Editor's note: Morning Scan will not publish on Monday, Feb. 18 in observance of the Presidents Day holiday. We'll be back on Tuesday, Feb. 19.
Receiving Wide Coverage ...
Senator Warren: She's the firebrand you expected, admonishing financial regulators from her Senate Banking Committee seat ("The question I really want to ask is about how tough you are") and fighting the Republican filibustering of Richard Cordray's renomination. Interestingly, one reason Elizabeth Warren urges a quick confirmation of Cordray to continue leading the consumer protection agency she designed is that "the financial industry needs certainty." A true politician, she quickly follows up by invoking the needs of "families," because who could argue with that? New York Times, Washington Post
Wall Street Journal
The Fed is considering regulations that would make banks and securities firms expand disclosures about compensation, "including scarce numbers on how much compensation has been promised but not yet paid out." Investors want more data on deferred compensation, the article notes, because "the timing of payouts can affect earnings, expenses and investor assessments of management effectiveness."
Wells Fargo "is making strides in building its investment bank" — as evidenced by its role, both as an advisor and financier, in Warren Buffett's deal to buy ketchup maker Heinz. Anonymice tell the paper that Buffett's connection to Wells as its biggest shareholder helped the bank land the assignments, but the bank's balance sheet surely played some part as well.
"Credit derivatives pioneer to head PNC" — Bill Demchak, a 10-year veteran of the Pittsburgh bank who will succeed Jim Rohr as CEO in April, was part of the team that developed the credit default swap at JPMorgan in the 1990s.
Fast Company: Square, unsurprisingly, made No. 3 on the magazine's annual "World's 50 Most Innovative Companies" ranking. The only other financial services-related firms we could find on the list were OpenGamma, a risk analytics vendor, and AngelList, "the Match.com for startups." There are also "most innovative" rankings for specific industries; in the finance category, PayPal comes in sixth place ("for rolling out in-store checkout by PayPal account, even if you forgot your credit card and your smartphone") with American Express right behind ("for generating unique offers for customers by plumbing their social media posts and spending habits").
Rolling Stone: HSBC's money laundering scandal gets the Taibbi treatment.