Citigroup has chosen it President, Jane Fraser, to replace CEO Michael Corbat when he retires in February 2021. Fraser will become “the first woman to lead a major financial institution in the United States.” She’s been with the company since 2004, joining Citi after stints with Goldman Sachs and McKinsey & Co - NYTimes and WSJ and Bloomberg and FNLondon
Mining behemoth Rio Tinto announced that CEO Jean-Sebastien Jacques will step down in the wake of a simmering scandal in Australia over the company’s “destruction of two ancient rock shelters in Australia’s minerals-rich Pilbara region that were culturally significant to a local indigenous group” in May - WSJ and NYTimes and MarketWatch
ECB leaders met yesterday to assess the state of the eurozone’s economy in the midst of the pandemic. While they didn’t make changes to the EU’s stimulus program—which has, to this point, managed to largely “contain[] economic destruction” from Covid—they did note concern about the euro, which has risen 10% against the dollar since March, a “vote of confidence by investors that also creates big problems for European exporters” - NYTimes and WSJ and Bloomberg
Meanwhile, the Fed is working on how exactly to implement the “new framework governing how they will conduct policy over the long run,” especially in the face of an “economy recovering from a severe and unusual downturn” - WSJ
Oh yeah, and there’s the small matter of bridging the gap between gangbusters markets and a struggling real economy, too. No pressure - WSJ
A GOP-led “skinny” coronavirus relief bill that would’ve doled out roughly $300 billion in benefits, failed in the Senate on Thursday. Senate Dems largely opposed the measure as inadequate to address the ongoing economic challenges of the pandemic - WSJ and Bloomberg and Law360
Which is especially not-great-news considering another 857,000 Americans filed for new unemployment claims last week, according to figures released yesterday. As one economist put it, “It’s a gut punch to see these numbers every Thursday with no improvement” - NYTimes
Despites reports of recent talks between ByteDance and U.S. authorities, the White House has put the kibosh on any extension of the September 15th deadline for TikTok to arrange to sell its U.S. operations - Bloomberg
On the heels of news that JPMorgan employees and clients apparently sought and received illegal PPP payments, the Justice Department announced that it’s charged 57 people “with trying to steal more than $175 million from the Paycheck Protection Program.” The charges target both individuals and small groups as well as “coordinated criminal rings” - NYTimes and WSJ
We haven’t given them much ink yet, but as blank-check companies (“formally known as special purpose acquisition companies, or SPACs”) continue to grow in prominence, set their sights on Wall Street, and perhaps usher in a new financial bubble, it’s time we give you the lay of the land - Bloomberg
New York deep-discount store chain Century 21 has filed for bankruptcy, the “latest retailer to fall victim to disruptions caused by the coronavirus pandemic.” The company will close all of its 13 department stores and liquidate assets under Ch. 11 bankruptcy protection - WSJ and Bloomberg and Law360 and NYTimes
The West is on fire, the pandemic rages on, and millions of families are again facing remote learning this fall. In times like these, looking toward the skies and finding some wonder may be about as well as we can do - Bloomberg
And on that uplifting note, have a good weekend, and stay safe,
MDR
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