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U.S. Banks Lost a Record $370 Billion in Deposits Last Quarter [WSJ]
The outflow in the quarter isn’t a problem for banks, which are sitting on more deposits than they want…. As recently as April, many analysts scoffed at the idea bank deposits could decline this year. But the Fed’s pace of rate increases has been faster than expected, and the effect on deposits is more pronounced.

There’s a New Cop on the Banking Beat: Chief Climate Risk Officer [NYT]
The Office of the Comptroller of the Currency announced on Monday that Yue Chen would be the agency’s chief climate risk officer. Dr. Chen will focus on developing a new system to assess climate-driven risks to banks, and figure out how to monitor and manage them….
She worked at Goldman Sachs in the Wall Street giant’s asset management business and at the Royal Bank of Canada before becoming the New York director of conservation investments for the Nature Conservancy…. she was recently in charge of a newly created climate division at New York State’s financial regulator.

CME Group Announces Launch of Ether Options [press release]
"As market participants anticipate the upcoming Ethereum Merge, a potentially game-changing update of one of the largest cryptocurrency networks, interest in Ether derivatives is surging," said Tim McCourt, Global Head of Equity and FX Products, CME Group. "The launch of our new Ether options contracts is particularly well-timed to provide the crypto community with another important tool to gain access to and manage exposure to ether. Our new options contracts will also complement CME Group's Ether futures which have seen a 43% increase in average daily volume year over year."

Pantera Capital Loses Another Senior Exec as Crypto Hedge Fund’s CFO Departs: Source [CoinDesk via Yahoo!]
Chief Financial Officer Ryan Davis is leaving, according to a person with knowledge of the matter. Matt Gorham, a Pantera strategic adviser with ties to the 19-year-old company dating back to its pre-crypto days, will fill in for him during the search for a permanent replacement, said the person, who added that Davis will remain with Pantera during a temporary transition period…. His departure follows the exit of Chief Technical Officer Terence Schofield, Chief Operating Officer Samir Shah and other employees.

Adam Neumann Handing Over Part of Property Holdings to Fund Startup [WSJ]
Adam Neumann’s new rental-apartment startup recently received a $350 million investment from venture-capital firm Andreessen Horowitz. That big check came with an unusual catch./Mr. Neumann, the co-founder and former chief executive of WeWork Inc., agreed to effectively hand over part of his vast real-estate holdings in return for the money….

King Charles will not pay tax on inheritance from the Queen [Guardian]
Under a clause agreed in 1993 by the then prime minister, John Major, any inheritance passed “sovereign to sovereign” avoids the 40% levy applied to assets valued at more than £325,000…. Anyone other than King Charles inheriting private assets from the Queen will have to pay inheritance tax.



Opening Bell: 2.25.21

The everything rally powers on; business backs Biden; bad day for McKinsey chief; good one for Adam Neumann; and more!


Opening Bell: 8.15.22

Who wouldn’t trust this face?; another Platinum Partners conviction (for now); let’s go out; and more!

russian soldier

Opening Bell: 2.23.22

Self-harming sanctions; value vaults; HSBC climate-pledge stinks; and more!

Getty Images

Opening Bell 9.20.19

*Adam Neumann checks rearview mirror*

ever given

Opening Bell: 3.29.21

Suez ship slips free; Deliveroo just slips; Jay Clayton keeps busy; Leon Black less so; and more!

Opening Bell: 4.15.15

SEC settles with ex-Freddie execs; Shopify IPO; Regulators still working on TBTF; "Man Pretends He's A Cop, Pulls Over Actual Cops"; and more.

By Василий Красюк ( [GFDL or CC BY 3.0], via Wikimedia Commons

Opening Bell: 8.29.16

Short-seller says Herbalife may have misled investors, SEC; Goldman Sachs, Morgan Stanley reinvent themselves; IPO market poised for a rebound; Cop accidentally filmed himself stealing marijuana; and more.

By DonkeyHotey (Mitch McConnell - Caricature) [CC BY 2.0], via Wikimedia Commons

Opening Bell: 10.8.21

Mitch McCave-ell; don’t fret the jobs report; Fed focuses on climate risk; and more!