It was easy to miss the news about the $864 million legal payout by Moody’s Investors Service over its ratings of crisis-era mortgage securities. It was announced on a Friday afternoon, just as the last of the Obama Justice Department staff was cleaning out their desks to make way for the new administration.
Wells Fargo CEO John Stumpf announced his immediate retirement today. He wasn’t the first bank CEO to preside over a scandal, so why did he fall when others survived? There are four reasons.
Alphabet (the company formerly known as Google) reported healthy earnings a few weeks ago. Its revenue reached $21.5 billion, which included $185mm in sales from moonshot projects – investments in everything from driverless cars and solar-powered drones to genomics. But as executives discussed these ventures with investors, a faint echo from an earlier age – […]
A high powered investor group led by Warren Buffett and Jamie Dimon revealed their recommendations for improving corporate governance last week. The announcement was flawless – a show to rival any Broadway opening – but the dazzling cast couldn’t make up for a weak report. But while their show closed early, the authors’ clout is […]
Cast your mind back to the year 1996. That year saw the Dow close above 6,000 for the first time. The Chicago Bulls won their fourth NBA title, and Mel Gibson’s Braveheart filled theaters around the country. It was also the year when things started to go wrong for Deutsche Bank. At least that’s the view […]
Goldman Sachs has had a string of ugly news headlines lately over its dealings with Libya’s sovereign wealth fund, its role in the collapse of a British retailer and its ties to an investment fund in Malaysia embroiled in a corruption probe. But this post is not about those things.
For a business that makes its living from intermediating disruption, Wall Street is remarkably inept at dealing with its own ebbing fortunes. Just look at the recent announcements from two big banks.
You almost feel sorry for Tidjane Thiam, the CEO of Credit Suisse. According to a New York Times article, he offended the firm’s princely investment bankers, apparently by speaking harshly to them and insisting they stop losing the shareholders’ money. Now they are throwing their Gucci loafers at him and warning the castle is about […]
We are just days into the New Year, but the first PR coup of 2016 belongs to Charles Koch, head of Koch Industries and the demon-mogul of Democratic candidates everywhere. Mr. Koch gave a rare interview to the Financial Times that allowed him to pitch his ideas, refute his critics and send a message to […]
Risky moves in the restaurant industry are usually confined to the menu. But Union Square Hospitality Group, owner of some of New York’s most renowned eateries, took a bold step last week by announcing it would end tipping. It shows that even a successful business sometimes has to make a radical change to thrive.