Donald Trump to Meet Monday With Potential Picks for Top Financial Policy Jobs (WSJ)
President-elect Donald Trump will meet Monday with two men who could have a strong say in how his administration regulates Wall Street: John Allison, a former chief executive of BB&T Corp., and Paul Atkins, a former Republican member of the Securities and Exchange Commission. Mr. Allison has written that he would “get rid of the Federal Reserve because the volatility in the economy is primarily caused by the Fed.”
Overworked, underpaid equity analysts on Wall Street just got another reason to fret. The Eliot Spitzer-backed financial data service TipRanks is putting their performance under the microscope. The service tracks the stock picks of 4,300 analysts and determines whether their reports are translating into returns. No end-of-year bonus for those analysts who aren’t up to snuff.
In the past, returns in bank shares have been poor when demand was this elevated. Three times since 1990 when the market cap of the S&P 500 Financials Index increased by more than $200 billion, the result was pain, with the gauge down about 8 percent three months later, data compiled by Bloomberg show.
Hundreds of Uber drivers in two dozen cities, including San Francisco, Miami and Boston, for the first time will add their voices to the union-backed "Fight for $15" campaign that has helped convince several cities and states to raise starting pay significantly above the U.S. minimum wage of $7.25.
Barclays has raised almost a third less than expected from the $225m sale of its wealth and investment management business in Singapore and Hong Kong to Singapore’s Oversea-Chinese Banking Corp (OCBC). When the deal was first announced in April, Barclays had indicated it could fetch $320m from selling the business, which had $18.3bn of assets under management at the end of last year.
Wells Fargo & Co (WFC.N) faces a new U.S. lawsuit claiming that it funneled more than $3 billion of employee retirement savings into expensive, underperforming proprietary mutual funds to enrich itself. The proposed class-action lawsuit accused the third-largest U.S. bank of "self-dealing and imprudent investing" by steering 401(k)contributions to its Wells Fargo Dow Jones Target Date funds.
On Friday, Cards Against Humanity, the maker of the popular card game, announced it was celebrating Black Friday by digging a hole in the ground for as long as people were willing to pay for it. "The holidays are here, and everything in America is going really well. To celebrate Black Friday, Cards Against Humanity is digging a tremendous hole in the earth," the company said.