Your Daily Dose of Financial News

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Fair Isaac Corp., creator of the “widely used FICO credit score,” unveiled plans to “roll out a new scoring system in early 2019 that factors in how consumers manage the cash in their checking, savings and money-market accounts.” The new approach would create a figure called the “UltraFICO Score,” which “is designed to boost the number of approvals for credit cards, personal loans and other debt by taking into account a borrower’s history of cash transactions, which could indicate how likely they are to repay” – WSJ

Breakingviews updates us on KKR’s $7.1 billion acquisition of Fiat Chrysler-owned car parts supplier, Magneti Marelli—a deal that, at 16 times next year’s earnings for the supplier—could “send auto industry valuations into a spin” – NYTimes and WSJ

New York’s AG and Wells Fargo have agreed to a deal that will see the bank pay a $65 million file “to resolve a state investigation into its disclosures to investors about its so-called cross-selling business model and related metrics” – Law360

Several years of rising interest rates is starting to take a toll on the noninterest deposits for the US’s largest banks. Namely, customers withdrew more than $30 billion from those noninterest deposit accounts over the year ending June 30, the “first such annual decline in more than a decade,” according to the FDIC – WSJ

The UK’s Serious Fraud Office has charged former Deutsche Bank trader Andreas Hauschild with “conspiracy to defraud” for his alleged actions to rig Euribor while at the bank – Law360

As we anticipated, based on her comments last week, San Francisco Superior Court Judge Suzanne Ramos Bolanos significantly reduced the jury-awarded damages against Monsanto over allegations that its Roundup weed killer causes cancer from $289 million to $78.6 million. Monsanto (and new parent, Bayer) has to like the reduction, though the court’s refusal to kick the verdict entirely is seen as encouraging other plaintiffs to pursue similar claims in lawsuits across the country – Bloomberg and WSJ

Uber’s eyeing 2021 as its literal launch date for a “fleet of food-delivery drones”—an “ambitious timeline” for the company “that would face numerous technical challenges and regulatory hurdles” – WSJ

Netflix is “turning to the junk-bond market to fund new programming” with a $2 billion bond offering, a figure that would put the company’s debt load above $10 billion for the first time – Bloomberg

As we head into the Christmas buying season in earnest, it’s worth noting the effect that Toys R Us’s liquidation has had (and is expected to have) on toymaker Hasbro, even as other retailers like Target and Walmart are “expanding floor space devoted to selling toys for the coming holiday season” – WSJ

Ford Motor Co. is upping its criticism of the White House’s steel tariffs, arguing that they’ve taken “a $1 billion bite out of profit” and made “U.S. steel costs . . . more than anywhere else in the world” – Bloomberg

Every now and then, the folks in charge of corporate social media accounts take a break from their everyday marketing work and, well, dip their toes in trolling waters. Sometimes it works out better than others – Mashable

MDR

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