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Jun 23, 2016

DealBook P.M. Edition - June 23, 2016: Highlights: Bank of America to Pay $415 Million to Settle S.E.C. Inquiry

The New York Times 

 
DealBook Highlights
Bank of America to Pay $415 Million to Settle S.E.C. Inquiry
By LIZ MOYER
The regulator accused the bank’s Merrill Lynch business of misusing billions of dollars of client money to finance its own trades.

Elon Musk, chief executive of Tesla and chairman of SolarCity, says he wants to create the “world’s only vertically integrated energy company” with the merger of the two companies.
Testing the Clean-Energy Logic of a Tesla-SolarCity Merger
By DIANE CARDWELL
Whether Elon Musk’s “vertically integrated energy company” is the right model, some experts see virtue in the theory.
Twilio, a Cloud-Based Business, Soars After Its I.P.O.
By LESLIE PICKER
Twilio begins trading in a market that has not been receptive to tech I.P.O.s., but its shares rose 67 percent early Thursday.
Street Scene
The headquarters of Credit Suisse in Zurich.
Credit Suisse Tries to Overhaul Its Image, but Problems Remain
By WILLIAM D. COHAN
The appointment of an executive involved in soured deals sends the wrong message about the values and behavior that a Wall Street bank should be rewarding.
Bank of America Merrill Lynch Hires Chief of European Mergers
By CHAD BRAY
Luca Ferrari will join the bank in London in July after stints at Greenhill & Company, Goldman Sachs and UBS.
Cerberus Offers to Buy G.E.’s French Consumer Finance Business
By CHAD BRAY
The sale of GE Money Bank in France would be the latest exit in General Electric’s retreat from finance as it focuses on its industrial roots.
 
Buzz Tracker
JPMorgan Fleeces Its Employees
By WALL STREET JOURNAL
The pop-up shop “shows that such an iconic institution like JPMorgan Chase knows how to have fun, knows how to partner with up-and-coming companies,” said Vineyard Vines co-founder Shep Murray,
Goldman Sachs Scraps On-Campus Interviews for Robo-Recruiting
By BLOOMBERG
The move will seek to eliminate the likelihood that an interviewer chooses a candidate based on traits they share, such as college athletics or extracurricular activities, executives said.
Wall Street Splits With Smaller Firms Over Broker-Rule Lawsuit
By BLOOMBERG
At one point, Wells Fargo threatened to quit Sifma if it joined the suit, people said.
The ‘Anti-Business’ President Who’s Been Good for Business
By BLOOMBERG
President Obama on free trade, regulating banks, and why his daughters won’t work for Wall Street.

Top Story
Live Coverage
E.U. Referendum: Britain Votes on Whether to Leave or Remain
By THE NEW YORK TIMES
Britain is voting Thursday on whether to leave or stay in the European Union. Follow along for updates, polling information and analysis.


Top Story
Live Coverage
E.U. Referendum: Britain Votes on Whether to Leave or Remain
By THE NEW YORK TIMES
Britain is voting Thursday on whether to leave or stay in the European Union. Follow along for updates, polling information and analysis.