@david_scheer

Senior Editor at Bloomberg News, focusing on banks, Wall Street and the automation thereof. Based in Seattle. RTs aren't endorsements. Views are my own.

 Seattle
Joined June 2012
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34Media
EXCLUSIVE: The SEC has opened multiple probes into well-times bets on SPAC deals. Here’s a look at the pattern of lucrative trades setting off alarms — by ⁦@NBuhayar⁩ and ⁦@robinsonmatt⁩ bloomberg.com/news/features/…

SPAC Trades May Have Made as Much as 888% Profit—and Some Are Drawing Scrutiny

The SEC is investigating whether highly-lucrative SPAC trades were based on inside information.

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A banker’s portrait of racism inside HSBC has sparks an internal probe. One typical comment that’s frequently aired across Wall Street: “It’s never been harder than right now, being a White man in banking.” bloomberg.com/news/articles/… w/ @harrynwilson

HSBC Banker’s Portrait of Racism Inside Firm Prompts Probe

The uncomfortable conversations began the moment the 48-page report landed in senior managers’ inboxes at HSBC Holdings Plc last month. Soon, attention turned to the unlikely author who was emailing...

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An HSBC employee’s 48-page report on discrimination and racism at the bank prompted an internal probe bloomberg.com/news/articles/… via @bbgequality @harrynwilson @sridinats

HSBC Banker’s Portrait of Racism Inside Firm Prompts Probe

The uncomfortable conversations began the moment the 48-page report landed in senior managers’ inboxes at HSBC Holdings Plc last month. Soon, attention turned to the unlikely author who was emailing...

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When you happily show people how you make a living and they write: “You get more done in a day than I do in a month!” “I can’t imagine this is particularly healthy.” “God what a terrible existence.” By ⁦@jennysurane⁩ ⁦@hannahlevitt⁩ bloomberg.com/news/articles/…

Junior Banker in Parents’ Attic Shows Why Industry Is in Uproar

The pandemic is exposing the rigors of Wall Street life, and the industry's struggle to attract and retain talent

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“Most issuers looked at this and thought, ‘This is going to be a disaster. We better shut this down.’” By @nasiripour bloomberg.com/news/articles/…

Credit Cards Slash $99 Billion From Spending Limits During Pandemic

Some people had complained as limits began dropping. Now the full scope is emerging.

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NEW: Goldman Sachs is exploring plans to set up a base in South Florida for one of its main units. what’s clear is more Goldman jobs heading out of New York faster than planned after the giant remote-work experiment. bloomberg.com/news/articles/…

Goldman Plots Florida Base for Asset Management in a Blow to New York

Goldman Sachs Group Inc. is weighing plans for a new Florida hub to house one of its key divisions, in another potential blow to New York’s stature as the de facto home of the U.S. financial industry.

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David Scheer retweeted
Max Abelson@maxabelson6 Aug 2020
"When a Bloomberg reporter attempted to call a Morgan Stanley executive and tried to leave a message, his wife said she didn’t know about his contributions, asked for details and then needed a moment to catch her breath." Dang, @nasiripour and @parmarhema bloomberg.com/news/articles/…

This Billionaire Is Propping Up the Wall Street Elite’s Financial Contributions to Trump

A few years ago, Stephen Schwarzman was just the latest deep pocket on Wall Street to open up to Donald Trump. Right now, he’s the biggest one left.

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dozens of interviews with Black workers across Wall Street reflect a sobering reality: the industry has mostly failed its people of color and few see that changing anytime soon. bloom.bg/3dKKDFz
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Eye-popping rates in #mortgage land -- by Shahien Nasiripour and Prashant Gopal @nasiripour bloom.bg/2VMggZR
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David Scheer retweeted
Max Abelson@maxabelson2 Mar 2020
The rich are just like you and me. The slight difference is when an outbreak looms they call up the hospitals with their names on it, plan to fly out of town with or without their families, and ask their concierge doctor in Aspen for vaccines bloomberg.com/news/articles/…

Can We Get a Vaccine Early? How the Rich Prepare for Outbreak

One New Yorker called up the hospital with his name on it.

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A quiet $850 million loss inside @JPMorgan. Public complaining. And a now turnaround. @MichelleF_Davis takes a behind-the-scenes look at its struggles in mortgage lending. bloomberg.com/news/articles/…

JPMorgan Sees a Mortgage Revival After Years of Quiet Losses

A year ago, JPMorgan Chase & Co. had just set a U.S. banking profit record, but the leaders of one of its most quintessential businesses were far from riding high.

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“It’s like putting a sandwich in front of me and I haven’t eaten all day.” #Banks are raising credit card limits for subprime and near-prime borrowers who didn't ask for it. By @MichelleF_Davis bloomberg.com/news/articles/…

Banks Are Handing Out Beefed-Up Credit Lines No One Asked For

It might sound like a risky strategy at a time when millions of Americans are drowning in debt: keep raising the limit on people’s credit cards, even if they don’t ask.

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SCOOP by @hannahlevitt on federal cases looming against as many as 10 former @WellsFargo executives bloomberg.com/news/articles/…

Wells Fargo’s Main Regulator Aims to Punish Former Managers

Wells Fargo & Co.’s main regulator is preparing civil charges against former managers related to their roles in its retail banking scandals, people familiar with the matter said.

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David Scheer retweeted
Karen Weise@KYWeise16 Dec 2019
Yes, @NBuhayar will read the fine print of your rulemaking and find on pg 100 that regulators want to let banks count loans to build football stadiums as helping poor areas bloomberg.com/news/articles/…

Financing for Sports Stadiums Could Count as Helping the Poor

For decades, the U.S. has required banks to steer a portion of their money to people in poor neighborhoods. Now, under proposed rule changes, banks may finance upgrades to sports stadiums, call it...

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In case you missed today's Congressional grilling of seven bank CEOs... bloomberg.com/news/articles/…
Who's going to be @WellsFargo's next CEO? Here's @HannahLevitt's recent look at top candidates and why recruiting one may be tough bloomberg.com/news/articles/…

Why Wells Fargo’s CEO Is Harder to Oust Than Elizabeth Warren Suggests

Wells Fargo & Co.’s top critic makes it sound so easy.

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More women on boards AND more women running divisions. Seems like Canadian banks have figured out something their U.S. counterparts are really struggling with -- by @dscrybe bloomberg.com/news/articles/…

Are You a Woman Wanting to Run a Bank Division? Look to Canada

Women in the highest ranks of Canadian banks are more likely to run divisions than their U.S. counterparts.

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Still surprises me what banks weigh in on: "A decades-long trend of increasing chicken size has come to a halt, according to JPMorgan Chase & Co. " bloomberg.com/news/articles/…

Big Birds Are So 2017. The Money Is Now in Smaller, Tender Chicken

Some chicken companies are doing well despite recent rock-bottom prices. Others are facing losses. A lot of it comes down to the size of the bird they’re hawking.

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David Scheer retweeted
tom maloney@LamoneyTom22 Feb 2019
Our look at @elonmusk 's super jumbo mortgages and how WM banking builds stickier relationships with founders. With @WealthWatch and @sonalibasak bloomberg.com/news/articles/… via @business

Elon Musk Turns to Morgan Stanley for Five Monster Mortgages

When it comes to cars, tunnels and rockets, Elon Musk thinks big. The same’s true for his household finances.

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As @SenWarren targets @WellsFargo's CEO again today, here's a smart look at potential successors and why it wouldn't be easy. By @hannahlevitt bloomberg.com/news/articles/…

Why Wells Fargo’s CEO Is Harder to Oust Than Elizabeth Warren Suggests

Wells Fargo & Co.’s top critic makes it sound so easy.

bloomberg.com
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