Pharma bro Martin Shkreliis the bad guy in a musical, Bank of America spends a lot to transport cash andtravel insurance picks up in the wake of terrorist attacks in Europe.
The Glass-Steagall Act came about during the Great Depressionwith the wholehearted support of the securities industry, The Wall Street Journal wrote. The act was seen as protecting activitieslike underwriting and M&A advising, which securities firms conducted, from competitionfrom much larger commercial banks. But banks began to creep in on that territory;by the time the law was repealed in 1999, banks were already underwriting offeringsand brokering trades.
A rambunctious piece of musical theater about Martin Shkreli'spurchase of the sole copy of Wu-Tang Clan's recent album will be performed as partof the Midtown International Theater Festival, Bloomberg News reported. The show'splot revolves around a scheme to steal the record back from Shkreli.
Financial firms and investment management software can take acue from Pokemon Go, InvestmentNews wrote. Gamification is a growing consumer trend, and digital financialservices platforms could come to resemble games in the near future, some expertssaid. In February, Massachusetts MutualLife Insurance Co. created a game called Futurejet to help customersthink about long-term asset accumulation.
Sales of travel insurance have spiked in the wake of the terroristattacks in Nice, France, and elsewhere in Europe, The New York Times reported. Travel cancellation policies increasinglyinclude coverage for terrorism-related events, but the coverage often has narrowlimits, like kicking in only if the travel is within 30 days of an event.
Banks' efforts to cut costs are running into a problem: There'snot much more fat to trim. In JPMorganChase & Co.'s case, attempts to lower staff costs backfired whencustomers complained of longer wait times. Bankof America Corp. spends $1 billion annually moving physical cash aroundthe company, Reuters wrote.
An essay in the HarvardBusiness Review argued that the proliferation of massive mutual funds with stakesin many companies, rather than a system of individuals' ownership of specific stocks,has made public companies "ownerless." Firms like BlackRock Inc. are shareholder-owners of thousands of companiesbut employ few people to help oversee them, as shareholders in the past have done.