Six Credit Suisse Bankers Exit as Post-Archegos Defections Mount

https://www.bnnbloomberg.ca/six-credit-suisse-bankers-exit-as-post-archegos-defections-mount-1.1604970

Credit Suisse was the biggest loser when the world’s top investment banks raced to exit trading positions as Archegos collapsed, pushing it into a 900 million-franc ($997 million) pretax loss for the first quarter and prompting a management shakeup. The Zurich-based company slashed the amount of money set aside for employee bonuses by hundreds of millions of dollars and used the savings to limit the financial hit from Archegos.

Among the other recent departures, Leo Reif, a New York-based managing director within the firm’s health-care group, left to join Jefferies Financial Group Inc., said a person with knowledge of the matter.

Stephanie Ruiz, a managing director within the group’s global industrials investment-banking arm, has left for another opportunity, according to a person familiar with the matter. And New York-based Simon Auerbach, a managing director focused on business and information services, has also exited to join Lazard Ltd., some of the people said.

Representatives for Credit Suisse, Barclays and Jefferies declined to comment, and Lazard didn’t immediately respond to a request for comment. A Citigroup representative confirmed the contents of the memo and declined to comment further.

The exits follow those of four financial-institutions group bankers who left to join Barclays Plc, Bank of America Corp. and Goldman Sachs Group Inc. and Australian M&A executive Kierin Deeming, who moved to JPMorgan.

Breyer announces new book as court watchers eye his retirement

https://thehill.com/homenews/administration/553997-breyer-announces-new-book-as-court-watchers-eye-his-retirement

“Without the public’s trust, the Court would no longer be able to act as a check on the other branches of government and a guarantor of the rule of law, threatening the foundations of our constitutional system,” a snippet by Harvard University Press reads.

The possibility of Breyer's imminent retirement has hung over the Supreme Court as the current term enters its final weeks and Democrats cling to the slimmest of Senate majorities.

The Hill has reached out to the Supreme Court for comment.

Canadian National’s $33.6B bid to buy US railroad hits snag

https://www.charlotteobserver.com/news/politics-government/national-politics/article251484988.html

The regulators also said Monday that they would review Canadian National's proposed acquisition of Kansas City Southern under a tougher set of rules it passed in 2001 after several railroad mergers in the 1990s led to service problems. The board hasn't approved a major railroad merger since it issued those tougher rules but Canadian National has said it believes the deal should be reviewed under the newer rules.

Previously, the board said it would apply its older, less stringent merger rules to the proposed Canadian Pacific combination with Kansas City Southern because there is little overlap between those railroads, which are the two smallest of the major North American railroads.

The two Canadian railroads have been engaged in a public-relations battle since CN joined the bidding.