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Monday, March 2, 2015

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Gordon Smith, now the chief of consumer banking at JPMorgan Chase, is said to be in line to succeed Jamie Dimon if the company needs a new chief executive in the near future.
Eduardo Munoz/Reuters

Gordon Smith, now the chief of consumer banking at JPMorgan Chase, is said to be in line to succeed Jamie Dimon if the company needs a new chief executive in the near future.

The diverging prospects for JPMorgan’s biggest businesses are reflective of a split within the broader financial industry.

Protesters in London last month linked Prime Minister David Cameron to banks helping clients evade taxes.
Alastair Grant/Associated Press

Protesters in London last month linked Prime Minister David Cameron to banks helping clients evade taxes.

A growing number of the wealthy British residents do not have to pay tax on their foreign income or assets, thanks to an Edwardian-era law.

White Collar Watch

Hedge Fund Suit Accusing U.S. of Misconduct Faces High Bar

A lawsuit filed by Level Global’s founder accusing the government of violating his rights must overcome significant protection given to prosecutors.

Merrill Lynch Hires Tax Expert From Credit Suisse

The hiring of Lewis Steinberg comes as tax considerations have played a big role in deal considerations.

Tyco’s ‘Piggy,’ Out of Prison and Living Small

Convicted in 2005 of looting nearly $100 million from Tyco, L. Dennis Kozlowski was the face of Wall Street gluttony. Now a free man, he speaks for the first time of his more modest life.

A Wells Fargo branch in New York. The bank will cap any new subprime auto loans at no more than 10 percent of all its car loans.
Shannon Stapleton/Reuters

A Wells Fargo branch in New York. The bank will cap any new subprime auto loans at no more than 10 percent of all its car loans.

Wells Fargo Puts a Ceiling on Subprime Auto Loans

Fearing increased risk and slipping standards, Wells Fargo will keep new subprime car loans to no more than 10 percent of its total auto loans.

The offices of Chain.com, a start-up that helps developers build Bitcoin applications.
Jim Wilson/The New York Times

The offices of Chain.com, a start-up that helps developers build Bitcoin applications.

With the price of Bitcoin plummeting, the technology that stores the currency’s transactions is gaining value as a safe and open way to keep other kinds of records.

The Latest
Breakingviews

Tech Deals That Are Poor Fixes for Limp Sales

The chip maker NXP and Hewlett Packard need strong demand to compensate for falling prices. The trouble is, that has not happened, says the author.

The Upshot

Why Warren Buffett Is Worth $72 Billion and You’re Not

There are two chief theories for why the company has been so successful, with important implications for imagining a future without Mr. Buffett.

Another View

Disclosure Can Produce Meaningful Change

Disclosure is the first, necessary step on the way to ensuring that problematic public actors can be held accountable for bad action.

Stock Trading Platform IEX Hires Ex-N.Y.S.E. Regulatory Chief

Claudia Crowley is expected to play a central role as the company seeks regulatory approval to operate as an exchange before the end of the year.

Gordon Dyal, Veteran Deal Maker at Goldman Sachs, to Retire

Mr. Dyal served most recently as co-chairman of the firm’s investment bank.

Philadelphia Fed Picks Patrick Harker, University of Delaware President, to Lead It

Mr. Harker, an engineer by training who has spent most of his career as an academic, has served on the Philadelphia Fed’s board for three years.

Nasdaq Tops 5,000 for the First Time in 15 Years

The market headed higher on encouraging deals and economic news. The tech-heavy Nasdaq was up 44 points to 5,008, on the third time is closed above 5,000.

Johnson & Johnson to Sell Cordis Unit for Nearly $2 Billion

The sale to Cardinal Health is the latest divestiture for Johnson & Johnson, which is gradually pruning its portfolio of health care products.

In Warren Buffett’s Annual Letter, More Hints, but Still No Confirmation, of a Successor

Charlie Munger, Berkshire’s vice chairman, indicates that Ajit Jain or Greg Abel is the likely heir.

Magazine

Can a Stock-Trader-Turned-Convict Start a New Life?

Roomy Khan made a pile of money trading on inside information. Then she cooperated with the F.B.I. Where does she go from here?

On Money

In Greenbacks We Trust

The Federal Reserve is playing a mind game — but with enormous real-world consequences.

Insight & Analysis
Street Scene

Instead of Wall St. Prosecutions, Holder Delivers a Deadline

The attorney general has put a short clock on any new prosecutions involving mortgage-backed securities in the years before the financial crisis.

Life@Work

The Rhythm of Great Performance

One productivity tip: Focus in the most absorbed way possible when you are working and then take a break at least every 90 minutes.

Deal Professor

How Loopholes Turned Dish Network Into a ‘Very Small Business’

Through sleight of hand and aggressive use of partners, Dish created an unfair advantage in its successful bid for wireless spectrum.

DealBook Column

Amex’s Loss in Court May Not Help Consumers

If history is any guide, the ruling against American Express will not lead to the desired outcome of increased competition and lower prices.

White Collar Watch

Insider Trading Case Could Push Congress to Define a Murky World

An appeals court decision is leading some people like Mark Cuban to demand that Congress step in to better define illegal insider trading.

Special Section
The Deal Cycle

Who creates more value in the mergers and acquisitions cycle: buy, divide or conquer?

DealBook Conference
Opportunities for Tomorrow

Andrew Ross Sorkin interviews leaders in finance and government.

Markets »

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Columns

Another View

Opinion Contributors

Book Entry

Jonathan A. Knee

Breakingviews

Reuters Commentary

Deal Professor

Steven Davidoff Solomon

DealBook Column

Andrew Ross Sorkin

In Debt

Stephen J. Lubben

Life@Work

Tony Schwartz

Standard Deduction

Victor Fleischer

Street Scene

William D. Cohan

The Trade

Jesse Eisinger

White Collar Watch

Peter J. Henning