Financial Daily Dose 5.19.2021 | Top Story: JPMorgan Promotes Two Women to Lead Biggest Division, Shakes Up Dimon Succession Speculation

Robins Kaplan LLP

Robins Kaplan LLP

JPMorgan Chase has elevated two execs, Jennifer Piepszak and Marianne Lake, to top spots as joint heads of the firm’s “sprawling” consumer and community banking division, The promotions, effective immediately, lay important groundwork for “the nation’s largest bank to be led by a woman” - NYTimes and WSJ and Bloomberg

Markets were managing to hold the line for most of the day, but a late-day sell-off pushed all three major U.S. indices much lower at the close - NYTimes and WSJ

After four decades of concerted effort and significantly expanded domestic producing, the United States is as close to energy independence as it’s been in generations. But as the ransomware hack on Colonial Pipeline dramatically proved, that “independence, however, is fragile.” And the twin threats of cybercriminals and climate change are going to demand answers from an energy system so far unable to respond - NYTimes

Turns out that some meme stocks are worth the hype. Hertz, the “original meme stock” (per the Journal), saw its stock rise sharply after filing for bankruptcy last year, prompting plenty of scoffing from Street professionals. But as the rental car company prepares to emerge from bankruptcy protection, it appears likely that its loyalists could actually come out ahead where so many before them have been wiped out - WSJ

Former Brooks Brothers minority stakeholders TAL Apparel and Castle Apparel Limited have sued Claudio Del Vecchio—the billionaire former owner and CEO of Brooks Brothers—for alleged bad faith in putting his “own financial interests ahead of those of the company” and refusing to “pursue acquisition bids solicited in 2019” - NYTimes and Law360

Bank of America CEO Brian Moynihan is defending the bank and its culture after the “blistering” Times story last week about the monarchical rein of COO Tom Montag - Bloomberg

Newly named but well-pedigreed car-maker Stellantis (the former FiatChrysler) has agreed to work with Foxconn “in a new collaboration aimed at accelerating the development of in-car software.” The 50-50 joint venture will “focus on technology used in vehicle dashboard systems and other connected devices” - WSJ

Deutsche Bank has chosen its U.S. general counsel, Joe Salama, to head up the bank’s global anti-financial-crime unit in a move understood as an effort to “keep a close relationship with U.S. authorities following a series of investigations and fines” - WSJ

Yes, you have EARNED this summer. Why not treat yourself by kicking off some beach chair reading a bit early this year. Here are some recs to get you started - NYTimes

Stay safe and get vaxxed.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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