The latest round of big bank stress tests are in, and the Fed has rejected the capital plan of Deutsche Bank and limited the payouts of Goldman Sachs and Morgan Stanley....more
6/29/2018
/ 21st Century Fox ,
Adidas ,
Amazon Marketplace ,
Banks ,
China ,
Comcast ,
Data Breach ,
Delivery Drivers ,
Deloitte ,
Deutsche Bank ,
Disney ,
Equifax ,
Foreign Investment ,
Goldman Sachs ,
Insider Trading ,
Investment ,
Morgan Stanley ,
Pharmaceutical Industry ,
Pharmacies ,
Stress Tests
Milwaukee-based Harley-Davidson announced on Monday that it will shift some of its motorcycle production overseas “to avoid retaliatory tariffs imposed by the European Union” in response to the White House’s trade moves....more
6/26/2018
/ Anti-Steering Rules ,
Anticompetitive Agreements ,
Antitrust Provisions ,
Baker Hughes ,
Barclays ,
Bitcoin ,
Blockchain ,
Burden of Proof ,
China ,
Credit Card Surcharges ,
Cryptocurrency ,
Denial of Certiorari ,
Deutsche Bank ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
EU ,
EURIBOR ,
Facebook ,
FHFA ,
Financial Markets ,
General Electric ,
Harley-Davidson ,
Illegal Tipping ,
Insider Trading ,
Instagram ,
Merchant Fees ,
Merchants ,
Ohio v American Express ,
RBS ,
RMBS ,
Rule-of-Reason Analysis ,
SAC Capital ,
SCOTUS ,
Securities Fraud ,
Serious Fraud Office (SFO) ,
Social Networks ,
Tariffs ,
Trade Retaliation ,
UK ,
Virtual Currency
A couple of big-time SCOTUS opinions released yesterday will leave their mark on the financial world— First, the High Court found that internet retailers can be “required to collect sales taxes in states where they have no...more
6/22/2018
/ Administrative Law Judge (ALJ) ,
Appointments Clause ,
Banks ,
CEOs ,
Chipotle Grill ,
Commerce Clause ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Labor (DOL) ,
Deregulation ,
Deutsche Bank ,
Enforcement Actions ,
EU ,
Fannie Mae ,
Fiduciary Rule ,
Fraternization Policies ,
Freddie Mac ,
Initial Public Offering (IPO) ,
Intel ,
Internet Retailers ,
Interstate Commerce ,
Lucia v SEC ,
Physical Presence Test ,
Quill ,
Regulation A ,
Regulatory Reform ,
Removal For-Cause ,
Sales & Use Tax ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Single Director ,
South Dakota v. Wayfair ,
Special Trial Judges (STJs) ,
Stress Tests ,
Substantial Nexus ,
Tariffs ,
Trade Relations
New York’s Department of Financial Services has reached an agreement with Deutsche Bank that will see the German firm pay $205 million as part of a settlement to resolve state banking law violations over its Forex operations....more
6/21/2018
/ Airlines ,
Amazon ,
Antitrust Provisions ,
Aviation Industry ,
Berkshire Hathaway ,
Big Data ,
China ,
DaimlerChrysler ,
Data Breach ,
Deutsche Bank ,
Disney ,
Forex ,
Hackers ,
Healthcare ,
Initial Public Offering (IPO) ,
JPMorgan Chase ,
NYDFS ,
Privacy Concerns ,
Real Estate Market ,
Tesla ,
Trade Relations ,
US Trade Policies
The Commerce Department on Thursday announced a deal with China that will see the US lift stringent American sanctions on telecom giant ZTE in exchange for ZTE’s payment of a $1 billion fine and allowing the US to “more...more
6/8/2018
/ Alibaba ,
Banking Examinations ,
China ,
Commerzbank ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Deutsche Bank ,
Director Mulvaney ,
Economic Sanctions ,
Layoffs ,
McDonalds ,
OCC ,
PHH Corp. v CFPB ,
Stock Sale Agreements ,
Tax Cuts and Jobs Act ,
Tax Reform ,
Telecommunications ,
U.S. Commerce Department ,
Yahoo! ,
ZTE
Now to be fair, Starbucks Executive Chair Howard Schultz has stepped away before. But this time feels more definitive, especially with the call of politics apparently swimming around in his post-Sbux plans....more
6/5/2018
/ Antitrust Violations ,
Australia ,
Bribery ,
Cartels ,
CFTC ,
China ,
Citibank ,
Deutsche Bank ,
Enforcement Actions ,
Financial Fraud ,
First Time Homebuyers ,
France ,
Housing Market ,
Interest Rates ,
Libya ,
Microsoft ,
Millennials ,
Mortgages ,
Restaurant Industry ,
Software Developers ,
Starbucks ,
Steel Industry ,
Swap Dealers ,
Tariffs ,
Threshold Requirements ,
US Trade Policies ,
White Collar Crimes
An early look at the reaction from allies Canada, Mexico, and the EU to this week’s announcement from the White House that it was moving forward with steel and aluminum tariffs against these US trading partners....more
6/1/2018
/ Aluminum Sales ,
CBS ,
Corporate Bonds ,
Deutsche Bank ,
Dividends ,
Dodd-Frank ,
Driverless Cars ,
Fannie Mae ,
Financial Regulatory Reform ,
Freddie Mac ,
General Motors ,
Global Market ,
Imports ,
Infrastructure ,
Job Creation ,
Market Manipulation ,
NAFTA ,
SoftBank ,
Steel Industry ,
Supply Chain ,
Tariffs ,
Trump Administration ,
Unemployment ,
US Trade Policies ,
Volcker Rule ,
Voting Rights
We got an official first look at the Fed’s revised Volcker Rule yesterday, and the “sweeping plan to soften” the rule will open “the door for banks to resume some trading activities restricted as part of the 2010 Dodd-Frank...more
5/31/2018
/ Aluminum Sales ,
Anbang ,
Class Action ,
Cross-Selling ,
Deregulation ,
Deutsche Bank ,
Disney ,
Dodd-Frank ,
EU ,
Financial Fraud ,
Financial Regulatory Reform ,
Insurance Industry ,
Intrusion Software ,
Investment Fraud ,
New Legislation ,
Russia ,
Securities and Exchange Commission (SEC) ,
Settlement Offer ,
Steel Industry ,
Tariffs ,
Trade Relations ,
Twentieth Century Fox ,
US Trade Policies ,
Volcker Rule ,
Wells Fargo ,
Whistleblowers
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.]
...more
5/24/2018
/ Automotive Industry ,
Bitcoin ,
CFTC ,
Chipotle Grill ,
Comcast ,
Department of Justice (DOJ) ,
Deutsche Bank ,
Digital Currency ,
Imports ,
Initial Coin Offering (ICOs) ,
Interest Rate Adjustments ,
Lay-Offs ,
Lowe's ,
Market Manipulation ,
Securities and Exchange Commission (SEC) ,
Spoofing ,
Tariffs ,
Trump Administration ,
Unemployment
The High Court has a daunting lineup of decisions yet to issue this year, but it’s checking one off the list with yesterday’s 5-4 holding upholding the right of companies to use arbitration clauses in employment contracts “to...more
5/22/2018
/ Amazon Marketplace ,
Barclays ,
Capital Raising ,
CFTC ,
China ,
Class Action Arbitration Waivers ,
Comcast ,
Consumer Financial Products ,
Deutsche Bank ,
Epic Systems Corp v Lewis ,
EURIBOR ,
Financial Regulatory Reform ,
General Electric ,
HSBC ,
Initial Coin Offering (ICOs) ,
Initial Public Offering (IPO) ,
Online Marketplace Lending ,
Railroads ,
Regulatory Oversight ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Settlement Offer ,
Takeover Bids ,
Tariffs ,
Trade Relations ,
UK ,
Volcker Rule
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
Commerce Department data released yesterday showed strong across-the-board consumer spending in April, a nominally good sign but one that pushed bond yields higher and sent most equities lower for the day, snapping an 8-day...more
5/16/2018
/ Arbitration Agreements ,
Article III ,
Bonds ,
Class Action ,
Class Certification ,
Cryptocurrency ,
Deutsche Bank ,
Disney ,
Initial Coin Offering (ICOs) ,
Investment Fraud ,
Libor ,
RMBS ,
Securities Fraud ,
Sexual Harassment ,
Short-Term Investments ,
SoftBank ,
Standing ,
Startups ,
Terms of Service ,
U.S. Commerce Department ,
Uber ,
Volcker Rule ,
White Collar Crimes ,
Wire Fraud
Facebook’s Q1 results make a strong case for Zuckerberg and his ilk riding out arguably its most serious crisis to date (the flood of criticism over its privacy practices and handling of user data) with next-to-no effect on...more
4/26/2018
/ Bitcoin ,
Chipotle Grill ,
Comcast ,
Commodities ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Deutsche Bank ,
Facebook ,
Futures ,
Housing Market ,
Market Manipulation ,
Mortgages ,
Operating Lease ,
Public Disclosure ,
Publicly-Traded Companies ,
Quarterly Report ,
Spoofing ,
UBS
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
It was a busy Thursday in the big pharma world, with drugmaker Shire rejecting a $60 billion takeover offer from Japan’s Takeda, while US rival Allergan disclosed that it was considering a bid of its own for Shire....more
4/20/2018
/ Amazon ,
Automotive Industry ,
Barclays ,
Class Action ,
Class Certification ,
Derivative Suit ,
Deutsche Bank ,
Export-Import Bank of the US ,
Exports ,
Financial Conduct Authority (FCA) ,
Google ,
HSBC ,
Japan ,
Pharmaceutical Industry ,
RMBS ,
Securities and Exchange Commission (SEC) ,
Shareholder Litigation ,
Takeda Pharmaceuticals ,
Takeover Bids ,
Tariffs ,
Technology Sector ,
Whistleblowers
The White House has chosen Columbia University economist Richard Clarida as Fed Vice Chair—the number 2 spot at the central bank. Clarida is a “monetary policy scholar” and former Bush II administration Treasury official....more
4/17/2018
/ Administrative Appointments ,
Barclays ,
Benchmarks ,
China ,
Cloud Computing ,
Deutsche Bank ,
EURIBOR ,
Facebook ,
Investment ,
Job Creation ,
Marriott ,
Mergers ,
Netflix ,
Regulatory Oversight ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
SFO ,
Stock Prices ,
Trade Relations ,
Trump Administration ,
US Trade Policies ,
ZTE
The Journal reported yesterday that the DOJ will allow Bayer to move forward with its plans to acquire Monsanto, a deal valued at more than $60 billion, after the companies “pledged to sell off additional assets to secure...more
4/10/2018
/ Bank of America ,
Barclays ,
Bayer ,
Best Buy ,
Bicycles ,
Bitcoin ,
Brick-and-Mortar Stores ,
China ,
Congressional Investigations & Hearings ,
Deutsche Bank ,
EURIBOR ,
Facebook ,
Global Market ,
Mark Zuckerberg ,
Monsanto ,
Nordstrom Inc. ,
PayPal ,
Retail Market ,
Student Loans ,
Tariffs ,
Technology Sector ,
Trade Relations ,
Uber
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
A day of massive lows (opening bell) and impressive rallies (with the dow up 230 by the end of the day) marked a wild Wednesday on Wall Street....more
4/5/2018
/ Airlines ,
Amazon Marketplace ,
Anti-Competitive ,
Antitrust Provisions ,
Bank of England ,
Cambridge Analytica ,
Corporate Bonds ,
Data Breach ,
Deutsche Bank ,
Facebook ,
FDIC ,
Financial Markets ,
Initial Public Offering (IPO) ,
Libor ,
Morgan Stanley ,
Presidential Elections ,
RMBS ,
Spotify ,
Trade Relations ,
UK
China’s latest response to the White House’s aluminum and steel tariff plans came in the form of a no-joke April 1 announcement of its own tariffs of roughly $3 billion in 128 U.S.-made products ranging from pork to wine and...more
4/3/2018
/ Aluminum Sales ,
Barclays ,
Broadcasting ,
Capital Markets ,
China ,
Data Breach ,
Debit and Credit Card Transactions ,
Deutsche Bank ,
Disney ,
Government Bonds ,
Imports ,
Interest Rate Adjustments ,
JPMorgan Chase ,
Mark Zuckerberg ,
Mexico ,
National Security ,
Price-Fixing ,
Retailers ,
RMBS ,
Steel Industry ,
Tariffs ,
Technology Sector ,
Trump Administration ,
US Trade Policies ,
Viacom
After almost a year of fending off a hostile takeover bid from rival PPG Industries, Dutch paint and chemical giant Akzo Nobel has agreed to sell its specialty chemicals unit to PE firm Carlyle Group for $12.5 billion in a...more
3/28/2018
/ Administrative Appointments ,
Alphabet Company ,
Anbang ,
Android ,
Benchmarks ,
Copyright ,
Copyright Infringement ,
Copyright Litigation ,
Deregulation ,
Deutsche Bank ,
Fair Use ,
Farms ,
FDIC ,
Hostile Takeover ,
Intellectual Property Protection ,
Interest Rates ,
Investment Fraud ,
Jaguar ,
Java ,
Marketing ,
Motor Vehicles ,
Nasdaq ,
Oracle v Google ,
Pharmaceutical Industry ,
Takeda Pharmaceuticals ,
Takeover Bids ,
Urban Planning & Development
Just days after profiled Walmart’s efforts to keep pace with Amazon in the grocery biz, a whistleblower and former WM director of business development is accusing Walmart of issuing “misleading e-commerce results” and...more
3/16/2018
/ Antitrust Conspiracies ,
AT&T ,
Best Interest Contract Exemptions ,
Commercial Bankruptcy ,
Department of Justice (DOJ) ,
Department of Labor (DOL) ,
Deutsche Bank ,
E-Commerce ,
Employee Retirement Income Security Act (ERISA) ,
EURIBOR ,
Fiduciary Rule ,
Grocery Stores ,
Initial Coin Offering (ICOs) ,
Initial Public Offering (IPO) ,
Interest Rates ,
Investment Adviser ,
Retail Market ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Time Warner ,
Token Sales ,
Toys R Us ,
Wal-Mart ,
Whistleblowers
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
On Monday, UPS revealed that in December it sued European antitrust regulators over a 5-year-old decision that blocked the delivery company’s takeover of the Netherlands’ TNT Express. UPS is seeking more than $2 billion in...more
2/27/2018
/ Anbang ,
Antitrust Provisions ,
Asset Management ,
Browning-Ferris Industries of California Inc. ,
China ,
Comcast ,
Deutsche Bank ,
Disney ,
Fidelity Investments ,
Foreign Exchanges ,
General Electric ,
HSBC ,
Incentives ,
Initial Public Offering (IPO) ,
Insurance Industry ,
Joint Employers ,
Netherlands ,
NLRB ,
RMBS ,
Share Buybacks ,
Shipping ,
SoftBank ,
Takeovers ,
Tax Cuts and Jobs Act ,
Tax Reform ,
UPS