Receiving Wide Coverage ...
In the lead: Goldman Sachs promoted Gregg Lemkau and Marc Nachmann as co-heads of its investment-banking division, a move the Wall Street Journal calls one of the "biggest changes in a decade to the leaders atop its investment-banking division." Lemkau and Nachmann join John Waldron running the unit. Richard Gnodde, Waldron's counterpart in London, will now oversee Goldman's international business. Goldman also promoted Francois-Xavier de Mallmann to a senior role in London.
"The promotions stem from a broader shake-up atop Goldman last year," the paper noted, including former President Gary Cohn leaving the firm to take a senior role in the Trump administration. He was replaced by CFO Harvey Schwartz and David Solomon, a senior investment banker.
Wall Street Journal
SOS: Finance chiefs at 18 American regional banks want the Trump administration to go to bat for them against a new accounting rule that would require them to recognize losses on soured loans more quickly, "potentially setting the stage for a clash between the Treasury Department and the Securities and Exchange Commission." The banks have asked Treasury Secretary Steven Mnuchin to conduct an analysis of the long-term effects of the rule, which the banks argue "could do economic harm" by reducing lending and making
Desperately seeking profit: Online lender On Deck Capital said it eschewing growth and
"Fundamentally, investors are finally waking up to the fact that On Deck is more of a niche financial company than a revolutionary technology platform," the paper commented.
Growing Ant: Ant Financial, the financial services unit of Alibaba Group, has reached a deal with First Data that will allow Chinese visitors to the U.S. to
Cleared: A federal jury in Miami dismissed civil claims brought by the Securities and Exchange Commission against
Real support: Bill Gates, Jeff Bezos, Michael Bloomberg and Peter G. Peterson are donating $10 million to help Yale University create an online platform that will provide real-time support to government officials
Financial Times
Shut out: A report from software provider Accuity says households and small businesses all over the world are being shut out of the global financial system because large banks have cut their ties with smaller banks in order to avoid the possibility of regulatory sanctions. "Many banks have reduced their networks of
Heading for the exits: The number of financial services companies warning they may move jobs or activities out of the U.K. because of Brexit "are coming thicker and faster than ever," the paper reports. A report says more than a quarter of the 222 largest British financial services firms it tracks
Elsewhere
Buffalo News: Three vice chairmen – Rene F. Jones, Richard S. Gold and Kevin J. Pearson – are viewed as
Quotable ...
"You do not