Citigroup, HSBC Dump Customers as Era of Global Empires Ends (Bloomberg)
Citigroup says it’s leaner and safer today. But in serving those clients, the bank has bulked up on trading, a business that helped get it into trouble before. It doubled the amount of derivatives contracts it has underwritten since the crisis to $56 trillion. The company, which used to make most of its profit from consumer banking, now gets the majority from corporate and investment banking.
AB InBev Sweetens SABMiller Offer to Address Sterling’s Plunge (Bloomberg)
SABMiller shareholders will receive 45 pounds a share in cash, 1 pound more than the prior offer, valuing the company at 79 billion pounds ($103.6 billion), AB InBev said in a statement Tuesday. The bidder also increased the amount of cash in a cash-and-stock alternative that it crafted for the two largest investors, Altria Group Inc. and Bevco Ltd. Another SABMiller holder, Aberdeen Asset Management, said the revised proposal undervalues the company and remains unacceptable because stockholders aren’t being treated equally.
Fed seen holding rates steady as inflation watch continues (Reuters)
The U.S. Federal Reserve is expected to keep interest rates unchanged this week, deferring any possible increase until September or December, as policymakers hold out for more evidence of a pickup in inflation.
After Yahoo, Marissa Mayer May Have to Wait for Another CEO Chance (WSJ)
Few executive recruiters and Silicon Valley investors expect her to stick around after the sale is completed. And while Ms. Mayer is certainly young enough to lead another company, experts say it is tough to rebound from a rookie reign many observers see as pocked by mistakes that complicated an already-difficult turnaround. Yahoo’s revenue stalled and it failed to deliver consistent profitability. “It’s like a pilot who flew the Hindenburg to then be asked to fly the Goodyear Blimp during the Super Bowl,” said brand-management expert Eric Schiffer of Ms. Mayer turning CEO again. “It won’t happen in the short-term.”
Man, 30, Head-Butted Mother In Face Because She Brought Home Chick-fil-A For Dinner, Cops Say (TSG)
“Def. and Victim had a verbal disagreement because the victim brought home Chick-fil-A and the Def. did not want to eat Chick-fil-A,” a criminal complaint notes. Faced with the fast food grub, Foreman “became upset” and head-butted his mother, causing her bottom lip to split, investigators allege. Foreman was arrested for domestic battery, a misdemeanor, and booked into the county jail. After a court hearing Friday, Foreman was released from custody and directed to have no contact with his mother. A judge also ordered Foreman to be outfitted with a device that monitors his alcohol intake.
Barclays Cartel Trader Told ‘Life Isn’t Fair’ Before Firing (Bloomberg)
Justin Bull, the bank’s former chief operating officer, mocked Chris Ashton during his April 2015 disciplinary hearing, Ashton said in a witness statement made public Tuesday. During the hearing, Ashton said it was unfair to apply rules made in the wake of the scandal to his conduct in 2012. “Justin leaned forward, spread his arms and said ‘Well, life isn’t fair,”’ Ashton said in his statement. "I found it not only unfair, but entirely unreasonable and deeply offensive." Ashton sued, saying he was fired unfairly and made a scapegoat after he blew the whistle on improper conduct in electronic chat rooms in 2012, a year before news of the scandal broke. The bank says Ashton intentionally ignored its code of conduct by using offensive language and sharing confidential information.
Hedge fund linked to kickback probe had alleged ties with massive Ponzi scheme (NYP)
Platinum Partners, the hedge fund at the center of an alleged New York City municipal union kickback scandal, has a history that’s sordid even for Wall Street — with alleged ties to one of the largest Ponzi schemes in history, and a confusing trail of documents that raise more questions than answers, The Post has learned. Murray Huberfeld and Mark Nordlicht, two top executives of the $1.3 billion fund, allegedly enlisted other hedgies and their wives to invest in a feeder fund for Scott Rothstein, a trustee lawsuit claimed. Rothstein was convicted of running a Florida Ponzi scheme and is now serving 50 years for racketeering and securities fraud, according to court documents.
Deutsche Bank must face U.S. lawsuit over subprime disclosures (Reuters)
A U.S. judge on Monday said Deutsche Bank AG (DBKGn.DE) must face part of a lawsuit claiming it deceived investors who bought more than $5.4 billion of preferred securities by concealing its exposure to the fast-deteriorating subprime mortgage market. U.S. District Judge Deborah Batts in Manhattan rejected the German bank's bid to dismiss claims with respect to roughly $2.55 billion of securities sold in November 2007 and February 2008, court papers show.
I quit my job to play Pokémon Go (NYP)
Sophia Pedraza, 26, has ditched her job in order to devote all her time to being the very best at the mobile game, which uses players’ geolocation services on their cellphones to take them on a virtual scavenger hunt for Pokémon characters. “I downloaded it and immediately realized there is money to be made,” Pedraza told The Sun. “My mum thinks I’m mad but she’s coming round to the idea.” Before Pokémon Go was released earlier this month, Pedraza, who also has a law degree, gave private lessons to students in various subjects including math, English and music. But as of two weeks ago, she has a new expertise — capturing Pokémon. “Some days I play it for 18 hours a day because you can play all the time even when you’re out with your friends in bars and clubs,” she told the British paper. She plans to accumulate multiple phones so she can level up a bunch of accounts and sell them on eBay for more than $1,300.