Opening Bell: 12.7.16

Big fine for JPMorgan; Citi trader pounded the Pound; nude cop hijinks; and more.
Author:
Publish date:
(Getty Images)

(Getty Images)

JPMorgan Hit Hardest as EU Fines Euribor Trio $521 Million (BBG)

JPMorgan Chase & Co., HSBC Holdings Plc and Credit Agricole SA were fined a total of 485.5 million euros ($521 million) for rigging the Euribor benchmark as European Union antitrust regulators wrapped up a five-year investigation into the scandal. JPMorgan was fined 337.2 million euros, HSBC got a 33.6 million-euro penalty and Credit Agricole must pay 114.7 million euros.

Citi Trader Deepened October’s Pound ‘Flash Crash’ (FT)

The UK investigation into October’s “flash crash” in sterling has focused heavily on the Japanese trading operations of Citigroup. People with knowledge of events at Citi that day said one of the US bank’s traders placed multiple sell orders when the currency slumped in unusually fragile market conditions. One of the people said the trader “panicked”.

J.P. Morgan, Bank of America Trading Activity Continues Strong After Election (WSJ)

If the quarter plays out as the banks are expecting, it would mark three consecutive periods in which such activity has been strong at Wall Street banks. That is a marked turnaround from recent years in which trading revenue, particularly in the areas of fixed-income, currencies and commodities, had shrunk globally. That has forced big investment banks to refocus their businesses and scale back operations.

Elizabeth Warren Is Backing A Hot Investing Startup That's Taking On Wall Street (BI)

The Massachusetts senator wrote on her Facebook page on Tuesday that she agrees with Betterment CEO Jon Stein, who wrote an open letter to President-elect Donald Trump about keeping the new fiduciary rule. "Undercutting the rule would be bad for working families — and bad for the many businesses who have already complied with the new rule."

Hillary Clinton Throwing Party To Thank Millionaire Donors (Page Six)

One insider said, “Hopefully there’s no balconies so nobody can jump.”

These Stocks Could Benefit The Most From Trump's Deregulation, JPMorgan Says (CNBC)

Given the potential for deregulation, the investment firm identified 24 U.S. companies that could benefit the most, the majority of which belong to the oil and gas, financial, and autos and trucking industries.

TRUMP: 'We Have To Look' At Trade 'Almost As A War' (BI)

Trump promised the Fayetteville crowd during the second leg of his "Thank You Tour" that his administration would renegotiate trade deals and "defeat the enemy on jobs." The president-elect continued: "We have to look at it almost as a war, because that's what's happened to us."

Cop Suspended For Greeting Pizza Deliverywoman Naked (NYP)

According to the report, the woman said Gonzalez told her he had just gotten out of the shower, but she noticed his hair was dry and he didn’t have a towel. After he signed the receipt, she said, he went back inside the home to get her a tip and returned to the front door — still naked — with cash.

Related

LudaMusk

Opening Bell 7.16.18

King Solomon prepares for takeover; Elon continues the descent into madness; BlackRock beats expectations; Coin flip cops and more!

citi-frown

Opening Bell: 12.6.16

Citi and Goldman facing diversity challenge; Theranos expected massive profit growth; jellyfish mistaken for breast implant; and more.