Opening Bell: 4.21.17

Goldman doing a little Brexit of its own; Deutsche Bank comes first in something; Elon Musk is OK with being a robot's house cat; and more.
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Goldman Sachs Weighs Deep London Cuts amid Brexit Concerns (Handelsblatt)
Goldman is mulling the transfer of up to 1,000 personnel to Frankfurt, the sources said, where the bank is setting up a new subsidiary, Europe SE, to bring its European operations under one roof. The people moving to Frankfurt would include traders as well as top managers who are responsible for regulation and compliance, the sources said.

The Trump Trade Looks Dead (BI)
Count Bank of America among the non-believers. The firm conducted a survey, published on Wednesday, finding that 21% of fund managers see a delay in US tax reform as the biggest tail risk to economic growth, more than double from the prior month. A 50-company basket of highly-taxed companies maintained by Goldman Sachs climbed as much as 14% following the election through March 1. However, as skepticism around Trump's proposed measures has mounted, the gauge has since fallen 3.6% from March 1 through Wednesday's close.

He Rides a Decrepit Bike and Owns a French Vineyard: The Unconventional World of Bank CEO Bob Wilmers (WSJ)
Mr. Wilmers also gives voice to the resentment felt by regional banks that detest being lumped together with too-big-to-fail institutions. “Trading brings out the worst in humanity,” he says.

Deutsche Bank Is First Bank Busted for Breaking Volcker Rule (BBG)
“It’s pretty unpleasant that they stand out with the Volcker Rule violations,” Andreas Plaesier, an analyst at M.M. Warburg with a hold rating on Deutsche Bank shares, said by phone. “It’s really surprising just how many controls failed across the bank in recent years and it doesn’t cast a good light on former management.”

These are the unwritten dress codes for the major London City banks (BI)
One banker said: "Either you can grow one or not — no one wants to see a load of 'bum fluff'. I think over the last 10 years in the city beards have become commonplace and there is generally no issue unless perhaps you are a client facing M&A banker. Even then I know a few with a beard."

Trump’s Pick to Regulate Banks Is Hardly a Shake-up (BBG)
One thing Quarles won’t do is threaten the Fed’s existence. In 2014 bronze sculptures of Eccles, the former Fed chief, were installed at Fed headquarters and on the grounds of the Utah State Capitol. Quarles and his wife, Hope Eccles, whose grandfather was Marriner’s brother, helped pay for the memorials.

Hedge fund says Buffalo Wild Wings CEO is ‘out to lunch’ (NYP)
“Simply put, the financial and operational performance of Buffalo Wild Wings over the past several years has been inexcusable,” McGuire wrote in filed proxy materials with the Securities and Exchange Commission. “I get the worst service out of any restaurant I have gone to,” one guest griped, according to a Marcato presentation released Thursday. “The places are always dirty, the wait staff is absolutely horrible.”

Elon Musk Nears $1.4 Billion Windfall as Tesla Hits Milestones (BBG)
Musk has until 2022 to reach the goals that trigger the payout, but he could cash in the options sooner if the company hits targets ahead of schedule. They are worth an estimated $1.4 billion as of Thursday’s close, Bloomberg calculations show. That would be quite a payday for the enigmatic Tesla chief who has never accepted his nominal salary.

Neuralink and the Brain’s Magical Future (Wait But Why)
Elon sees communication bandwidth as the key factor in determining our level of integration with AI, and he sees that level of integration as the key factor in how we’ll fare in the AI world of our future: “We’re going to have the choice of either being left behind and being effectively useless or like a pet—you know, like a house cat or something—or eventually figuring out some way to be symbiotic and merge with AI.” Then, a second later: “A house cat’s a good outcome, by the way.”

Wikipedia’s great experiment: Finding a definition of “happiness” we can all agree on (Qz)
The most amazing thing about the entry is not how useful or detailed it is, however, but how it came to be. This Wikipedia definition is the result of nearly 6,000 edits by over 3,000 users (including some bots) to the page. In this way, Wikipedia understands something that most philosophers after Socrates didn’t—definitions are not static, and cannot be perfected and finalized. They must be constantly challenged, updated, reverted, and discussed. Wikipedia is like a Socratic dialogue on a massive scale.

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