lending Practices ,
E-Commerce ,
Electronically Stored Information ,
IRS ,
Markups ,
Online Sales Tax ,
Recessions ,
RMBS ,
South Dakota v. Wayfair ,
Stored Communications Act ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Tax Returns ,
Tesla ,
Third Party Lenders ,
US Trade Policies ,
US v Microsoft ,
Wells Fargo
More than 3 years after admitting to cheating on diesel emissions tests, Volkswagen appears poised to oust CEO Matthias Muller—likely in favor of former BMW exec Herbert Diess....more
4/11/2018
/ Alibaba ,
Capital Requirements ,
China ,
Class Action ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Facebook ,
Financial Services Industry ,
Initial Coin Offering (ICOs) ,
Mark Zuckerberg ,
Penny Stocks ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Sprint ,
Stress Tests ,
Subprime Mortgages ,
T-Mobile ,
Tariffs ,
Token Sales ,
Trade Relations ,
US Trade Policies ,
Volkswagen ,
Wells Fargo
Some analysis of Friday’s less-than-booming jobs report – NYTimes and Bloomberg And a look at Fed Chair Powell’s first major remarks on the state of the economy and the potential effects a trade war would have on the Fed’s...more
4/9/2018
/ Asset Freeze ,
China ,
Cryptocurrency ,
Data Collection ,
Deutsche Bank ,
Enforcement Actions ,
Facebook ,
Financial Services Industry ,
FinTech ,
HSBC ,
India ,
Interest Rate Adjustments ,
Job Creation ,
Libor ,
Mark Zuckerberg ,
Market Manipulation ,
Personal Data ,
Privacy Concerns ,
Securities and Exchange Commission (SEC) ,
Tariffs ,
Trade Relations ,
Unemployment ,
Unregistered Securities ,
US Trade Policies ,
Wells Fargo
The DOJ is expanding its Wells Fargo sales probe into the bank’s wealth management division, a troubling move for an organization still trying to right the ship in its retail-banking unit where the sham-account scandal...more
3/19/2018
/ Blockchain ,
China ,
Cybersecurity ,
Data Collection ,
Department of Justice (DOJ) ,
Distributed Ledger Technology (DLT) ,
Facebook ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
Franchises ,
FTSE ,
Housing Market ,
Initial Public Offering (IPO) ,
Joint Employers ,
McDonalds ,
NLRB ,
Retaliation ,
Startups ,
Wealth Management ,
Wells Fargo
The Journal dropped something of a bomb on Friday with news that Goldman Sachs’ CEO Lloyd Blankfein is heading out the door as soon as the end of the year. If true, Goldman will likely look for his replacement within its...more
3/12/2018
/ Bitcoin ,
Blockchain ,
China ,
Class Action ,
Corporate Officers ,
Cryptocurrency ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Dow Chemical ,
Dropbox ,
DuPont ,
Goldman Sachs ,
Initial Public Offering (IPO) ,
Job Creation ,
Martin Shkreli ,
Pharmaceutical Industry ,
RMBS ,
Securities Fraud ,
Term Limits ,
Unemployment ,
Virtual Currency ,
Wells Fargo
A White House announcement about plans for steel and aluminum tariffs left the already-unsettled markets even shakier yesterday....more
3/2/2018
/ Aluminum Sales ,
Amazon Marketplace ,
Deutsche Bank ,
FDIC ,
Federal Reserve ,
Financial Conduct Authority (FCA) ,
Goldman Sachs ,
Imports ,
Investment Fraud ,
Libor ,
Material Suppliers ,
RBS ,
Steel Industry ,
Tariffs ,
Transportation Industry ,
Trump Administration ,
Uber ,
UK ,
Wealth Management ,
Wells Fargo ,
Whistleblowers ,
Whole Foods
New Fed chair Jay Powell made his first official appearance before Congress in that capacity, relaying to the House Financial Services Committee yesterday that he viewed the country’s economic outlook as improved since...more
2/28/2018
/ Amazon Marketplace ,
Banking Sector ,
Bankruptcy Code ,
Breweries ,
Comcast ,
Commercial Bankruptcy ,
Cross-Selling ,
Deutsche Bank ,
Financial Markets ,
Financial Services Industry ,
Initial Public Offering (IPO) ,
Interest Rate Adjustments ,
Libor ,
Wells Fargo
The UK’s Serious Fraud Office unveiled new charges against Barclays Bank yesterday over a $3 billion loan it made to Qatar in 2008 for the purpose of “allowing the firm to directly or indirectly acquire shares in Barclays...more
2/13/2018
/ Aetna ,
Barclays ,
Comcast ,
Digital Currency ,
Disney ,
Dow Jones ,
Enforcement Actions ,
Federal Reserve ,
Financial Markets ,
Health Insurance ,
Initial Coin Offering (ICOs) ,
Securities Violations ,
Serious Fraud Office (SFO) ,
Token Sales ,
Trading Platforms ,
UK ,
Virtual Currency ,
Wells Fargo ,
White Collar Crimes
As we hold our breaths at the opening bell to see if last week’s volatility continues, we consider the impact of computer-driven index funds on that market rollercoaster....more
2/12/2018
/ Alphabet Company ,
Amazon Marketplace ,
Apple ,
Bank of Tokyo Mitsubishi ,
Broadcom ,
Cisco ,
Corporate Taxes ,
Cyber Insurance ,
Data Breach ,
Dow Jones ,
Driverless Cars ,
Equifax ,
Financial Markets ,
Grocery Stores ,
Insurance Industry ,
Inversion ,
Libor ,
Olympics ,
Qualcomm ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Trade Secrets ,
Uber ,
Wells Fargo ,
Whole Foods
Former GE CEO Jeff Immelt’s retirement was short lived. The Jack Welch protégé will be bringing his C-suite skills to Athenahealth, the electronic medical records software provider that’s been under considerable pressure...more
2/8/2018
/ Alphabet Company ,
Bank of America ,
Credit Ratings ,
Criminal Conspiracy ,
Driverless Cars ,
Drug Trafficking ,
LA Times ,
Lenders ,
Money Laundering ,
Newspapers ,
Printed Publications ,
Rabobank ,
S&P ,
SoftBank ,
Trade Secrets ,
Uber ,
Wells Fargo
Markets proved that last Friday’s 600-point Dow drop wasn’t an isolated incident, as all major US indices were down nearly 4% (at least) in a nasty Monday of trading....more
2/6/2018
/ Alphabet Company ,
Automotive Industry ,
Banking Sector ,
Bitcoin ,
Class Action ,
Corruption ,
Criminal Prosecution ,
Digital Currency ,
Dow Jones ,
Driverless Cars ,
Federal Reserve ,
Financial Markets ,
HSBC ,
Intellectual Property Litigation ,
RMBS ,
Samsung ,
South Korea ,
Stock Prices ,
Uber ,
Virtual Currency ,
Wells Fargo ,
White Collar Crimes
A look at the big-time Wells Fargo/Fed settlement of last Friday night, which saw the Fed blasting the bank’s board for oversight failures, forcing Wells to replace a full fourth of its 16-member Board, and instituting a rare...more
2/5/2018
/ Administrative Proceedings ,
Asset-Backed Securities ,
Automotive Industry ,
Bitcoin ,
Broadcom ,
CBS ,
CFTC ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Derivatives ,
Deutsche Bank ,
Digital Currency ,
Dodd-Frank ,
Enforcement Actions ,
Equifax ,
Financial Regulatory Reform ,
HSBC ,
ISDAfix ,
Job Creation ,
Qualcomm ,
Technology Sector ,
Tesla ,
Viacom ,
Virtual Currency ,
Wells Fargo
A look at Amazon’s newest concept—Amazon Go—a convenience store that opens in Seattle today complete with “shelves of food” found at other stores (including Whole Foods) but with nary a cashier in sight....more
1/22/2018
/ Amazon Marketplace ,
Bitcoin ,
Class Action ,
Financial Markets ,
Forex ,
FSOC ,
Government Shutdown ,
Investment Fraud ,
Iran ,
Joint Venture ,
MetLife ,
Ponzi Scheme ,
RMBS ,
SIFIs ,
Trading Platforms ,
Trump Administration ,
UK Brexit ,
Virtual Currency ,
Wells Fargo ,
Xerox
Bitcoin futures started trading yesterday for the first time prompting concerns about the volatility of the cryptocurrency that prompted several exchange outages due to 10%+ swings in its price as well as heavy website...more
12/11/2017
/ Apple ,
Bitcoin ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Currency ,
Financial Markets ,
General Electric ,
Hospital Mergers ,
Job Creation ,
Libor ,
Mobile Apps ,
Pharmaceutical Industry ,
Stock Prices ,
Technology Sector ,
Trading Platforms ,
UK Brexit ,
Virtual Currency ,
Wells Fargo
Here’s the inside scoop on “Sheltered Harbor,” a “doomsday project” from US banks that they hope will “prevent a run on the financial system should one of them suffer a debilitating cyberattack.” The gargantuan voluntary...more
12/4/2017
/ Aetna ,
Banks ,
BlackRock ,
Citibank ,
CVS ,
Cyber Attacks ,
Cybersecurity ,
Disney ,
Fox Broadcasting ,
Insurance Industry ,
Investment Adviser ,
Lehman Brothers ,
Pharmacies ,
Qualcomm ,
Rating Agencies ,
RMBS ,
Wells Fargo
Wells Fargo is again in federal regulators’ crosshairs. The OCC has dubbed the bank a repeat offender and is weighing a “formal enforcement action” over “improprieties in its auto-insurance and mortgage operations”....more
11/29/2017
/ Auto Insurance ,
Banking Sector ,
Bitcoin ,
Class Action ,
Consumer Financial Products ,
Cryptocurrency ,
Cyan Inc v Beaver Cty Emps Ret Fund ,
Digital Currency ,
EU ,
Federal Reserve ,
Interest Rate Adjustments ,
Manufacturers ,
MiFID II ,
Mortgages ,
Securities and Exchange Commission (SEC) ,
Social Networks ,
Supply Chain ,
UK ,
UK Brexit ,
Wells Fargo
More trouble for Wells Fargo, this time involving its Forex operation, which an internal investigation revealed was plagued by routine overcharging of customers and other questionable practices by bankers engaged in a battle...more
11/28/2017
/ Administrative Appointments ,
Banking Sector ,
Bitcoin ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Bonuses ,
Corporate Culture ,
Corruption ,
Cryptocurrency ,
Cyber Monday ,
Department of Labor (DOL) ,
Digital Currency ,
Fiduciary Rule ,
Financial Markets ,
Forex ,
Initial Coin Offering (ICOs) ,
Securities and Exchange Commission (SEC) ,
Unregistered Securities ,
Wells Fargo
As retailers do all they can to fight the e-commerce wave, some bricks-and-mortar shops are experimenting with a rather counterintuitive strategy: smaller spaces and a showroom-style approach....more
11/20/2017
/ Banking Sector ,
Banks ,
Bitcoin ,
Brick-and-Mortar Stores ,
Digital Currency ,
E-Commerce ,
FSOC ,
General Electric ,
Global Systemically Important Banks (G-SIBs) ,
Inflation Adjustments ,
Internet Retailers ,
Non-Bank Lenders ,
Phillips Standard ,
Retail Market ,
SIFIs ,
Silicon Valley ,
Technology Sector ,
Virtual Currency ,
Wells Fargo