Financial Daily Dose 7.30.2019 | Top Story: Capital One Reveals Data Breach Affecting 106 Million

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Financial giant Capital One, the fifth-largest credit card issuer in the U.S., announced on Monday that a hacker illegally accessed “the personal information of approximately 106 million card customers and applicants, one of the largest ever data breaches of a big bank.” CapOne’s unfortunate reveal coincided with the arrest of the alleged hacker, a former Amazon Web Services employee – WSJ and Bloomberg and MarketWatch and Law360 and NYTimes

Uber has cut a third of its market team (roughly 400 people) in an effort to “cut costs and streamline its operations after its initial public offering in May,” while Lyft’s COO is out, as both the ride-hailing companies are shaking things up in response to Wall Street pressure – NYTimes and WSJ and Bloomberg

Citigroup, too, is planning cuts. The bank is targeting its trading division, where an “industrywide slump in revenue this year” increasingly appears to be a new norm in the industry and not just do to current events – Bloomberg

Citi also found itself on the wrong end of a $1.25 million FINRA fine for “violating background check procedures on more than 10,000 nonregistered associates” – Law360

The US and China have officially restarted trade talks this week, with expectations so low that nearly any progress will likely be hailed as groundbreaking stuff at this point – NYTimes

Looks like Brad Katsuyama and the IEX crew were on to something with their HFT-disrupting speed bump approach, as other exchanges are increasingly turning to that technique to even the trading playing field – WSJ

America’s farmers have found themselves in the midst of a brutal 2019. Beyond human-made stressors (trade war, anyone?), nature’s been playing havoc as well. First, floods kept many from getting crops in the ground. Now, a breach in an irrigation canal is bringing drought to farmland across the heartland – NYTimes

A cautionary tale, of sorts, about the Certified Financial Planner Board of Standards website “LetsMakeAPlan.org,” which “boasts of its high standards and has touted its directory of professionals as a place where people can find a screened, skilled and trustworthy financial planner” yet which also fails to indicate “that thousands of the planners bearing the board’s seal of approval have had customer complaints or faced criminal or regulatory problems” – WSJ

Boeing 737 Max fallout appears to be spreading beyond Southwest to budget Irish carrier Ryanair, which warned of possible job and flight cuts soon – WSJ

And you thought Amazon’s grocery ambitions ended with its Whole Foods acquisition.  Oh no.  No, no, no. Whole Foods was just the start – NYTimes

True crime lovers rejoice. There’s content literally everywhere you look in the U.S. And there are already books to go help you explore them all – NYTimes

MDR

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