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And clearly, with the strong foundation we have, I see it as being as an opportunity for us." read moreM&G's assets under management and administration dropped 6% in the first half of 2022 to 349 billion pounds, the group reported in August, although it posted net inflows of cash from clients totaling 1.2 billion pounds over the same period. But shares have tumbled 28% since then, compared with a 10% fall in the broader FTSE 100 index. The appointment of Rossi, who will earn a base salary of 875,000 pounds plus incentives, has been approved by Britain's financial regulators the PRA and FCA, M&G said. Foley, who led M&G's split from parent Prudential in 2019, announced his intention to retire in April.

☆ Wall Street sends regulators a poop emoji
▼ + stars: | 2022-09-28 | by ( John Foley | ) www.reuters.com time to read: +4 min

For Wall Street brokerages, one answer is simply to flout it. At many of the firms, even managers whose job it was to enforce those rules were copiously breaking them. The regulators at least didn’t say they’d uncovered anything illegal, though disappearing-message apps and encryption make evidence easy to hide. But it’s still troubling to find widespread, frequent examples of bank employees, many with “global firm-wide leadership” roles, routinely doing something their companies forbid. The SEC fined the firms $1.1 billion, while the CFTC fined the same companies around $710 million.

☆ Peloton Seeks First CMO as Marketing Head Exits
▼ + stars: | 2022-09-26 | by ( Katie Deighton | ) www.wsj.com time to read: +3 min

Peloton Interactive Inc. is on the hunt for its first chief marketing officer after Dara Treseder, the company’s global head of marketing, communications and memberships, announced that she was going to leave the fitness technology firm—joining a string of leaders to do so. She is set to join Autodesk, a design and manufacturing software business, as its chief marketing officer on Oct.14. Peloton is now seeking to hire its first ever chief marketing officer, a spokesman for the company said, following Ms. Treseder’s resignation, which was first reported by the New York Times. Peloton doesn’t plan to refill the commercial chief position, a move that, coupled with the CMO headhunt, signifies Mr. McCarthy’s vision to rewrite Peloton’s C-suite roles. Peloton global head of marketing Dara Treseder joined us in Cannes to discuss navigating the complicated conditions of 2022.

☆ Peloton Seeks CMO as Marketing Head Exits
▼ + stars: | 2022-09-26 | by ( Katie Deighton | ) www.wsj.com time to read: +3 min

She is set to join Autodesk, a design and manufacturing software business, as its chief marketing officer on Oct.14. Peloton briefly hired a chief marketing officer in 2016, but months later decided to place its marketing function under the purview of the chief commercial officer, the spokesman said. Peloton global head of marketing Dara Treseder joined us in Cannes to discuss navigating the complicated conditions of 2022. Write to Katie Deighton at katie.deighton@wsj.comCorrections & AmplificationsPeloton has hired a chief marketing officer in the past. An earlier version of this article incorrectly said Peloton is looking to hire its first ever chief marketing officer.

☆ How Peloton went from a pandemic-era success story worth $50 billion to laying off more than 4,000 workers and losing 3 top execs in a month
▼ + stars: | 2022-09-26 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +14 min

Peloton's stock has been trading well below the IPO price of $29 per share, at one point dropping as low as $8.22. Prior to founding Peloton, Foley was president at Barnes & Noble, overseeing its e-commerce business. "I would say that it took about five years for the really smart money to start getting involved," Foley told Insider in 2018. The ad, featuring a woman whose husband gifts her a Peloton bike for Christmas, was viewed as being sexist and playing into outdated standards of beauty. Public outrage over the ad sent Peloton's stock plunging 9%, wiping out $942 million in market value in a single day.

☆ How Peloton went from a pandemic-era success story worth $50 billion to laying off more than 4,000 workers and losing 4 top execs in a month
▼ + stars: | 2022-09-26 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +14 min

☆ Mega-bank status weighs on U.S. banking’s B-team
▼ + stars: | 2022-09-26 | by ( John Foley | ) www.reuters.com time to read: +4 min

The bosses of PNC Financial Services (PNC.N) , Truist Financial (TFC.N) and U.S. Bancorp (USB.N) joined jumbo-size counterparts on Capitol Hill for a grilling last week, their first appearance as what Congress terms mega-banks. Weighed on systemic significance, U.S Bancorp is around one-eighth as risky as JPMorgan, according to a U.S. Treasury analysis. They are also much simpler than their bigger rivals, lacking international networks and complex trading businesses. PNC boss Bill Demchak noted that his office is on Fifth Avenue, but the one in Pittsburgh, not Manhattan. Watchdogs say they fear a scenario where, say, U.S. Bancorp fails and needs to be absorbed by JPMorgan, making the biggest banks even bigger.

☆ Peloton's head of marketing latest executive to leave company
▼ + stars: | 2022-09-26 | by ( Jack Stebbins | ) www.cnbc.com time to read: +2 min

Peloton's head of marketing is leaving the company, just weeks after a broader executive shake-up at the exercise equipment maker. At Peloton, she oversaw marketing and membership, reporting to CEO Barry McCarthy after the departure of Kevin Cornils, the company's chief commercial officer. She also oversaw Peloton's expansion to Australia and its partnerships with Beyonce and Usain Bolt. Treseder, who previously led marketing teams at Apple and Goldman Sachs, will be taking on the role of chief marketing officer at Autodesk. Peloton said it will look to fill the newly created role of chief marketing officer.

☆ Clock ticks for reining in TikTok risk
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

TikTok app logo is seen in this illustration taken, August 22, 2022. The more time that passes, the harder TikTok gets to police. Biden’s predecessor Donald Trump tried to force a sale two years ago and threatened to ban TikTok over concerns that Chinese parent ByteDance could take American data. Biden’s team has similar security worries, and the latest proposal is to have TikTok store its American data in the United States, according to the New York Times citing sources familiar with the talks. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ New York AG's fraud civil suit against Trump hits him right in the ego
▼ + stars: | 2022-09-23 | by ( Michael Conway | Michael Conway Was Counsel For The House Judiciary Committee In The Impeachment Inquiry Of President Richard Nixon In In That Role | He Assisted In Drafting The Committee'S Final Report To The House In Support Of The Three Articles Of Impeachment Adopted The Committee. Conway Is A Graduate Of Yale Law School | ) www.nbcnews.com time to read: +6 min

New York Attorney General Letitia James’ civil lawsuit filed Wednesday alleging “persistent fraud” by the Trump Organization devastates Donald Trump’s manufactured self-image as a billionaire businessman. James’ civil lawsuit strikes Trump at the two places he is most vulnerable: his ego and his money. James’ lawsuit meticulously lists fraudulent valuations for Trump Tower, Mar-a-Lago, 40 Wall Street, numerous Trump golf courses and, importantly, Trump’s cash assets. Second, James has sued not only Donald Trump but also Donald Trump Jr., Eric Trump, Ivanka Trump, Allen Weisselberg (the former chief financial officer of the Trump Organization) and multiple Trump business entities. All are accused of engaging in a criminal conspiracy to defraud lenders and insurers by inflating Trump’s net worth.

☆ Global climate change protests demand compensation ahead of COP27
▼ + stars: | 2022-09-23 | by ( Kate Abnett | ) www.reuters.com time to read: +5 min

They are timed to coincide with global leaders meeting in New York City at the U.N. General Assembly this week. REUTERS/Brendan McDermid Read More'DEVASTATING CONSEQUENCES'Irreparable damage caused by climate change has heightened developing countries' demands for "Loss & Damage" compensation at COP27 in Egypt in November. "The Least Developed Countries are bearing the brunt of the devastating consequences of climate change," Senegal's environment minister Abdou Karim Sall told a meeting in Dakar last week. The United States and 27-country European Union have historically resisted steps that could require rich nations to pay compensation for causing climate change. Malpass later clarified he was not a climate change denier, after facing a flurry of calls to resign.

☆ British pound plunges below $1.11 after new government announces tax cuts
▼ + stars: | 2022-09-23 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The Bank of England said Thursday that the U.K. economy was likely already in a recession as it raised interest rates by 50 basis points. The pound has been on a precipitous fall against the greenback this year, hitting levels this month not seen since 1985. The embattled British pound fell 1.95% Friday against the dollar, after the new U.K. government announced a radical economic plan in a bid to boost growth. "The obvious implication is that BOE rates are likely to be higher for longer than they would have been otherwise. While textbooks suggest that higher short-term interest rates should be currency supportive, GBP has been demonstrating since the spring that this is not always thecase," she said in a note.

☆ Snap Hires New Compliance Chief From Peloton
▼ + stars: | 2022-09-22 | by ( Mengqi Sun | ) www.wsj.com time to read: +1 min

The head of compliance and risk at Peloton Interactive Inc. has left the company and joined Snapchat parent Snap Inc.Bertrand Lanciault III, who goes by Lance Lanciault, joined Snap in August as the new chief compliance officer, overseeing its compliance and integrity efforts, according to a spokesman for the technology company. He joined Peloton in February 2021 after spending more than six years at Walmart Inc.’s e-commerce team, serving as the chief ethics and compliance officer there, according to his LinkedIn profile. Michael Del Negro, who joined Peloton in January as its vice president of product safety compliance, has been named the company’s acting head of compliance, risk and ethics and has served in this role since August, a Peloton spokeswoman said Thursday. Peloton said earlier this month that its co-founder John Foley, its chief legal officer Hisao Kushi, and Chief Commercial Officer Kevin Cornils, were leaving. Tammy Albarrán, who most recently was Uber Technologies Inc.’s chief deputy general counsel, will become Peloton’s new chief legal officer and corporate secretary, Peloton said in a statement earlier this month.

☆ Dollar towering, stocks cowering as Fed hikes higher
▼ + stars: | 2022-09-22 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

read moreS&P 500 futures were down 0.6% and the dollar was flying in early trade. The dollar index hit a 20-year high of 111.65 and the greenback's strength sent the Aussie, kiwi and Canadian dollars down to fresh multi-year lows. The Fed raised rates sharply, by 75 basis points, on Wednesday - the third such rise in a row. The yen is down about 20% on the dollar this year and at 144.29 per dollar is near a 24-year low. The U.S. dollar index hit a 20-year peak of 111.63 in the wake of the Fed hike.

☆ Startups are being squeezed as VCs seek an old dot-com-era clause to sell back their shares, according to a deals lawyer
▼ + stars: | 2022-09-21 | by ( Melia Russell | ) www.businessinsider.com time to read: +3 min

Venture capitalists are now attaching "redemption rights" to their investment offers. Signing off on these terms can put stress on startups to raise more funds or find a buyer before an investor's redemption rights set in. But as the private markets boomed, power shifted from investors to founders, and venture firms stopped seeking redemption rights. It seems redemption rights are now back on the table with the ongoing uncertainty in the private markets. As for redemption rights, Kirby tells investors it's not in their best interest to get that term.

☆ Breakingviews: Fed makes inflation fight Joe Biden’s problem
▼ + stars: | 2022-09-21 | by ( John Foley | ) www.reuters.com time to read: +4 min

For now, the Fed thinks it can manage this without a hard landing. Even so, Powell is correct to say that inflation is worse than even a reversal in growth. Around half of small businesses now say inflation is their biggest challenge, according to the U.S. Chamber of Commerce, and the public agrees, a Pew survey showed in May. The Fed said in a statement that inflation remained elevated, echoing its previous statement in July, with “modest growth” in spending and production. In its updated set of economic projections, the Fed forecast 4.4% unemployment in 2024, compared with its previous forecast of 4.1%.

☆ Peloton Row, the company's much-hyped rowing machine, has finally hit the market for the handsome sum of $3,195
▼ + stars: | 2022-09-21 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

The Peloton Row costs $3,195, with orders expected to ship in early December. The Peloton Row is now available for presale at $3,195, with orders expected to ship in early December. There are already rowers available for shoppers to try out at 18 of Peloton's retail stores across the US. In February, the company announced huge cost-cutting measures, including cutting about 20% of its workforce and scrapping plans to build its own factory. The company announced further rounds of layoffs in July and August, totaling around 1,400 workers.

☆ Time for someone else to ride the Peloton bike?
▼ + stars: | 2022-09-20 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +3 min

Peloton also announced job cuts at the time of McCarthy’s hiring and revealed more layoffs in August. Peloton is one of several pandemic era winners that are now finding it difficult to keep the boom times going. With that in mind, Nike (NKE) or Adidas (ADDDF) could work out as potential Peloton buyers. Amazon (AMZN) is also compelling as a potential Peloton owner. Nike and Amazon were both mentioned in various media reports as potential acquirers for Peloton in February, just before McCarthy was hired.

☆ First Boston deserves a selective revival
▼ + stars: | 2022-09-20 | by ( John Foley | ) www.reuters.com time to read: +4 min

The logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland September 2, 2022. By 2006, Credit Suisse First Boston was once again just Credit Suisse. Register now for FREE unlimited access to Reuters.com RegisterFor today’s Credit Suisse, anything that conveys renewed ambition is worth a try. First Boston was a U.S. investment bank in which Credit Suisse first bought a stake in 1978. The Swiss bank took full control in 1990 after First Boston incurred large losses on loans it had made to clients.

☆ Peloton adds $3,195 rowing machine to fitness machine lineup
▼ + stars: | 2022-09-20 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

Peloton is adding a line of rowing machines to its lineup as the company works through a restructuring to expand its customer base and return to a profit. The fitness machine maker said on Tuesday it's launching Peloton Row, which starts at $3,195 and is now available for pre-order on its website. The rowing machine, which also requires a $44-a-month membership to Peloton's exercise classes and programs, joins the lineup of Peloton Bike, Peloton Bike+, Peloton Guide and Peloton Tread. Peloton Row, which had reportedly been in the works for some time, comes as the company has been working through a restructuring in recent months. Peloton had said it aims to reach break-even cash flow on a quarterly basis in the second half of fiscal 2023.

☆ Amazon is already valued like a monopoly
▼ + stars: | 2022-09-19 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +4 min

Whether California prevails or not, investors have already granted Amazon a market valuation fit for a monopoly. Amazon, meanwhile, argues that forcing it to showcase products at higher prices would be antithetical to antitrust regulatory goals. One way to value the retail part of Amazon is to strip away the more profitable cloud business, Amazon Web Services. If two-thirds of that comes from North America, it’s equivalent to Amazon capturing 75% of the U.S. e-commerce market. Amazon argued that the state had it “exactly backwards” in an emailed statement.

☆ Google Cloud plans to unfreeze hiring by October, leaked memo says
▼ + stars: | 2022-09-16 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +4 min

A leaked email shows the firm plans to unfreeze hiring by October, reversing a pause that was set in motion in July. A leaked memo shows Google Cloud plans to unfreeze hiring. In an email sent to staff and obtained by Insider, Brad Calder, Cloud's vice president of technical infrastructure, said leadership is aiming to unfreeze hiring by October. The news comes months after Google announced plans to pull back on hiring due to uncertain economic conditions (though the firm has been hiring for critical roles across certain teams). Calder also said Google Cloud must hone its priorities for 2023, and that there are "too many Code Yellows and Purples."

NEW YORK, Sept 16 (Reuters Breakingviews) - If only FedEx delivered profit as reliably as parcels. Boss Raj Subramaniam blamed macroeconomic trends, but the performance at United Parcel Service (UPS.N) suggests poor judgement made matters worse. FedEx raised wages amid Covid-19, when delivery people were putting in overtime to get toilet paper and hand sanitizer onto doorsteps. Founder Frederick Smith is presiding as executive chairman after Subramaniam ascended to be chief executive in June. FedEx plans to cut back flights, reduce working hours, defer hiring and close some of its office locations to save money.

☆ Adobe’s $20 bln deal uses ample creative license
▼ + stars: | 2022-09-15 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +3 min

The design technology titan is acquiring startup Figma for $20 billion, using roughly half cash and half shares, in a deal that will significantly beef up its online collaboration capabilities. Even if it doubled again in 2023, it would represent just 4% of the $20 billion that analysts expect Adobe to generate, according to Refinitiv. Register now for FREE unlimited access to Reuters.com RegisterThis math suggests Narayen has used too much creative license. And yet even then Adobe saw fit to double up on the $10 billion Figma valuation from June 2021, per PitchBook, and shell out an eye-popping multiple of sales. CONTEXT NEWSAdobe said on Sept. 15 it had agreed to buy digital design rival Figma for about $20 billion, paying about half in cash and half in shares.

☆ U.S. railways steer clear of crisis
▼ + stars: | 2022-09-15 | by ( ) www.reuters.com time to read: +2 min

TORONTO, Sept 15 (Reuters Breakingviews) - The narrowly averted shutdown of U.S. rail services should avoid widespread economic damage, at least for now. A rail shutdown could potentially be six or seven times as costly as the February shuttering of the Ambassador Bridge route connecting Windsor, Ontario and Detroit. Biden has plenty of competing priorities on his plate, including battling inflation and looming midterm Congressional elections read more . (By Sharon Lam)Register now for FREE unlimited access to Reuters.com RegisterFollow @Breakingviews on Twitter(The author is a Reuters Breakingviews columnist. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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