Snap’s IPO Roadshow Message: We’re the Next Facebook, Not the Next Twitter (WSJ)
When Snap Inc. goes on the road next year to market its initial public offering, it will be touting more than its popular virtual-messaging service. Evan Spiegel, the company’s 26-year-old founder, is expected to figure prominently in conversations with investors during the marketing process. The pitch is designed to convince investors that the company can evolve from a messaging platform into a content and media powerhouse. The idea is to put the company in a class with Apple Inc. and Facebook Inc., whose shares are up sharply in recent years, while differentiating it from Twitter Inc., which has languished since its 2013 IPO.
While lower taxes, higher interest rates and lighter regulation under Trump could help boost U.S. banks’ earnings by a median 22 percent in 2018, firms will keep chipping away at costs by using technology to replace traders and branches, analysts at Morgan Stanley said this month. And though rising rates may fatten lenders’ profit margins, they can slow demand for new mortgages and corporate debt issuance. Again, that means fewer staff needed.
For Hire: Retail CFOs (Gadfly)
The finance chiefs of at least 45 retail companies worldwide have exited in the past year, according to a Bloomberg tally. About one-fifth of U.S. retailers appointed new finance chiefs in 2015, compared to 15 percent for all industries, according to search firm Korn/Ferry International.
In a year when whipsawing markets are poised to end much higher, one of Wall Street’s most curious investments could come out on top: bitcoin. The digital currency is one of the best-performing assets of 2016, rising more than 124 percent since the start of the year — as investors in China and India push the price near all-time highs.
After slashing hundreds of overseas jobs since April, CEO Koji Nagai has unveiled his so-called “Waterline Project,” which will attempt to combat waste and improve the cost-effectiveness of the bank’s daily operations over the next three years. “The waterline on a warship will rise a centimeter each year if the crew brings excess baggage,” Nagai said. “Before you know it, the ship will sink.”
China will focus on freeing up foreign investment in banking, insurance, securities and futures market trading firms as part of a wider opening up of the services sector, the country's state planner said in a document released on Friday.
Drinks flowed as hedge fund titan Robert Mercer, dressed as Mandrake the Magician, partied with Donald Trump, dressed as, well, Donald Trump. The occasion that early December evening was Mercer’s 2016 holiday costume party, an intimate gathering of 250 at his Long Island estate. This year’s theme: “Villains and Heroes.”
Few things beat Christmas when you're a kid (if your family adheres to it). Getting up early, surrounding the tree with your loved ones, and of course, opening presents. This is the big moment, that gift from Santa—that money gift—the toy you've waited all season for is finally yours. Then that magical toy says, "Fuck me."