Your Daily Dose of Financial News

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Lots of Fed news this morning, and all of it on the administrative side.  First, it now appears that a likely choice to replace Chair Yellen could be out before he was even in. And we’ve learned that Fed No. 2 Stanley Fischer is heading toward the door as well – NYTimes and Bloomberg and Law360

Trian Management’s plans for Procter & Gamble start with a board seat and include a restructuring effort that would shift 10 business units into just 3—all in an effort to cut costs and market new products to the elusive millennial consumer – WSJ

The havoc Irma has wreaked adds further woe to Puerto Rico’s already-dismal financial situation [which itself hampered preparedness efforts on the island] – NYTimes

Jack Dorsey’s other day job (fintech firm Square) is set to move today into the banking business with a Utah-based wholly owned bank called Square Financial Services Inc. Square’s venture is aimed at small businesses and highlights a recent trend of fintech firms getting into more traditional banking – WSJ

Irish investment fund Thema International is set to pay $687 million to the Madoff bankruptcy trustee as part of a deal to resolve claims against the $736 million Thema allegedly withdrew from Madoff’s firm – Law360

After slowly overtaking Belltown, Amazon’s on the hunt for a second Seattle – WSJ and Bloomberg

Zuck likes to talk big about the reach of Facebook—especially when it comes to its advertising prowess.  But the numbers still need to add up, and that might spell trouble for the ‘book – NYTimes

SEC Chief Jay Clayton to Congress on the topic of insider trading: we’re all good already – WSJ

Let’s hear it for the US tennis women, who have—for the first time in a Grand Slam since 1985—made it an All-American semifinal round at the US Open in Flushing Meadows – NYTimes and WSJ

MDR

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