Goldman Sachs' revenue and profit centers have eroded, in part because of regulation and electronic trading, and the task of restructuring and rejuvenating the company falls to CEO David Solomon. He's implementing the company's first multiyear strategic plan and emphasizing financial and bureaucratic efficiency, while Goldman has also relaxed its office culture, starting with the dress code.
Home improvement retailer Lowe's will shutter 34 underperforming stores in Canada in early 2020, including 26 Rona locations and two Reno-Depot stores. Lowe's, which acquired the Rona chain in 2016, has approximately 600 Canadian stores under several banners.
Commodity Futures Trading Commission Chairman Heath Tarbert see Facebook's Libra as a "fundamentally different" product than bitcoin. Tarbert says bitcoin and ether are commodities that experience volatility and should be regulated as such. Tarbert says all crytpocurrencies are best referred to as digital assets because they aren't yet considered legal tender.
"It should be clear by now that good tone at the top doesn't automatically translate to proper mood in the middle or buzz at the bottom," writes IIA President and CEO Richard Chambers. "It also should be clear that internal audit must have a role in assessing, understanding, and explaining how culture influences good governance."
Authorities and standards setters should avoid burdensome rules and should remain flexible in determining criteria that define sustainable investment, panelists said at the SIFMA Annual Meeting. "We see a huge potential by sustainable investing not only to activate new funds but to activate a new group of investors," said Elisabeth Ottawa, deputy head of public policy at Schroders.
Panelists at the SIFMA Annual Meeting discussed challenges of tackling financial abuse of the elderly, with one panelist saying perpetrators frequently are family members or close associates and, because of that, abuse often goes unreported. Lisa Bleier, managing director and associate general counsel for SIFMA, said work is underway to develop a portal that helps financial firms identify the right agency for reporting cases and recommended use of SIFMA's comprehensive Senior Investor Protection Toolkit.
SoftBank, which aims to rescue WeWork, wants a $2.8 billion loan from Mizuho Financial Group and other Japanese banks, sources say. Banks that have already lent substantial amounts to SoftBank reportedly are cautious about further lending.
Excessive risk-taking, low interest rates and flagging bank earnings are among major hurdles in the eurozone, the European Central Bank says in the semiannual Financial Stability Review.
Santander chair Ana Botin wants to shift the bank's strategic focus away from Europe to the Americas in a bid to generate a better return on capital for investors. Botin said Santander must "allocate our capital in a better way" and pledged to deliver "good results in the coming years."
The European Commission has endorsed Italy's budget for 2020, but officials say they are worried about the country's high debt. The commission says Italy is at risk of noncompliance with an EU objective to cut debt.
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