Your Daily Dose of Financial News

2.6_iStock_000052717034_BW
image_pdf

The DOJ is expanding its Wells Fargo sales probe into the bank’s wealth management division, a troubling move for an organization still trying to right the ship in its retail-banking unit where the sham-account scandal originated – WSJ and CNBC

China is poised to name Yi Gang as its new central bank chief, a move that indicates the government’s intent to continue its current economic course that includes getting the “country’s debt under control” and keeping its financial growth motor humming. More on the choice and Mr. Yi’s road to the top here – NYTimes and WSJ and Bloomberg

American and UK authorities are pressing Facebook to explain the apparent unauthorized collection of information more than 50 million user profiles following a weekend report involving political firm Cambridge Analytica. Zuckerberg and Co. have pushed back, arguing that the event was “unequivocally not a data breach” – NYTimes and WSJ and Bloomberg

All of which may, indirectly at least, help explain the “sizzling debut” of cybersecurity startup Zscaler’s IPO last week – Law360

The famously transparent (or at least unalterable) meets the notoriously opaque as blockchain-based structured notes tied to FTSE performance hit the markets last week – Bloomberg

A combination of a slow return to building and pent-up millennial demand has created a new-home housing shortage (especially in the entry-level range) that’s heading into crisis territory – WSJ

There’s some serious drama afoot at the NLRB and the battle between franchise employees and McDonald’s as the trial involving retaliation claims and potential joint employer status resumes today – Bloomberg and NYTimes

The 5th Circuit’s ruling last Thursday vacating the DOL’s fiduciary rule in its entirety has created serious uncertainty “across a broad swath of the U.S. investment landscape,” the resolution of which will depend largely on the DOL’s next steps (and, perhaps, the Supreme Court) – Law360 and AdvisorHub

FedEx’s plans to keep pace with an ever-threatening Amazon includes increased reliance on Jefes—its new “fleet of autonomous robots” – NYTimes

Enjoy this lovely little first-person take on the surprisingly life-changing experience of renting Grant Wood’s American Gothic house – NYTimes

MDR