Opening Bell: 04.29.13

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Top Lieutenant of Dimon Is Departing JPMorgan (DealBook)
Frank J. Bisignano, co-chief operating officer, will become chief executive of First Data Corporation, a payment processing firm, Mr. Dimon said in a statement on Sunday. ... Mr. Dimon said Matthew E. Zames, who shared the role of chief operating officer with Mr. Bisignano, would take over all aspects of the job, effective immediately. “He is a proven business executive, who has performed exceptionally well since coming into his corporate role in May of last year,” Mr. Dimon said.

Tame Inflation to Keep Fed on Course (WSJ)
Federal Reserve officials are likely to continue their easy-money policies at the central bank's policy meeting on Tuesday and Wednesday, in part because several recent inflation measures have fallen well below the Fed's 2% target. With inflation now lower than the Fed wants, officials are likely to conclude their policies show no sign of overheating the economy. That allows them to maintain their $85 billion-a-month bond-buying program, which the central bank is employing to ease credit conditions and spur spending, investment and hiring. Fed officials after their March policy meeting talked about tapering off the bond purchases later this year if the economy continued to gain strength. But inflation readings have since slipped, and employment numbers have been disappointing.

No German Jain Bringing Deutsche Bank to World as Customer’s Man (Bloomberg)
Jain is seeking a better understanding of what drives Germany. He’s working on improving his German, though he says his schedule hasn’t allowed him to make the progress he’d like to see. He has talked to academics and writers, according to one professor who says he and Jain discussed the country’s relationship with Israel and its World War II past.

High-Frequency Traders Face Speed Limits (FT)
EBS, one of the two dominant trading platforms in the foreign exchange market, is suggesting scrapping the principle of "first in, first out" trading, which it says gives an unfair advantage to the fastest computers and has led to an arms race of spending on technology. Instead, under the plan, incoming orders would be batched together and dealt with in a random order. "It is a technology arms race to the bottom, and a huge tax on the industry, since people are having to make significant investments in speed without any connection to their trading strategy," said Gil Mandelzis, EBS chief executive. "Speed has little to do with why many participants come to our markets. These are serious players who come to the market to exchange risk; they do not come to race."

Mike Tyson: My ex-girlfriend cooked and ate my pet pigeon (NYDN)
"I was dating this young lady and she said, 'I don't know why you're flying those damn birds, you should be eating them' She happened to grab one and she cooked one and proceeded to eat it," Tyson continued. "And I just couldn't do it." ... The impromptu meal likely hastened the demise of Tyson's relationship. "It just wasn't the right thing to do," he added. "That's why she's not my woman anymore."

Feds eye AP hoax ‘profits’ (NYP)
The Securities and Exchange Commission and the Commodity Futures Trading Commission have each opened investigations into the hack that falsely reported “explosions in the White House and Barack Obama is injured” and briefly wiped away $136 billion in market value. ... “We’re looking at who was trading right before and right after that,” Bart Chilton, a member of the CFTC, told The Post. “This is a full-fledged effort to look at this period of time to make sure that nothing nefarious in markets took place.”

Twitter Speaks, Markets Listen, and Fears Rise (NYT)
“It was nine, 10, 11 seconds and it was fast and then the question was ‘Why’?” said Andrew Frankel, co-president of the brokerage firm Stuart Frankel & Company. “You look at how quickly that happened and now everyone wants to release corporate earnings on Twitter,” Mr. Frankel said, in between calling out, “Sell!” to his team. He added: “The concern is ‘How do you know what’s right and what’s not? How do you know what’s hacked and what isn’t?’ ”

Santander's Embattled CEO Steps Down (WSJ)
Banco Santander SA said Monday that Alfredo Sáenz is stepping down as chief executive, a move that may put an end to a two-decade legal battle that has led to considerable criticism toward the last two Spanish governments. Santander, the largest euro-zone bank by market value, said in a news release that Mr. Sáenz will be replaced as CEO by Managing Director Javier Marín. Santander didn't give any reason for Mr. Sáenz's decision. The departing CEO of Santander was convicted in 2009 of having made false criminal accusations against indebted clients in a case that arose 15 years earlier when he headed a different bank. After he lost a series of appeals, Spain's prime minister at the time, Socialist José Luis Rodríguez Zapatero, pardoned Mr. Sáenz in 2011, sparing him a possible three-month prison sentence.

Credit Suisse, Lone Star to Buy Fortis Bad Bank (Bloomberg)
Credit Suisse Group AG (CSGN) and Texas- based Lone Star Funds will pay 6.7 billion euros ($8.7 billion) for the assets of Royal Park Investments SA, a vehicle set up to manage toxic assets of failed Belgian bank Fortis. Belgium, one of the vehicle’s shareholders, will get 1 billion euros in cash from the sale, reducing government debt by more than 0.2 percent of gross domestic product, Finance Minister Koen Geens said in an e-mailed statement from Brussels. Ageas, the insurer formerly known as Fortis, will receive 1.04 billion euros, it said in a separate statement.

Jets release Tim Tebow (NYP)
FYI

Cops: Saw-wielding robber stole cash register (NBC)
A man brandishing a hand saw stole a cash register from a store early Sunday, police said. According to police, an employee at Sam's Food Mart in West Haven, Connecticut, called 911 to report that a white male wearing a mask was acting suspiciously. While en route to the scene, police learned that the male brandished a hand saw, threatened the store clerk and stole the cash register.

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