Your daily dose of financial news - The Brief – 10.3.16

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Deutsche Bank’s penchant for dealing in risk—in the form of currency swaps, bond sales, or derivatives, among others—has left it (and its highly leveraged balance sheet) particularly vulnerable amidst last week’s news of sinking stock prices and nervous investorsNYTimes

Meanwhile, talks between DB and the DOJ continue after the US’s outsized initial settlement demand of $14 billion – WSJ and Bloomberg and Law360

BBG’s new firm, Janus Capital, has announced plans to merge with Henderson Group in a $6 billion deal that would create an asset manager with about $320 billion under its management – NYTimes and Bloomberg

Texas businessman Sam Wyly will pay nearly $200 million to settle claims by federal regulators over allegations of securities fraud – NYTimes and WSJ

A new Supreme Court season begins today.  Law360 gives us a preview of the hot cases to watch – Law360

Starting today, the tick size for some small-company stocks will widen from the traditional 1-cent to 5-cent increments as part of a 2-year SEC pilot program – WSJ

Fair Game’s Gretchen Morgenson was none too impressed with last week’s announcement of John Stumpf’s $41 million clawback by the Wells Fargo board. The problem, she says, is that they’ve not proven to be all that effective in the rare instances in which they’re invoked – NYTimes

File this under “the other shoe is dropping”—subprime auto loan losses again grew in August, with an almost 1% increase in the share of subprime auto loans 60-delinquent or worse – WSJ

It ended up looking a bit lopsided, but the US’s Ryder Cup victory over the Euros was far from a given and, as I can personally attest based on a Saturday at the course, one heck of a wild rideWSJ and NYTimes

There’s the Minnesota goodbye.  Sure.  [Guilty.] But the WJC goodbye?  Something all its own – Huffington Post

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. Attorney Advertising.

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