Cryan Is Losing Support of Top Deutsche Bank Owners (BBG)
Three of the 10 largest stakeholders in the bank, speaking on condition of anonymity, said they want to see a turnaround in the next few quarters, particularly in the trading business, to continue to back the 56-year-old Briton. Two said that, should Cryan not be able to deliver by the annual shareholder meeting in May, an external candidate may be the best option to replace him.
What Trump Bump? Businesses Are Confident but They Aren’t Borrowing from Banks (WSJ)
Since Trump’s election, bankers and investors predicted that pro-business policies would lead to a surge in corporate borrowing, which would help bank profits. Instead, the growth of loans to companies has dropped precipitously since last November—to 2.1% from 8.1%. “Everybody thought we were about to catch a wave earlier in the year,” said David Turner, chief financial officer of Regions Financial Corp, at a conference last month. “It didn’t happen.”
ADP retail investors to get a chance to grill Ackman (Reuters)
The online questions-and-answers session, scheduled for 7 p.m., illustrates the important role that non-institutional investors - such as retirees and amateur stock pickers - could play in a spat between Ackman, the chief executive of Pershing Square Capital Management LP, and ADP.
SoftBank deal with Uber encounters delay (FT)
Uber’s major shareholders including Benchmark have declined to waive their rights of first refusal over the upcoming tender offer, a move that has annoyed and confused the buyers involved, according to four people close to the talks. The SoftBank-led group has not yet named its price for the secondary shares, and dozens of major shareholders technically have a right of first refusal over the purchase.
The Smartest Americans Are Heading West as Computer Chips Replace Cow Chips (BBG)
Three cities in Colorado — a state whose fortunes have been tied to the boom and bust of oil, gas and other commodities — are among the top 10 leading destinations for the nation’s best and brightest as old cow and mining towns morph into technology hubs, according to data compiled by Bloomberg. Another Colorado city is plotting a 21st century revival.
2017 Nobel: Richard Thaler (A Fine Theorem)
Thaler’s work is brilliant – it is a rare case of an economist taking psychology seriously and actually coming up with policy-relevant consequences like the 401k policy. But Thaler’s work is also dangerous to young economists who see biases everywhere. Experts in a field, and markets with agents and mechanisms and all the other tricks they develop, are very very good at ferreting out irrationality, and economists core skill lies in not missing those tricks.
Richard Thaler's Savvy, Calculating Insurrection (BBG View)
Unlike a true-blue revolutionary, then, Dick Thaler is not spending his latter years muttering away in an unheated garret. So disappointing! But also so intriguing. For those of us who are suspicious of revolutions and don't want to live in unheated garrets, Thaler's career offers useful pointers on how to bring meaningful change to a large, dispersed organization while not getting thrown out of it.
J.P. Morgan Reigns In 2017 All-America Research Team (II)
JPMorgan Chase once again took the crown for as the best American research firm, with the bank's analysts recognized in 42 of the 60 investment sectors covered in the annual survey of money managers.
Man calls in bomb threat to avoid paying bar tab (AP)
A witness says Clapperton tried to leave multiple times without paying for his meal at Primanti Brothers. Police were called to the scene, and another person paid for Clapperton’s bill. Police say they were about to let the man leave when bomb threat was called in to a nearby restaurant. Authorities say they used a stun gun to subdue Clapperton after he ran from the restaurant.