Barclays Warns Half of Bankers Are at Risk of Pay Cuts (BBG)
Tim Throsby, recruited from JPMorgan Chase & Co. in January to turn around the faltering trading division, said those consistently ranked in the lower half should expect to see their compensation shrink, while those in the top quartile will see it grow, according to people briefed on the remarks. Barclays must apply a more healthy degree of differentiation in pay, he repeated multiple times, responding to a question from the audience.
Goldman Warns Highest Valuations Since 1900 Mean Pain Is Coming (BBG)
“It has seldom been the case that equities, bonds and credit have been similarly expensive at the same time, only in the Roaring ’20s and the Golden ’50s,” Goldman Sachs International strategists including Christian Mueller-Glissman wrote in a note this week. “All good things must come to an end” and “there will be a bear market, eventually” they said.
Wells Fargo Is Dubbed a Repeat Offender and Faces New Wrath From Its Regulator (WSJ)
A federal regulator has advised Wells Fargo’s board of directors that it is weighing a formal enforcement action against the bank over improprieties in its auto-insurance and mortgage operations. In a harshly worded letter sent earlier this month, the Office of the Comptroller of the Currency said Wells Fargo had willingly harmed its customers in those two business lines and had until Nov. 24 to respond, according to people familiar with the matter. The letter said the bank repeatedly failed to correct problems in a broad range of areas, not just the auto-insurance and mortgage-lending units, the people said.
Uber accused of running secret competitive intelligence unit (FT)
The judge in the lawsuit, William Alsup, postponed the trial following the testimony, originally contained in a letter from Richard Jacobs, Uber’s former manager of global intelligence, saying it would “contradict a lot of things that [Uber’s law firm] and a lot of lawyers seated at the table have represented to me”. “Any company that would set up a surreptitious system is just as suspicious as can be,” Judge Alsup said. “You’re just making the impression that this is a total cover-up.” ALSO: Uber’s losses grew to $1.5 billion last quarter
Build fast, fix later: speed hurts quality at Tesla, some workers say (Reuters)
After Tesla’s Model S sedans and Model X SUVs roll off the company’s Fremont, California assembly line, the electric vehicles usually make another stop - for repairs, nine current and former employees have told Reuters. At Tesla “so much goes into rework after the car is done ... that’s where their money is being spent,” a former Tesla supervisor said.
The Bear Case for Crypto, Part II: The Great Bank Run (Preston Byrne)
We should ask ourselves: with the market cap of Bitcoin rising by $10 billion a day, is it realistic to expect that exchanges, trading counterparties and other market participants are prudently hiving away their profits to stave off a liquidity crunch? Or is it more likely they are reinvesting it into their businesses, or even into Bitcoin itself? The most obvious way, in my view, that Bitcoin mania could turn into Bitcoin panic is when a Bitcoin depositor goes to sell their BTC for dollars – and there are no dollars available to satisfy that sell request. SEE ALSO: Why Bitcoin futures and a shoddy market structure pose problems AND Bitcoin Mania Sweeps Into Manhattan as Crypto Event Packed Solid AND What Bitcoin Watchers Are Saying After the Surge Past $10,000
How Snapchat is separating social from media (Evan Spiegel for Axios?)
The personalized newsfeed revolutionized the way people share and consume content. But let's be honest: this came at a huge cost to facts, our minds and the entire media industry. This is a challenging problem to solve because the obvious benefits that have driven the growth of social media – more friends! more likes! more free content! – are also the things that will undermine it in the long run.
Scaramucci resigns from Tufts board after threatening to sue student paper (NYP)
Students and faculty at Tufts University had been urging the administration to oust The Mooch from his position on the Fletcher School of Law and Diplomacy’s advisory board over a controversial Twitter poll his “media venture” ran asking how many Jews were killed in the holocaust.