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Fri, Sep 11, 2020 10:56 AM

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A landmark moment for Wall Street September 11, 2020 [View Online]( | [Sign Up]( [Daily Brew]( TOGETHER WITH [Fundrise]( Good morning. Today, we’re pausing to reflect on two events that forever changed the world: - It’s the 19th anniversary of the September 11 terrorist attacks, which killed nearly 3,000 Americans.  - Exactly six months ago, on March 11, the World Health Organization declared the coronavirus outbreak a pandemic. More than 900,000 people around the world have died from COVID-19. To all those who’ve suffered or lost loved ones in these tragedies, we’re thinking of you and sending strength. MARKETS NASDAQ 10,919.59 - 1.99% S&P 3,338.95 - 1.77% DJIA 27,534.25 - 1.45% GOLD 1,950.20 - 0.24% 10-YR 0.680% - 2.50 bps OIL 37.06 - 2.60% *As of market close - Stimulus: Senate Democrats [torpedoed]( a $500 billion GOP bill they said was too small to make a difference. Chances of Congress passing another emergency aid bill before the election are dwindling. - Jobs: Jobless claims remain [stable]( but at a very elevated level. Nearly 30 million people were on unemployment benefits last month. BANKING [Bad News for the Glass Ceiling Industry]( [Glass ceiling ] Francis Scialabba The HBO series may be delayed, but Citigroup provided its own succession story yesterday. CEO Michael Corbat [announced]( he’ll retire next February after eight years, and current president and chief of the bank’s consumer arm, Jane Fraser, will slide into the CEO spot. It's a landmark moment for Wall Street Fraser will be the first female CEO of a major U.S. bank. And her resumé? Let’s just say she looks forward to high school reunions: Goldman Sachs → Harvard Business School → McKinsey → Citi. - In fact, Corbat reportedly promoted her to the president position to keep her safe from other Wall Street recruiters. But her career challenges reflect those faced by many women working on Wall Street, which you could call the father of all boys’ clubs. “You cannot have it all,” Fraser [said]( in 2012. “Many things have had to give, personally and professionally." Fraser’s appointment caps off a broader management refresh at Citigroup. The CFO, previous president, and two regional heads stepped down in the last couple years. As for Corbat? Let’s roll the tape He’ll be remembered like your freshman year relationship: got you through some challenging times, but if we’re being honest, nothing spectacular. Corbat [nursed the bank]( back to health after the 2008 financial crisis, but Citi’s performance has lagged a bit behind rivals. - Citi missed the boat on expanding its deposits via physical branches. Peers JPMorgan and Bank of America hopped right on that yacht and sailed into significant funding advantages. - Shares are up 42% since Corbat took over in 2012, compared to 141% for JPMorgan during the same period. Speaking of which...JPMorgan [was expected]( to become the first major U.S. bank to name a female CEO after positioning two female execs for current boss Jamie Dimon’s job. But Dimon doesn’t seem interested in stepping down anytime soon.    mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=Jane%20Fraser%20to%20Become%20First%20Woman%20to%20Lead%20Major%20U.S.%20Bank:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 ENVIRONMENT [Wildfires Could Signal Coming Financial CrisisÂ]( [Wildfires in the west] JOSH EDELSON/AFP via Getty Images The August Complex, a group of 30+ fires north of Sacramento, is now the [biggest wildfire event]( in California’s history by acres burned (at least 471,000). These fires, which are burning throughout the West and have killed seven people, could be a warning sign of [climate change-induced financial crises]( to come, according to a report from the Commodity Futures Trading Commission. What they found: Rising costs of storms, floods, fires, and droughts could create “a systemic crisis in slow motion” in financial markets. - Take California: An estimated 25% of the state’s 12 million homes face high risk from wildfires. That has implications for mortgages, banks, home prices, and other financial assets. - Insurers, already pulling back from fire-prone areas, could leave homeowners with uninsurable properties. Banks could limit loans to farmers after droughts lower crop yields. Falling home values on coasts and floodplains could cut cities’ tax revenues. Bottom line: Freak weather events were typically viewed by economists as localized shocks, but as climate change makes extreme weather more severe and frequent, that’s changing.    mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=Wildfires%20Could%20Signal%20Coming%20Climate%20Change%20Financial%20Crisis:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 PUBLIC HEALTH [What's the Blue Line?]( [COVID-19 cases in college towns] [Indeed]( The orange line represents new COVID-19 cases in “all other U.S. counties” while the blue line is… College towns. As students returned to campus in late August/early September, college towns experienced a dramatic spike in cases compared to the rest of the U.S. Why it matters: College towns must balance their [economic dependence]( on universities with public health concerns, the NYT explains. The good news is there’s been no uptick in deaths in these areas.    mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=College%20Towns%20See%20Spike%20in%20New%20Cases:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 SPONSORED BY FUNDRISE [Call Us Royal Highness Fancy Investor Pants IV](#) [Fundrise]( Not because we own a pair of fancy pants or have a name followed by a Roman numeral. But because we’re investing in institutional-quality private real estate with[Fundrise](. Fundrise makes it easy to diversify your portfolio, help lower your risk, and improve your long-term returns potential outside of the public markets. Their [low investment minimums]( give you the flexibility to invest the right amount, at the right time, to meet your goals. And if all that wasn’t fancy enough, Fundrise combines state-of-the-art technology with in-house experience to reduce fees and maximize your long-term return potential. Their investors have already earned more than $79 million in dividends alone. You no longer need an uncle named Sir Bartholomew Moneybags to invest in [one of the most sought-after asset classes for professional investors](. Join Fundrise’s more than 130,000 active investors and [add real estate to your portfolio today](. LEGAL [This’ll Take You Back to 2019 Dinner Parties]( [Elizabeth Holmes] Yichuan Cao/NurPhoto via Getty Images Yearning for a time before COVID? We can help—with an update to the Theranos saga. A judge's ruling Wednesday [revealed]( that former Theranos CEO Elizabeth Holmes may incorporate evidence of “mental disease or defect” in her defense against criminal charges. The backstory: Do you have six hours? Theranos was once a Silicon Valley darling that wooed marquee investors with promises of revolutionizing blood testing. But those promises didn’t hold up well to criticism or journalism. In March 2018, the SEC [charged]( the company, Holmes, and former president Ramesh “Sunny” Balwani with "massive fraud." This filing shows that Holmes may plan to demonstrate that because of mental illness, she did not actually intend to do something wrong or illegal, and she’ll have to submit to an examination by government experts. Other experts say that’ll be tough to prove. Looking ahead...the trial is scheduled for March 2021. + Optional homework: John Carreyrou’s excellent [Bad Blood]( and/or HBO’s mediocre [The Inventor](.    mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=Former%20Theranos%20CEO%20Elizabeth%20Holmes%20Explores%20%22Mental%20Disease%22%20Defense:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 INTERNATIONAL [UK Plays Deal or No Deal]( [Brexit ] Getty Images Get yourself a cuppa, we’re checking in on our colourful cousins across the Atlantic. Yesterday, the European Commission threatened legal action against Britain unless it drops an internal bill that would [breach its Brexit treaty](. - Britain is nearing the end of its transition year out of the EU, but after weeks of trade negotiations, PM Boris Johnson is antsy. He said both sides should move on if an agreement isn’t reached by mid-October. It’s not just $1 trillion in trade with the EU at stake. The UK wants to fiddle with the open border between Northern Ireland (part of the UK) and the Republic of Ireland (part of the EU), which could lead it to run afoul of the 1998 Good Friday peace deal. U.S. House Speaker Nancy Pelosi [said]( if it does so, there’s “no chance” of a trade deal with the states. In coronavirus news... To stem a rise in cases, the government [capped]( social gatherings at six starting Monday, with a few exceptions. New rules apply whether groups are outdoors or inside. - Rising cases also complicate messages by officials trying to convince employees it's safe to [return to work]( in an effort to boost spending. Looking ahead...Johnson [announced]( an ambitious plan to conduct millions of tests daily by spring. But some experts think his "moonshot" is “fundamentally flawed” and based on rapid testing tech that doesn’t exist.    mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew!&body=EU,%20Britain%20Trade%20Negotiations%20Hit%20a%20Road%20Bump:%200A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%E2%80%94Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley,%20daily.%20 QUIZ [Weekly news quiz]( When you see the weekly news quiz in the Brew, you know the weekend's almost here. That's why we like writing it. An even better feeling? Getting a 5/5. [Ace the quiz here](. WHAT ELSE IS BREWING - [Esports streamer Ninja]( signed a multiyear deal with Twitch after leaving last year for the now-defunct Mixer. - [Peloton]( sales grew 172% last quarter. Its biggest problem? Demand is outstripping supply, leading to supply chain issues.  - [Century 21](, the NY discount department store, filed for bankruptcy and will close all its stores. - [Twitter]( said it would take down or label false tweets that aim to undermine public confidence in the election. - [Hindenburg Research](, a short-seller, called electric truck maker Nikola a “fraud” in a new report. Nikola fired back, accusing Hindenburg of manipulating the stock (which fell 11%). - [Berghain](, the legendary nightclub in Berlin we definitely haven’t gotten into, reopened as an art gallery this week. BREW'S BETS No beef with this beef. [ButcherBox]( delivers delicious 100% grass-fed beef, free-range organic chicken, heritage-breed pork, and wild-caught seafood right to your door. New members receive 2 lbs of free grass-fed ground beef in every box for the [lifetime of their subscription](.* Warning: This outdoor sofa may cause jealous neighbors. [Outer](’s luxury outdoor sofas are comfortable, stylish, eco-friendly and created with [OuterShell technology](—making sun damage and wet butts a thing of the past. Spend more time outside and [invest in your home today](.* A Fresh Prince clothing line? Yep, released yesterday to mark the 30th anniversary of the show's premiere. [Check it out](. Remembering 9/11: One of our favorite pieces to revisit every year is Garrett Graff's oral history, "[We're the only plane in the sky](." *This is sponsored advertising content BREW ORIGINALS [The Other Streaming Wars](#) [Microsoft gaming] Microsoft Our Brew Originals series is back with another [longform article]( to keep you company this weekend. Next Tuesday, Microsoft will mark a new era of gaming when it launches its "xCloud" game streaming service on Android. The Brew’s videogame expert Jamie Wilde will take you on a fascinating tour of the cloud gaming universe and explain why Big Tech is all-in on the technology. [Read it here](. FRIDAY PUZZLE Despite what you may have learned, "i" comes before "e"...sometimes after "c." How many words containing "cie" in that order can you name? SHARE THE BREW When you share the Brew, you earn rewards. From Brew swag like t-shirts and coffee mugs to exclusive content, we've got something for everyone in our premier rewards program. [Share your unique link]( to start racking up referrals. [Click here to get free swag.]( Hit the button below to start sharing the Brew. [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=a905682a]( FRIDAY PUZZLE ANSWER A few our team came up with: glacier, efficient, society, and bankruptcies. ** A Note From Fundrise We like to include this Fundrise [legal jargon](, if you please.             Written by [Alex Hickey](, [Eliza Carter](, and [Neal Freyman]( Was this email forwarded to you? Sign up [here](. WANT MORE BREW?  Retail newsletter → [Retail Brew](  Tech newsletter → [Emerging Tech Brew](  Marketing newsletter → [Marketing Brew](  Quarantine newsletter → [The Essentials](  Business podcast → [Business Casual]( [ADVERTISE]( // [CAREERS]( // [SHOP]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright ©2020 Morning Brew. All rights reserved. 40 Exchange Pl., Suite #300, New York, NY 10005

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