Under the terms of a deal with the DOJ announced this week, JPMorgan will pay $920 million and sign on to a deferred prosecution agreement “to resolve charges that it had manipulated markets for U.S. government bonds and precious metals” through spoofing tactics that essentially placed “false and misleading information” into the market - NYTimes and WSJ and Bloomberg and Law360
Disney’s the latest travel & entertainment outfit making Covid-related cuts, announcing late Tuesday that it will lay off nearly 30,000 resort jobs in the U.S.—about 25% of its domestic theme parks workforce—in response to the “prolonged impact of Covid-19 on [its] business” - NYTimes and WSJ and Bloomberg and MarketWatch
Walmart, on the other hand, is taking on some 20,000 seasonal workers for its e-commerce fulfillment centers, while Target will add roughly 130,000 across its entire company—both numbers roughly on par with their 2019 figures - MarketWatch
It’s direct listing day, as data-analysis firm Palantir and software company Asana are both planning the unconventional public offering route on the NYSE today—a “still largely untested model for initial public offerings” - WSJ and Bloomberg and MarketWatch
A new City-Council-passed measure in Seattle makes it the second city in the U.S. (after NYC) to establish a minimum pay standard for Uber and Lyft drivers. The law, which takes effect in January, requires the companies to pay drivers the rough equivalent of the city’s $16 minimum hourly wage for businesses - NYTimes
The WTO has signed off on EU tariffs for about $4 billion of U.S. exports “in retaliation for aid to Boeing”—the latest development in a yearslong battle between the US and the EU over their allegedly illegal support of in-house planemakers Boeing and Airbus, respectively - Bloomberg
Retail “bankruptcies, liquidations and store closings” in the U.S. hit record levels in the first half of 2020, “as the Covid-19 pandemic accelerated industry changes, particularly the shift to online shopping” - WSJ and Marketplace
A group of energy industry giants, including ConocoPhillips, Southern Company, Duke Energy, and Chevron, have agreed to “publicly release their workforce data in an effort to make good on promises to promote equality” – Law360
In less-welcome Big Oil news, Royal Dutch Shell is cutting as many as 9000 jobs by the end of 2022 as part of belt-tightening efforts that would save the company upwards of $2.5 billion while it “overhauls its business to embrace clean energy” - Bloomberg and WSJ
I’m off Insta these days (because why give Zuck the satisfaction?), but it’s awfully hard to argue with the “Accidentally Wes Anderson” account, in which users find “real places that look like they could be in the films” of the meticulous and occasionally twee director - NYTimes
Stay safe,
MDR
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