Your Daily Dose of Financial News

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Not an ideal report on the state of affairs for Zelle, the big banks’ payment-platform answer to Venmo. The Times reports that the “same features that make Zelle so useful for customers, its speed and ubiquity, have made it irresistible to thieves” – NYTimes

Tencent Music—China’s largest music-streaming company—announced plans for a mega-IPO that could see a valuation in the range of $25 billion, especially after the success of rival Spotify – WSJ

SunTrust Banks is facing fallout from an insider-led data breach incident that compromised the personal information of roughly 1.5 million customers – Law360

A look at the labyrinthine world of tariff dodgers, whose transshipments (the zigzagging routes that help mask countries of origin) help spare them tariffs aimed at Chinese goods and will likely see them benefit from any US/China trade dispute – NYTimes

And with that trade war still looming large in the background, seems about the right time for the Treasury Department to hint at a truce with China in order to tamp down concerns about the potential effects of a prolonged trade battle – Bloomberg

Wells Fargo’s billion dollar OCC/CFPB fine has been in the news of late, but another lesser-known but equally problematic issue is giving it fits these days. Wells is expected to ask the OCC for an extension of its current June 30th deadline to satisfy an enforcement action related to its AML controls, as its KYC efforts have proven particularly challenging even after 2 years of work – WSJ

With the 10-year Treasury yield seriously flirting with 3%, many bond specialists are calling that mark the red line that separates a bull market from a bear for bonds. Here’s what they’re thinking – Bloomberg

The Journal considers the troubling status of nearly half of the states’ unemployment trust funds, which “lack enough unemployment funding to be prepared for another recession, Labor Department data show” – WSJ

A bit of Law360 Analysis of the Senate’s recent move to undo CFPB auto lending guidance aimed at curbing discriminatory lending practices suggests that the repeal—pitched as  “business-friendly move to rein in a rogue agency”—could have the unintended consequences of “greater uncertainty and more regulation by enforcement” – Law360

The DOJ has opened an investigation into potential illegal coordination by AT&T, Verizon, and a telecom standards organization to allegedly “hinder consumers from easily switching wireless carriers” – NYTimes and Bloomberg

Debt-laden HNA Group has reversed course and cut its stake in Deutsche Bank, just 2 months after saying it wouldn’t.  HNA said it remains committed to being a major stakeholder in DB, even as it reduced its overall holding in the bank from 8.8% to 7.9% – Bloomberg

Enjoying this feature on a great American clothing brand—Brooks Brothers—brought back from the brink by a wealthy Italian with an eye for detail and a respect for tradition – NYTimes

MDR