Wall Street Bracing for Lower Bonuses for First Time in Years (WSJ)
Chaotic global markets harmed the returns of many money managers and delayed companies’ plans to go public, affecting pay for asset-management employees and investment bankers charged with underwriting initial public offerings. Bonuses for fixed-income traders are also expected to drop for a fifth year in a row as large banks continue to wrestle with new regulations that rein in risk-taking. The last time year-end payouts dropped across the industry was 2011, according to Johnson Associates. The consulting firm based its 2015 projections on how much firms had set aside for employee pay and benefits through the first nine months of the year, along with discussions with clients.
Hedge-Fund Prodigy Takes a $300 Million Hit (WSJ)
Nehal Chopra has reached a less glorious milestone: more than $300 million in paper losses over the past three months, one of the swiftest and most severe money-losing streaks in a bruising year for hedge funds. Ms. Chopra’s Tiger Ratan Capital Fund LP fell about 33% over the past three months, wiping out her gains for 2015 and eating into more than half of last year’s profits, according to investor documents and people familiar with the matter. Ms. Chopra, without warning, recently stopped updating prospective investors on the firm’s performance.
Fed rate hike 'makes sense,' says US central banker Williams (Reuters)
Now that the United States is closing in on full employment and inflation is likely to rise to target levels, the "next step" should be to start gradually increasing rates, a top U.S. central banker said on Saturday.
Square's Lower IPO Valuation Casts Shadow Over Startups (Bloomberg)
The mobile-payments provider is seeking a market valuation of as much as $4.2 billion in its trading debut, a significant cut from the $6 billion the company sought in its last funding round in 2014. This is fueling concerns that there’s a wide -- and expanding -- gulf between between how private investors and public markets value companies. So far, there’s been a dearth of technology IPOs to test the theory, partially because startups have been staying private longer and bolstering their coffers through large funding rounds. Square’s (NYSE: SQ) IPO -- led by Chief Executive Officer Jack Dorsey -- could force investors and founders to rethink private valuations and move to go public earlier, said Gil Luria, an analyst at Wedbush Securities Inc.
Fire at Stamford hedge fund headquarters (Stamford Advocate)
Firefighters battled a blaze at the headquarters of billionaire and former hedge fund giant Steven A. Cohen’s Point72 Asset Management at 72 Cummings Point Road early Saturday morning. Crews encountered heavy smoke when they arrived at the two-alarm blaze around 8:30 a.m., and once on the roof found a “large air conditioning unit well involved and threatening several other adjacent units and the roof of the building,” Acting Deputy Chief Shaun Tripodi said late Saturday evening in an emailed statement...The trading floor and data rooms were unaffected, Tripodi said. A Point72 spokesman, Mark Herr, said the damage inside the building was minimal, with some water damage in the pantry area of the second floor. No Point72 employees were hurt, he said. The fire department’s statement said the firefighters “performed salvage operations,” putting tarps over office equipment to limit water damage.
Rumblr, the 'Tinder for Fighting' app, to launch its beta trial on Nov. 9 (NYDN)
"Rumblr," a pending app idea, is pitching itself as Tinder, but for brawling. Like the dating app, Rumblr users would meet strangers, but instead of hooking up, they'd be swinging right hooks. As bizarre as it sounds, the app's creator claims it's "100% serious," and not a "Fight Club"-style hallucination. "We have raised relatively substantial funding from private American investors and the app is fully developed," the Rumblr team told the Daily News in an email. "Rumblr is an app for recreational fighters to find, meet and fight other brawl enthusiasts nearby," according the app's website. It encourages users to insult their matched opponents with this pro-tip: "tell your match what you don't like about their picture." The fight's location and time is also publicly broadcasted so other users can come and watch the melee, according to the website.
Democratic Presidential Candidates Tackle Wall Street (WSJ)
Hillary Clinton said Friday she isn’t beholden to Wall Street and would stand up for tougher regulations, rejecting suggestions that she is compromised by the speaking fees and donations she has received from financial firms over the years. At a candidate forum hosted by MSNBC, Mrs. Clinton brushed aside questions from moderator Rachel Maddow about her ties to Wall Street firms she represented as a former senator from New York. “Anybody who thinks that they can influence what I will do doesn’t know me very well,” Mrs. Clinton said.
Meet the 29-Year-Old Who Was, Until Today, a Secret Megabillionaire (Daily Intel)
For years, Christy Walton, the widow of Walmart heir John T. Walton, was considered the richest woman in the world. The consensus gossip in plutocratic sewing circles was that Ms. Walton had inherited the bulk of her husband’s vast estate when he perished in a plane crash ten years ago. But according to court documents obtained by Bloomberg [Friday] morning, the late Walton left half of his then-$17 billion fortune to charity, a third to his son Lukas Walton, and the rest to his wife.
China regulators to allow IPOs to resume (Reuters)
China's securities regulator said on Friday it would allow the resumption of initial public offerings in China, lifting a suspension put into effect in July as regulators desperately tried to slow a devastating stock market crash.
Activist stampede pushes board directors into shareholders' arms (Reuters)
The rising power of activist shareholders has added a new responsibility to the role of board director at a publicly traded company: investor relations. From JPMorgan Chase & Co (NYSE: JPM) to Microsoft, and Johnson & Johnson to Apache Corp., board directors across North America have increasingly begun serving as a bridge between institutional investors and corporate management teams.
50 Cent Says That Bullet Lodged in His Tongue Is Great for Oral Sex (US)
When asked about the inspiration behind his new single, “9 Shots,” the rapper, 40, opened up about a notorious shooting incident he was involved in before his career took off, when he was shot by nine bullets. And one bullet, well, gave the “Candy Shop” singer a special touch. “It’s great for oral sex, this thing in my mouth,” the rapper, touching his tongue, told Julie Walters.