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The Smart Citizen Report


Trading bloodbath at Barclays — Nasdaq pushes back on SEC — Wells CEO on diversity

Happy hump day!

While much of Wall Street has acknowledged more needs to be done to diversify its ranks, one financial firm has already made excuses.

Wells Fargo chief executive Charles Scharf said during a Zoom meeting over the summer that the bank struggled to reach diversity goals because of a lack of qualified minority applicants, according to a recent Reuters report.

“While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of black talent to recruit from,” Scharf reportedly said in a subsequent memo, according to Reuters.

While some attendees of the meeting were offended by the comments, according to the story, at least one participant described it as “incredibly constructive.”

The entire piece is worth a read.

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FILE PHOTO: A Barclays bank building is seen at Canary Wharf in London, Britain May 17, 2017. REUTERS/Stefan Wermuth/File Photo


Trading distressed credit is difficult during the best of times. Throw in a global pandemic, where even the most sound business models are at risk, and things can go wrong quickly.

Alex Morrell has the scoop on just how bad things can get. Barclays’ distressed-credit team is staring down the barrel of $60 million in losses through mid-year.

Alex breaks down what exactly has gone wrong for the British bank.

Click here to read the full story.

Adena Friedman


Rebecca Ungarino has the latest update on the battle over a proposal from the SEC on disclosures for money managers. Nasdaq is the latest financial firm to throw its hat in the ring and oppose the idea. Read all the details here.

small business owner

Getty Images

Small-business lending is going through some tough times. However, this fintech updated its platform in hopes of better connecting lenders with borrowers in the space. Shannen Balogh has the full story here.

Travis McCready JLL


Alex Nicoll spoke to Travis McCready, a recent hire by JLL to run its Life Sciences real-estate practice. Read more about what McCready’s plans are for the role.

Odd lots:

Wall Street Commodity Traders Head for Best Year in a Decade (Bloomberg)

Blackstone Ready to Lend After Raising Record Property Debt Fund (WSJ)

Insurance Freeze Snarls U.S. Supply Chains (WSJ)

11 real abandoned places where your favorite movies and TV shows were filmed (Insider)

Orlando Bravo Rides Software Deals to Heights of Private-Equity Industry (WSJ)

The Chainsmokers just raised $35 million from Mark Cuban, Ron Conway, others to invest in tech startups but quickly discovered that buying into a hot startup is harder than they imagined (Business Insider)

A high school teacher in Detroit bought a ‘trashed’ home in the city for $2,600 and got it into livable condition in less than 2 years. Here’s how she did it. (Business Insider)

The bakery made famous by ‘Sex and the City’ has released the recipe for its popular banana pudding (Insider)

Learn more about the financial services industry

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