Financial Daily Dose 10.1.2019 | Top Story: Credit Suisse COO Resigns in Wake of Corporate Spying Scandal


Top Tidjane Thiam ally Pierre-Olivier Bouee, Credit Suisse’s COO, has resigned in the wake of an internal probe finding that he “ordered the surveillance of the bank’s former wealth-management chief, Iqbal Khan, without discussing it with Mr. Thiam or other senior bank officials.” Khan left Credit Suisse to join rival UBS Group today – WSJ and NYTimes and Bloomberg and MarketWatch

Ongoing global tensions—trade, political, and otherwise—have prompted the WTO to “sharply reduce its forecast for this year and 2020.” The body has cut its outlook for world trade and job creation in the face of tariffs and a Brexit crash out – NYTimes and WSJ and Bloomberg

Embattled work-sharing space startup WeWork officially withdrew its IPO plans on Monday, a “startling retreat for a company that expanded rapidly in recent years as it sought to transform commercial real estate.” That expansion will take a major hit in coming months as the company finds itself without $6 billion in a bank loan that was “contingent on the I.P.O.” – NYTimes and WSJ and Bloomberg and Law360

A host of other pharma companies—including Endo, Johnson & Johnson, and Allergan—are looking into ways they can settle their own opioid-litigation-related claims by participating in the recently announced Purdue Pharma settlement—a move that “could bring an end to—or at least dramatically shrink—one of the most complex pieces of litigation that U.S. has ever seen” – WSJ

Pharmacy giants Walgreens, Rite Aid, and CVS have pulled heartburn medication Zantac from their shelves after the FDA warned “that it had detected low levels of cancer-causing chemical in samples of the drug” – NYTimes and ThePost

NY Fed Chair John Williams weighs in on the work he and his crew have been doing in the past two weeks to address shortages in the repo market—work that’s been far from criticism-free – NYTimes and WSJ

Just a week after Apple announced that it would keep production of its Mac Pro in the U.S., the US Trade Rep’s office denied the company’s request for tariff exemptions on five key Chinese-made components for its new computer, a potentially expensive blow to Cook & Co. – Bloomberg

Giving “for the dogs” a whole new meaning, the Journal tracks the aftermath of PetSmart’s $3.35 billion purchase of online pet company Chewy, an acquisition criticized when made that’s turned into a financial win for PetSmart, Chewy, and their PE overseer BC Partners – WSJ

Bank of America will pay $4.2 million resolve Department of Labor allegations that it “unfairly denied jobs at locations in four states” to women and minority job candidates – Law360

The broader context for the Forever 21 bankruptcy reveals “the eroding power of shopping malls and the shifting tastes of young consumers”  – NYTimes and Law360

The post-Moneyball era baseball is chock full of stats and tech, but there’s something awfully refreshing about the fact that breaking in a glove is still very much an analog activity – NYTimes


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