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5/22/2017

Ford is removing CEO Mark Fields and replacing him with Jim Hackett, chairman of subsidiary Ford Smart Mobility, sources say. Executive Chairman Bill Ford and other board members reportedly have lost confidence in Fields.

5/22/2017

The EU will risk "fragmented markets and supervisory arbitrage" if it doesn't enact rules to create a European banking union, said Valdis Dombrovskis, the European Commission's financial-services chief. Among the most important rules needed are those that create bailout funds to deal with failed banks, he said.

5/22/2017

A Putnam Investments survey of more than 1,000 financial advisors has found 85% used social media as part of their business strategy in 2016, compared with 75% in 2014, while 80% of respondents report successful client acquisition via social media. Concern about regulatory compliance is the main reason cited for not using social media.

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Financial Advisor IQ
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social media, Putnam Investments
5/22/2017

Advisors were challenged at a conference to use texting more to sustain and further client relationships. However, they were cautioned texting must comply with regulation.

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text messaging
5/22/2017

Defense stocks, spurred by an arms deal with Saudi Arabia, led a rally in early trading today. At 10 a.m. Eastern, the Dow Jones industrial average was up 95 points, the Nasdaq composite was up 30 points and the Standard & Poor's 500 index was up 10 points.

5/22/2017

The Financial CHOICE Act, introduced by Rep. Jeb Hensarling, R-Texas, would cut $24 billion from the budget deficit over 10 years, the Congressional Budget Office says. Eliminating the Orderly Liquidation Fund and transferring funding for the Consumer Financial Protection Bureau to Congress are the most critical ways the bill would reduce spending.

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TheStreet
5/22/2017

Treasury Secretary Steven Mnuchin will present President Donald Trump's 2018 budget proposal to the House Ways and Means Committee on Wednesday. In a separate meeting, the committee will discuss reform aimed at reducing tax rates and spurring job growth.

5/22/2017

Leadership and career books such as Eric Barker's recent book "Barking Up The Wrong Tree" can help you cut through the weeds and figure out what's applicable for you, "but don't expect all the answers to be magically delivered," writes James daSilva. Barker's book focuses on being smarter about success, including what that means in this context.

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SmartBrief/Leadership
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Eric Barker, James daSilva
5/22/2017

The advisory industry is facing a shortage of labor, as the workforce ages and a large pool of talent is absorbed by firms offering hybrid services. By 2022, the shortfall is expected to hit 200,000, according to consulting firm Moss Adams.

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Moss Adams
5/22/2017

Buy-side execution performance will see enormous gains as traders harness artificial intelligence, financial-technology experts say. "When a model is constantly learning from the outcomes of when you followed the initial advice, your performance will keep improving," says Natasha Shamis of Liquidnet Labs.

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The Trade (UK)