Your Daily Dose of Financial News

Robins Kaplan LLP

Deutsche Bank—in keeping with its post-Cryan plans to shrink its US footprint—has been considering plans “in recent weeks to eliminate close to 10,000 jobs.” [It’s now looking like 7,000.] The cuts would mark a distinct reversal from DB’s plans of just last fall, when its business heads were proposing expanding overall staff to hit nearly 100k companywide – WSJ and CNBC and NYTimes and WSJ

The White House is making new tariff threats—this time in the form of an up-to-25% duty on imported autos. Such a levy would have a disproportionate impact on Mexico and Canada, leaving some to speculate that the suggestion is a bargaining ploy for ongoing Nafta renegotiations – Bloomberg and NYTimes and WSJ

Comcast confirmed on Wednesday that it intends to make a higher bid for 21st Century Fox’s assets than Disney is, potentially driving a wedge between Fox’s shareholders and the Murdoch family and definitely ruining a carefully orchestrated Disney/Fox mashup – NYTimes and WSJ

A look at the Fed’s May meeting minutes shows a Powell-led body generally unconcerned about an overheating US economy and unlikely to accelerate its plans for interest rate hikes [June’s up next, by the way] – NYTimes and WSJ and Bloomberg

The DOJ is working with the CFTC to investigate whether traders are “manipulating the price of Bitcoin and other digital currencies,” with a particular focus on spoofing – Bloomberg

Fresh off the news that Marvin Ellison’s decamping from JCPenney for Lowe’s, Pershing Square’s Bill Ackman announced that he’s taken a nearly $1 billion stake in the home improvement retailer—a “friendly investment,” according to inside sources – WSJ and Bloomberg

SDNY Judge Paul Engelmayer has put the kibosh on investors’ effort to revive a portion of their suit accusing “a slew of dealers of bullying competition in the interest rate swaps market . . . , largely dismantling the putative class’ attempt to file a third amended complaint and rebuking its counsel for keeping the intended request under wraps” – Law360

The SEC’s Jay Clayton is encouraging potential ICO issuers to save themselves some serious trouble on the front end by simply picking up the phone and asking his agency whether their offerings are securities or not – Law360

Chipotle’s new CEO Brian Niccol—formerly of Taco Bell—is already shaking things up at the fast casual chain by relocating its HQ to Newport Beach from Denver, where the company’s first restaurant was opened – Bloomberg

Turns out Amazon’s not the only major tech company in search of a massive new campus – WSJ

On mosaicisim—the mixture of genetically distinct cells within the same organism that helps explains mutations and their impact on a particular body though doesn’t always signify disease. Give the article a few minutes; it’s a fascinating read – NYTimes

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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