Your daily dose of financial news

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John Thain’s golden parachute got knocked down a few karats this week, with CIT Group cutting 30% off of his farewell bonus for failing to “successfully integrate OneWest, the California bank CIT bought last year for $3.4 billion, into the company” – NYTimes

Even with today’s first down day in the markets in more than a week, Wall Street chart watchers are having a harder time making the case for an emerging bear market these days – WSJ

The payment card industry made a very large deal about the transition to chip-and-pin (or EMV) technology, the standard for the rest of the world that only recently became the law of the land (of sorts) in the US, in part by promising to enforce a liability shift in situations of fraud for companies not compliant by last October.  While EMV guarantees a measure of more security to consumers and businesses alike, the change has been plagued by delays, and merchants complain they’re the ones paying the price – NYTimes

More on Bill Ackman’s role right in the middle of the Valeant drama, including his efforts this weekend to assure his own fund shareholders that the $3 billion he’s lost on the drug company bet since last year is something he can overcome – WSJ

Yet another report—this time from law firm Clifford Chance—concluding that a Brexit would not only harm British banks but could “weaken the continent’s capital markets” – Law360

Difficulties on its trading desk are translating into deeper cuts at Credit Suisse, which announced the elimination of 2000 more jobs while forecasting a Q1 loss – Bloomberg

Marriott may have one-upped Anbang this time around, but the Deal Professor says that the Chinese insurance giant’s investment alliance—which has been on something of an American buying spree of late—should be raising eyebrows not just in the US but in China as well – NYTimes

First, the SEC.  Now a handful of prominent JPMorgan execs are backing Brad Katsuyama’s IEX exchange, built-in delays and all  – WSJ

It seems that the Uberization of all things (the “on-demand dream,” if you will), “doesn’t translate” as well as promised—at least not without a hefty price to be paid – NYTimes

MDR

Follow me on Twitter: @reifmd

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