The Minnesota Vikings are suing Wells Fargo for 'photo bombing' their stadium
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The Minnesota Vikings are suing Wells Fargo (Minnesota Public Radio News)
The Minnesota Vikings are suing Wells Fargo for breaking an agreement over what signage can be put on top of Wells Fargo's twin towers that rest in the backdrop of the Vikings' new US Bank Stadium. Minnesota Public Radio News reports, the Vikings and Wells Fargo had a written agreement as to the type of signage that could be installed, and that the Vikings say Wells installed illuminated signs with raised lettering that are a "material deviation from the roof signage" agreement. The Vikings say the new signage "photo bombs" US Bank Stadium, specifically in aerial views, which are common on NFL game days, as Wells Fargo is a rival of US Bank. According to MPR News, Wells Fargo spokesperson John Hobot said in a statement, the company is "satisfied with the signage package that was approved for our $300 million community investment initiative for our new campus."
Brokers might be restricted on political donations (Investment News)
The Financial Industry Regulatory Authority has proposed rules that would restrict political contributions by brokers. Investment News reports, brokers would be limited to donating $350 during an election year and $150 during a non-election year. Brokers who exceed the cap won't be penalized if they receive a refund within four months. FINRA will be taking comments on the proposed rule change for 21 days from the initial publishing of the proposed rule.
FINRA fined Barclays (FINRA)
The Financial Industry Regulatory Authority has fined Barclays $3.75 million for putting clients in mutual funds that were unsuitable for their investment risk tolerance. In addition, the firm must pay $10 million in restitution, including interest, to the affected customers. According to FINRA, "Switching among certain fund types may be difficult to justify if the financial gain or investment objective to be achieved by the switch is undermined by the transaction fees associated with the switch." As part of the settlement, Barclays neither admitted nor denied the charges.
Deutsche Bank posted its biggest loss ever. The German investment bank reported a net loss of €6 billion ($6.6 billion) with €1.2 billion ($1.32 billion) of that being for litigation charges. Deutsche Bank said revenue slumped 7% year-over-year to €7.3 billion, hurt by its stake in China's Hua Xia Bank. CEO John Cryan is taking dramatic steps to turn the bank around, saying the firm would lay off thousands of employees while shuttering its businesses in numerous countries. Cryan recently announced that Deutsche Bank would not be paying a dividend in 2015 or 2016.
The yield curve hit its flattest level in 8 years. Selling at the front end of the US yield curve has run the two-year yield up to almost 1.09%, its highest level in 5 1/2 years. Meanwhile the 10-year yield has climbed back above the 2.30% threshold. The spread between the 2-year yield and 10-year yield has widened to 121 basis points after hitting 117 bps early in the session. This morning's 117 bp point spread was the tightest since early 2008.
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