Opening Bell: 9.6.17

Deutsche Bank CEO: A 'big number' of our staff will be replaced by technology (BI)
John Cryan, the chief executive of Deutsche Bank has warned that a "big number" of staff at the company will ultimately be replaced by robots and other forms of technology as the firm embraces a "revolutionary spirit" going forwards. Speaking at the Handelsblatt banking conference in Frankfurt Wednesday, Cryan said the era of accountants and bankers acting like "abacusses" is coming to an end.

A Decade After Crisis, Investors Have Stopped Hunting for Black Swans (WSJ)
The patience of many investors has run out after losing money during the intervening years of mainly benign market conditions. According to data by CBOE Eurekahedge, those who invested in tail-risk funds when their performance peaked in September 2011 would have by now lost 55% of their money.

Med School Grads Go to Work for Hedge Funds (Businessweek)
Matthew Alkaitis, a third-year student at Harvard Medical School, is calm, friendly, and a good listener—the kind of qualities you’d want in a doctor. But though he spends 14 hours a day studying for his board exams, the 29-year-old isn’t sure how long he’ll be wearing a white coat. In September, Alkaitis, who also has a Ph.D. in biomedical sciences, will be starting a two-year fellowship at McKinsey & Co., where he’ll be advising clients in the health-care field. “I really hope that my career involves a period of dedicated time taking care of patients,” he says. “But I also have this competing goal to one day start or help build out a company that really adds something new and interesting and innovative to the medical system.”

Goldman's Blankfein uses Twitter again to criticize Trump, this time on DACA move (CNBC)
In a message on his verified Twitter account Tuesday afternoon, Blankfein said, "Immigration is a complex issue but I wouldn't deport a kid who was brought here and only knows America. Congress must address. #DACA"

Kashkari Says Fed May Have Harmed Economy With Rate Hikes (BBG)
“It’s very possible that our rate hikes over the past 18 months are leading to slower job growth, leaving more people on the sidelines, leading to lower wage growth, and leading to lower inflation and inflation expectations,” Kashkari said Tuesday during a talk at the University of Minnesota in Minneapolis. “These premature rate hikes that we are embarking on, they’re not free, and I think we need to remind ourselves of that.”

New York’s wealthy plagued by self-doubt (FT)
One man tells Sherman: “Damn right I fucking deserve it . . . Where I am today, I’ve earned every dime on my own. No one’s done it — I mean, my in-laws have helped, but I’ve done it.” Over time, sometimes aided by therapy, most of these people grow more comfortable being rich. One woman says, “I was gonna be a revolutionary, and then I had that first massage.”

How to spot companies at risk of earnings manipulation (FT)
After studying all the companies that fell foul of US regulators for manipulation between 1985 and 2010, they boiled down the search for future manipulators into internal and external factors. Internally the key driver, and this should surprise nobody, is the power of the chief executive officer. CEOs with power concentrated in themselves — measured by standard corporate governance measures such as whether they also have the role of chairman, and how many independent directors sit on the board — tend to get their own way. Manipulation is much more likely.

Fired Wells Fargo Managers Sue Over Sales Scandal (WSJ)
The lawsuit alleges that Mr. Razzaghipour reported one type of employee fraud in 2013 and fired a “significant number of employees involved.” The lawsuit also alleges that Mrs. Razzaghipour “reported the illegal and unethical sales practices at the highest levels multiple times.” Both former managers “never fired or disciplined anyone for failing to meet the bank’s impossible and fraudulent sales goals,” the lawsuit claimed.

The World's Best GoFundMe Involves Poop, Firemen, and a Tinder Date Gone Horribly Wrong (Gizmodo)
“After our meal, we repaired back to my house for a bottle of wine and a scientology documentary. About an hour in to Louis Theroux and chill, my date got up to use the toilet. She returned with a panicked look in her eye, and told me she had something to tell me. ‘I went for a poo in your toilet’, she told me ‘and it would not flush. I don’t know why I did this, but I panicked’, she continued ‘I reached into the toilet bowl, wrapped it in tissue paper, and threw it out of the window.’” [It gets worse from there.]