Goldman Sachs to take on UK retail banks (FT)
A Britain-based financial services banker at a rival to Goldman said it was easier to organically grow a deposit book by offering a rate near the top of the savings product tables than by acquiring one. The banker added that UK retail lenders could now view Goldman as a rival and be deterred from using its investment banking services.
Donald Trump Is Irrelevant to Corporate America (New Yorker)
“The business community has been very aligned privately with leaders on the Republican caucus, both House and Senate,” a Wall Street executive who backed Hillary Clinton but supports certain parts of Trump’s agenda told me. “Everybody believes reform will happen or not happen irrespective of Donald Trump. That’s the big change. I believe we will have tax modification. I believe Trump will have nothing to do with it. It doesn’t matter whether he does or doesn’t. What I’m saying is Donald Trump as a leader of an agenda and a set of policies is no longer a part of the frame.”
Employees of Fintech Firm SoFi Allege Women Are Treated Improperly (WSJ)
Employees describe a culture inside its headquarters in the Presidio neighborhood in San Francisco and a call center in nearby Healdsburg, Calif., where they felt pressure to work extra hours at night and on holidays to avoid being fired. Mr. Cagney, 46 years old, used to tell SoFi staff that if they weren’t waking up twice a week in a cold sweat, they weren’t working hard enough, according to a former staffer. Some of those employees said that the culture veered out of control at times, with executives breaking furniture and throwing telephones out of anger.
China to Shut Bitcoin Exchanges (WSJ)
The country’s central bank has led a draft of instructions that would ban Chinese platforms from providing virtual currency trading services, according to people familiar with the matter. The move comes after months of scrutiny by Beijing, including a ban last week in China on initial coin offerings, a kind of fundraising via virtual currencies....“Too much disorder was naturally a basic reason” for the ban, said one of the people. SEE ALSO: Bears target ways to bet on cryptocurrency mania imploding
Tesla’s Damaged Goods Problem (Marginal Revolution)
I fear that Tesla may have made a marketing faux-pas. When it turns off the extra mileage boost are Tesla customers going to say “thanks for temporarily making my car better!” Or are they going to complain, “why are you making MY car worse than it has to be?”
Jamie Dimon ventures beyond Wall Street to have a say in Washington (Reuters)
The frequency of his trips, and the wide range of policies he has been discussing, have started chatter among power brokers in Washington and on Wall Street about how much energy Dimon is devoting to issues beyond JPMorgan. At times, they said, Dimon carries himself more like someone running the country than someone running a bank.
Clinton Says Giving Paid Speeches to Wall Street Firms a Mistake (BBG)
“Just because many former government officials have been paid large fees to give speeches, I shouldn’t have assumed it would be okay for me to do it,” Clinton wrote. “Especially after the financial crisis of 2008-2009, I should have realized it would be bad ‘optics’ and stayed away from anything having to do with Wall Street. I didn’t. That’s on me.”
9/11 responders who became ill from toxic exposure now have a monument to their heroism (LATimes)
Researchers estimate that the choking dust that coated the ground zero recovery site — and persisted in the air for days afterward — contained a hazardous mix of airborne particles, including aluminum, asbestos, glass and the remnants of burned jet fuel. On Monday, a memorial on Long Island will be dedicated to both the nearly 3,000 people who lost their lives on Sept. 11, and those who died of illnesses stemming from the attacks and their aftermath.
Florida Police Warn People Not to Shoot Their Guns at Hurricane Irma (Time)
"To clarify, DO NOT shoot weapons at Irma," the Twitter account of the Pasco County Sheriff's office tweeted on Saturday night, just hours before the eye of the storm passed over the Florida Keys. "You won't make it turn around & it will have very dangerous side effects." Bullets fired into a storm system like a hurricane can have unpredictable and potentially dangerous trajectories.