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{"jsonapi":{"version":"1.0"},"data":{"id":"drn:consumer.contentcollection.originid.WealthAdviser_14","type":"content-collections","attributes":{"description":"WSJ Wealth Adviser","updated_datetime_utc":"2021-09-10T11:02:48.3935854Z"},"relationships":{"articles":{"data":[{"id":"drn:consumer.content.Originid.SB11401322919499484579904588045202911179398","type":"content"},{"id":"drn:consumer.content.Originid.SB11401322919499484579904588045113352083872","type":"content"},{"id":"drn:consumer.content.Originid.SB10169659463611824544504588043200691138768","type":"content"},{"id":"drn:consumer.content.Originid.SB11401322919499484579904588045241874893424","type":"content"},{"id":"drn:consumer.content.Originid.SB11401322919499484579904588045273815274226","type":"content"},{"id":"drn:consumer.content.Originid.SB11401322919499484579904588045140646722244","type":"content"},{"id":"drn:consumer.content.Originid.SB11401322919499484579904588045312106541952","type":"content"},{"id":"drn:consumer.content.Originid.SB11401322919499484579904588043013418974072","type":"content"},{"id":"drn:consumer.content.Originid.SB11401322919499484579904588041262590022632","type":"content"},{"id":"drn:consumer.content.Originid.SB11401322919499484579904588044351655275158","type":"content"},{"id":"drn:consumer.content.Originid.SB11401322919499484579904588042672308271326","type":"content"},{"id":"drn:consumer.content.Originid.SB11401322919499484579904588043430198249330","type":"content"},{"id":"drn:consumer.content.Originid.SB11401322919499484579904588042432860394600","type":"content"},{"id":"drn:consumer.content.Originid.SB11401322919499484579904588043133330775290","type":"content"},{"id":"drn:consumer.content.Originid.SB10311406010933414833604587090901528418814","type":"content"}]}}},"links":{"self":"https://api.dowjones.com/content-collections/drn:consumer.contentcollection.originid.WealthAdviser_14"},"included":[{"type":"content","id":"drn:consumer.content.Originid.SB11401322919499484579904588045202911179398","attributes":{"associations":{"root_id":"SB01401322919499484579904588045202911179398"},"authors":[{"full_name":"Julia-Ambra Verlaine","topic_id":"8457"}],"body":[{"type":"Image","ref":"media-7"},{"type":"Paragraph","display":"Plain","content":[{"text":"Efforts to replace the troubled London interbank offered rate are showing signs of progress."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Trading in derivatives tied to Wall Street’s preferred alternative, the Secured Overnight Financing Rate, surged 78% in August, according to TD Securities. The increase comes ahead of a year-end deadline "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i1-SB11401322919499484579904588045202911179398","text":"to phase out Libor"},{"text":", which helps set interest costs on trillions of dollars in financial products but was marked for scrap several years ago after a manipulation scandal."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Finding a substitute poses a major challenge for the financial industry. Banks and companies are seeking a reference rate that reflects the risks from short-term lending—supported by a market that behaves in a predictable manner—to ensure that loans are affordable for borrowers and profitable for lenders."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"“The sharp acceleration in SOFR volumes will make it easier for markets to transition away from Libor,” said "},{"type":"Entity","entity_type":"person","significance":"PassingMention","ref":"PERSON|Goldberg, Gennadiy","text":"Gennadiy Goldberg"},{"text":", U.S. rates strategist at TD Securities in New York."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"The growth marks a welcome sign to regulators and others who have complained that the changeover was dragging. While some hedge funds and asset managers have adopted the new rate, some companies and regional banks have held off, either waiting for more clarity or considering "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i2-SB11401322919499484579904588045202911179398","text":"alternatives that resemble Libor"},{"text":" more closely."}]},{"type":"Inset","inset_type":"dynamic","properties":{"url":"https://asset.wsj.net/dynamic-insets/charts/cdc_d639f8581f1829a062135260.json","responsive":{"layout":"wrap"},"scope":{"scope":["web","mobileapps"]}},"ref":"inset-1"},{"type":"Inset","inset_type":"dynamic","properties":{"url":"https://asset.wsj.net/dynamic-insets/charts/cdc_5122e95530159d1d66b500bc.json","responsive":{"layout":"wrap"},"scope":{"scope":["web","mobileapps"]}},"ref":"inset-2"},{"type":"Paragraph","display":"Plain","content":[{"text":"SOFR, the main proposed alternative, is based on the cost of transactions in the market for overnight repurchase agreements, where large banks and hedge funds borrow or lend to one another using U.S. Treasurys as collateral. Using the repo market as a foundation for SOFR is new to investors and corporations accustomed to a rate linked to the risk of lending between banks. "}]},{"type":"Paragraph","display":"Plain","content":[{"text":"In June, a "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i5-SB11401322919499484579904588045202911179398","text":"Commodity Futures Trading Commission subcommittee pushed an initiative"},{"text":" dubbed “SOFR First” to persuade market players to adopt the new benchmark and hasten the transition away from Libor. The committee said that as of July, big banks would stop seeing certain derivatives priced in Libor on dealer screens."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"The initiative helped push enough growth in SOFR-linked derivatives to attract clients and kick-start the market, said "},{"type":"Entity","entity_type":"person","significance":"PassingMention","ref":"PERSON|Pluta, Thomas","text":"Thomas Pluta"},{"text":", global head of linear rates trading at JPMorgan."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"The share of swap trades that mature after June 2023 jumped to 33% in August from just 10% in July. June 2023 is when roughly $200 trillion of existing interest-rate derivatives and business loans tied to Libor expire after an 18-month extension "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i6-SB11401322919499484579904588045202911179398","text":"backed by U.S. officials"},{"text":"."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"“The SOFR First initiative was a key step toward supercharging growth in SOFR derivatives trading,” said "},{"type":"Entity","entity_type":"person","significance":"PassingMention","ref":"PERSON|Wipf, Tom","text":"Tom Wipf"},{"text":", the Morgan Stanley banker who heads up the Alternative Reference Rates Committee. It comprises major banks, insurers and asset managers working alongside the New York Fed and backs SOFR."}]},{"type":"Image","ref":"media-8"},{"type":"Paragraph","display":"Plain","content":[{"text":"Other alternatives are also growing. Some on Wall Street have started using the Bloomberg Short-Term Bank Yield Index as a benchmark, while "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i7-SB11401322919499484579904588045202911179398","text":"regional banks have gravitated"},{"text":" to the American Financial Exchange’s Ameribor because it rises and falls with their funding costs."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Exchange operator Cboe Global Markets Inc. said that next week it will start trading an Ameribor-based benchmark called “Term-30” that helps investors plan for interest-rate risk one month in the future."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Offering more choices will help market participants match their borrowing and trading needs, said "},{"type":"Entity","entity_type":"person","significance":"PassingMention","ref":"PERSON|Sandor, Richard","text":"Richard Sandor"},{"text":", founder of the AFE, where banks lend to each other through mutual lines of credit."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"U.S. financial officials, including Treasury Secretary "},{"type":"Entity","entity_type":"person","significance":"PassingMention","ref":"PERSON|Janet Yellen","text":"Janet Yellen"},{"text":", said in an August letter that they were concerned U.S. companies were still facing challenges with the transition so close to the deadline."}]},{"type":"Inset","inset_type":"richtext","properties":{"responsive":{"layout":"inline"},"scope":{"scope":["web","mobileapps"]}},"ref":"inset-3","content":[{"type":"Heading","sub_type":"Small","content":[{"text":"A Split Commission"}]},{"type":"Paragraph","display":"Plain","content":[{"text":"More WSJ coverage selected by the editors"}]},{"type":"List","ordered":false,"content":[{"type":"listitem","content":[{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i8-SB11401322919499484579904588045202911179398","text":"CFTC Departure to Leave Five-Person Panel with One Republican, One Democrat"}]}]}]},{"type":"Paragraph","display":"Plain","content":[{"type":"Emphasis","emphasis_type":"Subscript","text":"Write to "},{"text":"Julia-Ambra Verlaine at "},{"link_type":"EXTERNAL","type":"Link","ref":"i9-SB11401322919499484579904588045202911179398","text":"Julia.Verlaine@wsj.com"}]}],"byline":{"content":[{"text":"By "},{"type":"Entity","entity_type":"author","ref":"author|Julia-Ambra Verlaine","text":"Julia-Ambra Verlaine"}]},"column_name":"","copyright":{"text":"Dow Jones \u0026 Company, Inc."},"headline":{"main":{"text":"Libor Alternative Is Winning Over Derivatives Traders"},"deck":{"type":"paragraph","content":[{"text":"Trading in financial contracts tied to Wall Street’s preferred alternative, SOFR, has surged"}]}},"hosted_url":"https://www.wsj.com/articles/libor-alternative-is-winning-over-derivatives-traders-11631271601","content_resources":[{"name":"Julia-Ambra Verlaine","id":"author|Julia-Ambra 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Yellen","type":"person"},{"variant":"external","type":"link","uri":"https://www.wsj.com/articles/libor-pains-deepen-as-deadline-for-benchmarks-demise-approaches-11597405737","id":"i1-SB11401322919499484579904588045202911179398"},{"variant":"external","type":"link","uri":"https://www.wsj.com/articles/libor-replacement-race-heats-up-11620898202","id":"i2-SB11401322919499484579904588045202911179398"},{"variant":"external","type":"link","uri":"https://www.wsj.com/articles/regulators-tell-banks-it-is-time-to-stop-using-libor-11623582002","id":"i5-SB11401322919499484579904588045202911179398"},{"variant":"external","type":"link","uri":"https://www.wsj.com/articles/u-s-regulators-press-banks-to-transition-from-libor-for-new-transactions-11606745216","id":"i6-SB11401322919499484579904588045202911179398"},{"variant":"external","type":"link","uri":"https://www.wsj.com/articles/libor-replacement-competitor-gains-strength-from-new-offerings-11618833813","id":"i7-SB11401322919499484579904588045202911179398"},{"variant":"external","type":"link","uri":"https://www.wsj.com/articles/cftc-s-berkovitz-to-step-down-next-month-11631202495","id":"i8-SB11401322919499484579904588045202911179398"},{"variant":"email","type":"link","uri":"mailto:Julia.Verlaine@wsj.com","id":"i9-SB11401322919499484579904588045202911179398"},{"type":"image","media_type":"Photo","reuse_type":"full","slug":"S1-LX587_SOFRSW_M_20210909111715.jpg","name":"S1-LX587_SOFRSW_M_20210909111715.jpg","width":1280,"height":853,"size_code":"M","alternate_text":"image","credit":"Amir 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When he bought his first home in San Francisco this year, he didn’t turn to a bank. Instead, he borrowed against his cryptocurrency."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Crypto enthusiasts such as Mr. Anderson are tapping their holdings to buy homes, cars and, often, more crypto. They are getting these loans from upstart nonbank lenders and automated, blockchain-based platforms."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Like banks, these lenders "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i1-SB11401322919499484579904588045113352083872","text":"typically take deposits"},{"text":". Unlike banks, their deposits take the form of crypto. The crypto deposits—which earn higher-than-average interest rates—are used to fund loans to borrowers who pledge crypto as collateral. These loans take many forms. Borrowers can get dollars or other traditional currencies, or stablecoins pegged to them, depending on the lender they are working with."}]},{"type":"Video","ref":"media-7"},{"type":"Paragraph","display":"Plain","content":[{"text":"The business is growing rapidly. One group of crypto lenders has $25 billion in loans outstanding to individual and institutional clients, up from $1.4 billion a year ago, according to the crypto research firm Messari."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"People use crypto-backed loans for the same reason they "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i2-SB11401322919499484579904588045113352083872","text":"borrow against their stock portfolios"},{"text":": to reap the benefits of rising prices without diminishing the size of their bets. Ether, for example, has risen nearly 10-fold in the past year, eclipsing the interest on the average ether-backed loan. Borrowers can also use this strategy to avoid capital-gains taxes."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Celsius Network depositors earn a 6.2% interest rate on up to one bitcoin, worth over $46,000. Borrowers pay between 0% and 8.95% on bitcoin-backed loans, depending on the loan-to-value ratio. Some of the money the company uses to fund the loans comes from hedge funds hungry for yield in a low-rate world, said Celsius Chief Executive Alex Mashinsky. He recommends that customers borrow to pay off their student loans and credit cards and to fund their weddings."}]},{"type":"Paragraph","display":"Plain","content":[{"type":"Entity","entity_type":"person","significance":"PassingMention","ref":"PERSON|Trenchev, Antoni","text":"Antoni Trenchev"},{"text":", co-founder and managing partner at the crypto lender Nexo Capital Inc., said, “The idea is to shift some of your digital assets into real-world profits so you can’t lose them.” "}]},{"type":"Inset","inset_type":"newsletterinset","properties":{"responsive":{"layout":"wrap"},"scope":{"scope":["web","mobileapps"]},"newslettername":"Markets","newsletterid":"263"},"ref":"inset-2"},{"type":"Paragraph","display":"Plain","content":[{"text":"The strategy, in turn, comes with real-world risks. Like traditional securities-based borrowing, crypto loans are typically for a percentage of pledged holdings. If the value of the collateral falls—as it often does in the volatile crypto market—the lender can issue a margin call and seize it all. Should a lender collapse or fall victim to "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i3-SB11401322919499484579904588045113352083872","text":"a digital heist"},{"text":", there is "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i4-SB11401322919499484579904588045113352083872","text":"no federal insurance"},{"text":" to compensate depositors."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Crypto lending has "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i5-SB11401322919499484579904588045113352083872","text":"drawn regulators’ attention"},{"text":". The Securities and Exchange Commission is investigating "},{"type":"Entity","entity_type":"company","significance":"Prominent","ref":"COMPANY|COIN","text":"Coinbase Global"},{"text":" Inc.’s "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i6-SB11401322919499484579904588045113352083872","text":"proposed crypto-lending plan"},{"text":" and has indicated that it would sue the company if it moves forward with the program. New Jersey’s securities regulator in July accused the crypto lender BlockFi of selling an unregistered security, a dispute that could prevent the company from opening new “interest accounts.” BlockFi said it is in discussions with regulators and believes the accounts are legal. "}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Henderson Le turned to BlockFi when he wanted to borrow 50% of the value of his crypto portfolio."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"The loan’s rate stands around 10%. Mr. Le keeps much of his loan proceeds in a BlockFi interest account that pays up to 8% on deposits, effectively lowering the interest rate he pays."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"He dipped into the fund to buy a new car. “It wasn’t a Lamborghini, just a normal Tesla,” he said. Mr. Le, a Vietnam native who now lives in the Los Angeles area, also used the fund to purchase a Montblanc pen—and more bitcoin."}]},{"type":"Image","ref":"media-8"},{"type":"Paragraph","display":"Plain","content":[{"text":"Many borrowers use the loans to amplify their bets on crypto. Kris Kostadinov, who goes by Kris Kay, took out a loan worth $14,000 in the tether stablecoin from the decentralized-finance platform Aave earlier this year and used the proceeds to buy ether. He used the ether to trade in and out of nonfungible tokens, or NFTs, which are blockchain-based authenticity certificates attached to digital assets such as artwork and sports highlights."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Though Mr. Kay, 27 years old, almost faced a margin call when the price of ether fell earlier this year, he estimates that he used the loan to fund investments now worth over $60,000."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"“If it was in a bank account, my money would just be going down, with inflation eating away at it,” Mr. Kay said."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Mr. Anderson, 30 years old, began investing in crypto in its early years. “I’m a crypto Boomer,” he said. In the decade since crypto’s start, the market has come to resemble the traditional financial system, with its own infrastructure of exchanges, market makers and lenders that help investors convert their digital currencies into dollars."}]},{"type":"Inset","inset_type":"richtext","properties":{"responsive":{"layout":"wrap"},"scope":{"scope":"web"}},"ref":"inset-3","content":[{"type":"Heading","sub_type":"Small","content":[{"text":"Share Your Thoughts"}]},{"type":"Paragraph","display":"Plain","content":[{"type":"Emphasis","emphasis_type":"Subscript","text":"Have you invested in cryptocurrency? What steps do you take to prevent big losses? Join the conversation below."}]}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Mr. Anderson was browsing real-estate listings when he spotted a great deal in his San Francisco neighborhood. After his offer was accepted, he logged onto an app linked to the Maker Protocol. He pledged a chunk of his ether holdings in exchange for a loan at a 0.5% rate."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"The loan hit his wallet almost immediately. It was denominated in Dai, a stablecoin whose value is pegged to the U.S. dollar. He used an exchange to swap the Dai into a stablecoin called USD Coin. He then used Coinbase to change the USD Coin into dollars. From Coinbase, he sent the money to his bank account. It took several days for the funds to clear. It was the slowest part of the transaction, Mr. Anderson said."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Mr. Anderson declined to give the size of his loan. The median home price in the San Francisco area is just over $1.5 million, according to "},{"type":"Entity","entity_type":"company","significance":"PassingMention","ref":"COMPANY|RDFN","text":"Redfin"},{"text":" Corp. He said he pledged ether worth 2½ times the amount of the loan to lower the odds of a margin call."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"The Maker Protocol is a “decentralized-finance,” or DeFi, platform, meaning the process behind the loan is automated and participants generally don’t have to identify themselves. Other lenders such as Nexo, BlockFi and Celsius operate with more human intervention and obtain information on a customer’s identity."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Craig Bickley recently borrowed through another DeFi platform, Anchor Protocol, to help finance a landscaping project at his home in Fort Worth, Texas."}]},{"type":"Image","ref":"media-9"},{"type":"Paragraph","display":"Plain","content":[{"text":"The 45-year-old electrical engineer and father of three, who first invested in crypto earlier this year, used Anchor to set up an elaborate series of deposits, loans and related investments designed to maximize yield. So far, he has earned $1,500 toward the cost of the $10,000 project."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"If Mr. Bickley wakes up in the middle of the night, he checks prices on his phone to make sure he isn’t facing a margin call. When "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i7-SB11401322919499484579904588045113352083872","text":"crypto prices fell"},{"text":" Tuesday, he spent part of the day tweaking positions to ward off liquidation."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"“What if I was on vacation and had no idea?” he said. “It’s not for the faint of heart.”"}]},{"type":"Inset","inset_type":"dynamic","properties":{"responsive":{"layout":"inline"},"scope":{"scope":["web","mobileapps"]},"url":"https://asset.wsj.net/wsjnewsgraphics/projects/narrator/6b1a689f-8207-40db-aa97-c22b0bc8a24d.json"},"ref":"inset-4"},{"type":"Paragraph","display":"Plain","content":[{"type":"Emphasis","emphasis_type":"Subscript","text":"Write to "},{"text":"Rachel Louise Ensign at "},{"link_type":"EXTERNAL","type":"Link","ref":"i9-SB11401322919499484579904588045113352083872","text":"rachel.ensign@wsj.com"}]}],"byline":{"content":[{"text":"By "},{"type":"Entity","entity_type":"author","ref":"author|Rachel Louise Ensign","text":"Rachel Louise Ensign"},{"text":" | Photographs by Dee Dwyer for The Wall Street Journal "}]},"column_name":"","copyright":{"text":"Dow Jones \u0026 Company, Inc."},"headline":{"main":{"text":"Crypto Fans Borrow to Buy Homes, Cars—and More Crypto"},"deck":{"type":"paragraph","content":[{"text":"Upstart lenders make it easy to take out loans backed by cryptocurrency holdings. Regulators are watching. 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One proposal is "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i2-SB10169659463611824544504588043200691138768","text":"an excise tax"},{"text":" on companies that buy back a “significant” amount of their own stock. Another would target companies that pay bosses a high multiple of average employee compensation."}]},{"type":"Inset","inset_type":"newsletterinset","properties":{"newslettername":"Heard Alert","newsletterid":"5","responsive":{"layout":"wrap"},"scope":{"scope":["web","mobileapps"]}},"ref":"inset-2"},{"type":"Paragraph","display":"Plain","content":[{"text":"Huge rewards in the C-suite are hard to defend: Executives can become far richer than even the heirs of their companies’ founders, sometimes retiring as billionaires through generous stock awards. The average large company CEO has seen a 1,322% jump in pay since 1978 and makes 351 times his or her average employee’s salary, "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i3-SB10169659463611824544504588043200691138768","text":"according to the Economic Policy Institute"},{"text":". While it is hard to argue that this is fair, or even good value for money, the Democratic proposals would just create more distortions. "}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Stock buybacks are a sorely misunderstood punching bag. Uncommon before a rule change in 1982, they have exploded over the last couple of decades to overtake dividends as the most common way companies return money to shareholders. Companies in the S\u0026P 500 paid out $178 billion via buybacks in the first quarter of this year. Analysts at DataTrek Research believe they could top $1 trillion in the next 12 months. In the last decade, "},{"type":"Entity","entity_type":"company","significance":"PassingMention","ref":"COMPANY|AAPL","text":"Apple"},{"text":" Inc. alone has bought back $442 billion of its shares and three other American companies have repurchased more than $100 billion apiece, according to S\u0026P Global."}]},{"type":"Inset","inset_type":"dynamic","properties":{"url":"https://asset.wsj.net/dynamic-insets/charts/cdc_566f95c4d4776514244058ee.json","responsive":{"layout":"inline"},"scope":{"scope":["web","mobileapps"]}},"ref":"inset-3"},{"type":"Paragraph","display":"Plain","content":[{"text":"But a lot of criticism has been heaped on buybacks from people who get the most basic things wrong about them. For example, "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i5-SB10169659463611824544504588043200691138768","text":"an incendiary article"},{"text":" in a major magazine commenting on Apple becoming the first trillion dollar company in 2018 called the achievement a “scam” achieved through buybacks rather than great products like the iPhone. The writer, whose thesis was "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i6-SB10169659463611824544504588043200691138768","text":"repeated elsewhere"},{"text":", got his math backward. Buybacks reduce the number of shares as they boost earnings per share. While this often helps to boost the share price, the same can’t be said for total market capitalization. Apple might have reached the $1 trillion milestone sooner by instead hoarding cash. Meanwhile, pension and retirement accounts that hold the shares were the overwhelming beneficiaries of those buybacks, not executives."}]},{"type":"Inset","inset_type":"relatedbyarticletype","properties":{"noh":"4","responsive":{"layout":"wrap"},"scope":{"scope":["web","mobileapps"]}},"ref":"inset-4","content":[{"type":"Heading","sub_type":"Small","content":[{"text":"More Heard on the Street"}]},{"type":"Paragraph","display":"Plain"}]},{"type":"Paragraph","display":"Plain","content":[{"text":"And, in a critique of the corporate tax cuts passed during the Trump administration, Americans for Tax Fairness pointed out that much of the windfall was used for buybacks and that they “mostly enrich the already wealthy, including CEOs, because rich people own most corporate stock.” Well, yes, but the same could be said of any dollar of profit earned by a company. The fact that it is used to buy back stock rather than pay down borrowings, invest in a new project or go into the company’s bank account makes no difference to the owner’s wealth."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"What does make a difference is if it is misspent. A politician who would never think to tell a local restaurant owner who just had a good year to use the windfall to "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i7-SB10169659463611824544504588043200691138768","text":"expand her dining room"},{"text":" or keep the money in the bank earnings peanuts instead of giving herself a raise. Using tax policy to sway that sort of a decision by big companies could lead to lousy investments. "}]},{"type":"Paragraph","display":"Plain","content":[{"text":"The worst thing one can say about buybacks is that executives laden with stock options have an ulterior motive to choose them instead of dividends as a way of returning money to shareholders since it can increase the value of those options. And companies admittedly also are pretty awful at stock market timing. For example, S\u0026P 500 companies bought back more than twice as much stock in 2020’s first quarter when prices were at record highs than during the second quarter when their shares were on sale as a result of the pandemic. "}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Quarterly dividends tend to be a lot more stable, but not necessarily better for shareholders. A long-term owner of a company like "},{"type":"Entity","entity_type":"company","significance":"PassingMention","ref":"COMPANY|BRKA","text":"Berkshire Hathaway"},{"text":", which only returns cash through buybacks, can choose to realize a profit and pay taxes only when the money is actually needed."}]},{"type":"Inset","inset_type":"dynamic","properties":{"url":"https://asset.wsj.net/dynamic-insets/charts/cdc_2f3e19906db1c140ad21bf34.json","responsive":{"layout":"wrap"},"scope":{"scope":["web","mobileapps"]}},"ref":"inset-5"},{"type":"Paragraph","display":"Plain","content":[{"text":"Capping executive pay at a certain ratio would raise problems too. Consider two similarly compensated CEOs, "},{"type":"Entity","entity_type":"person","significance":"PassingMention","ref":"PERSON|O'Day, Daniel","text":"Daniel O’Day"},{"text":" of "},{"type":"Entity","entity_type":"company","significance":"PassingMention","ref":"COMPANY|GILD","text":"Gilead Sciences"},{"text":" and "},{"type":"Entity","entity_type":"person","significance":"PassingMention","ref":"PERSON|Quincey, James","text":"James Quincey"},{"text":" of "},{"type":"Entity","entity_type":"company","significance":"PassingMention","ref":"COMPANY|KO","text":"Coca-Cola"},{"text":". Mr. O’Day makes 76 times his average employee’s pay while the slightly lower-paid Mr. Quincey makes 1,621 times as much, according to executive compensation tracker Equilar. People who make and distribute soft drinks tend to earn a lot less than scientists so the ratio is skewed, but Mr. Quincey’s company earns more profit. Enforcing pay ratios would send the top executive talent to investment banks, software companies or biotech firms instead of retailers, trucking companies or restaurant chains."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Politicians wanting to raise revenue and strike a blow against wealth inequality might have found the path of least resistance by trying to do so at the expense of some of the best paid people in America, but there is a simpler way: just raise taxes on capital gains or on high incomes even more than planned. If that proves too politically fraught, making it easier for the "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i9-SB10169659463611824544504588043200691138768","text":"nearly half of Americans with no retirement savings"},{"text":" to own stocks without 401(k) plans would help too. 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That order asked the bank to offer restitution to customers and improve risk-and-compliance management practices."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"The newest penalty is a setback for Wells Fargo five years after the bank first became embroiled in scandal for creating perhaps millions of fake customer bank accounts. Chief Executive Charles Scharf has spent the last two years trying to make nice with regulators, but a long list of penalties remain in place. The bank indicated in recent regulatory filings that its overseers were losing patience."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"“Wells Fargo has not met the requirements of the OCC’s 2018 action against the bank. This is unacceptable,” said Acting Comptroller of the Currency "},{"type":"Entity","entity_type":"person","significance":"PassingMention","ref":"PERSON|Hsu, Michael J.","text":"Michael J. 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"}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Mr. Scharf has long indicated that the bank’s transformation will take multiple years, and so far has included an overhaul of its business lines and leadership team."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"“Progress will come alongside setbacks,” he said. “That said, we believe we’re making significant progress, the work required is clear, and I remain confident in our ability to complete it.”"}]},{"type":"Paragraph","display":"Plain","content":[{"text":"The bank said that, as one example of its progress, the Consumer Financial Protection Bureau allowed its initial penalty for the fake accounts to expire on Wednesday, five years after it was first put in place."}]},{"type":"Paragraph","display":"Plain"},{"type":"Paragraph","display":"Plain"},{"type":"Paragraph","display":"Plain","content":[{"type":"Emphasis","emphasis_type":"Subscript","text":"Write to "},{"text":"Ben Eisen at 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Wall Street Journal Interactive Edition"},"parser_version":"1.0.708.0"}},{"type":"content","id":"drn:consumer.content.Originid.SB11401322919499484579904588043013418974072","attributes":{"associations":{"root_id":"SB01401322919499484579904588043013418974072"},"authors":[{"full_name":"Scott Patterson","topic_id":"7818"}],"body":[{"type":"Inset","inset_type":"bigtophero","properties":{"imagecaption":"Battery cells being tested at high temperatures at battery company Ambri in Marlborough, Mass.","datatype":"Image","headlineplacement":"LowerThird","urllarge":"https://images.wsj.net/im-398069/IM","responsive":{"layout":"bigtophero"},"scope":{"scope":["web","mobileapps"]},"urlsmall":"https://images.wsj.net/im-398069/SQUARE","headlineiswhite":"true","flashline":"true"},"ref":"inset-1"},{"type":"Paragraph","display":"Plain","content":[{"text":"Big investors are charging into startups touting experimental new battery technologies that would make it possible for renewable energy sources to produce most of the country’s electricity."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Deep-pocketed investment firms such as TPG, Apollo Global Management and Paulson \u0026 Co. in recent months have plowed hundreds of millions of dollars into the companies, which make what are called long-duration batteries."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Unlike mobile-phone or electric-car batteries that can deliver electricity for about four hours straight, long-duration batteries can discharge for longer periods, ranging from six hours to several days, and store far more power. That allows them to overcome the major drawback of renewable energy: The wind doesn’t always blow and the sun doesn’t always shine. The batteries can release electricity into the power grid when customers need it, cutting dependence on fossil fuels. They can also be used as backup power sources after storms."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Between 2021 and 2023, power companies are expected to install large-scale battery systems capable of producing 10,000 megawatts of power, 10 times the capacity that existed in 2019, according to an August report by the Energy Information Administration. One reason is cheaper batteries. Battery-storage costs fell by 72% between 2015 and 2019, according to the EIA."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"The Energy Department in July set a goal of reducing the cost of grid-scale long-duration energy storage by 90% within the decade. “We’re going to bring hundreds of gigawatts of clean energy onto the grid over the next few years,” Secretary of Energy "},{"type":"Entity","entity_type":"person","significance":"PassingMention","ref":"PERSON|Granholm, Jennifer","text":"Jennifer Granholm"},{"text":" said in a statement."}]},{"type":"Inset","inset_type":"dynamic","properties":{"responsive":{"layout":"wrap"},"scope":{"scope":["web","mobileapps"]},"url":"https://asset.wsj.net/wsjnewsgraphics/ai2html/811098d5-a6e5-497e-b3d6-d9690d0e0c79.json"},"ref":"inset-2"},{"type":"Paragraph","display":"Plain","content":[{"text":"Renewable energy makes up one-fifth of utility-scale electricity generation in the U.S., compared with about 60% that comes from natural gas and coal, with nuclear making up most of the rest, according to the EIA. The Energy Department on Wednesday released a report showing that solar energy alone could power as much as 40% of the nation’s electricity by 2035."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Shifting the power grid toward renewables is an important part of the decarbonization puzzle, experts say. Not only does it remove fossil-fuel burning power plants from the grid, it means electric vehicles will be able to charge from sources that don’t add greenhouse gases to the atmosphere."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Investor interest in energy storage has soared in the past year. Venture capital firms have invested $4.9 billion in rechargeable battery companies so far this year, up from $1.6 billion in all of 2020, according to PitchBook. "}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Despite the momentum, investing in rechargeable battery companies can be risky. Some technologies that seem attractive in a lab don’t pan out on an industrial scale because of the complexity of manufacturing the devices and the cost of materials in the batteries."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"“This is a field littered with miscues and failed attempts,” said Marc Mezvinsky, business unit partner with TPG. The firm recently invested in Form Energy Inc., a Somerville, Mass., company that has developed a battery it says can discharge electricity for 150 hours straight. “We believe in the technology” at Form, Mr. Mezvinsky said."}]},{"type":"Inset","inset_type":"richtext","properties":{"responsive":{"layout":"wrap"},"scope":{"scope":"web"}},"ref":"inset-3","content":[{"type":"Heading","sub_type":"Small","content":[{"text":"SHARE YOUR THOUGHTS"}]},{"type":"Paragraph","display":"Plain","content":[{"type":"Emphasis","emphasis_type":"Subscript","text":"What will investment in battery technologies mean for the electrical grid? Join the conversation below."}]}]},{"type":"Paragraph","display":"Plain","content":[{"text":"In August, Ambri Inc., a Marlborough, Mass., battery company said it had secured $144 million in financing to help commercialize its long-duration technology and build a manufacturing facility. Investors included Paulson \u0026 Co. and Microsoft Corp. co-founder "},{"type":"Entity","entity_type":"person","significance":"PassingMention","ref":"PERSON|Gates, Bill","text":"Bill Gates"},{"text":", the company said."}]},{"type":"Paragraph","display":"Plain","content":[{"type":"Entity","entity_type":"person","significance":"PassingMention","ref":"PERSON|Sadoway, Donald","text":"Donald Sadoway"},{"text":", the Massachusetts Institute of Technology chemist behind the technology, said investors are more open to alternative battery technologies than they were when he started the company more than a decade ago. “It feels a lot better than it did at the beginning of the journey,” he said. “There’s a greater appreciation for the need for storage.”"}]},{"type":"Image","ref":"media-7"},{"type":"Paragraph","display":"Plain","content":[{"text":"Ambri was started with seed money from Mr. Gates and French energy company Total SA, now known as TotalEnergies SE. The company is based on a liquid-metal technology Mr. Sadoway developed in his lab at MIT. Unlike lithium-ion batteries that can overheat and catch fire, Mr. Sadoway’s batteries thrive on heat and require temperatures of around 750 to 1,000 degrees Fahrenheit to operate."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Form Energy in late August closed a round of fundraising that brought in $240 million, including investments from TPG’s Rise Fund. State and federal mandates on clean energy have helped give investors more confidence that the trend will be lasting, Form Energy Chief Executive Mateo Jaramillo said. Investors in recent years have been burned by battery companies that didn’t pan out because of technical snafus or weak consumer enthusiasm for electric vehicles."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"The trend should help encourage more innovation in batteries, according to Mr. Jaramillo. Big investors are putting cash into more established battery startups that are scaling up production. That gives early-stage investors more confidence there will be funding for companies that are often little more than an idea hatched in a lab."}]},{"type":"Image","ref":"media-8"},{"type":"Paragraph","display":"Plain","content":[{"text":"The workhorse of Form Energy’s battery is a cheap, abundant element: iron. A collection of the batteries can fill entire warehouses and discharge electricity for nearly a week. That gives it a different use than a battery with a shorter discharge period such as Ambri’s, which can discharge for about as much as 24 straight hours, according to Mr. Sadoway."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Companies that help manage the complex task of directing energy to and from battery storage platforms are also attracting interest from big investors. In August, FlexGen Power Systems Inc., which provides software to manage energy storage, said Apollo Global Management Inc. funds had invested $150 million in the company."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"FlexGen CEO Kelcy Pegler said the rise in electricity outages such as those seen in Texas and New Orleans this year in the wake of storms is increasing the urgency to expand energy storage."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"“These events are really an eye-opener,” he said. “We’ve exhausted all reasonable excuses for not making our grid more intelligent.”"}]},{"type":"Video","ref":"media-9"},{"type":"Paragraph","display":"Plain","content":[{"type":"Emphasis","emphasis_type":"Subscript","text":"Write to "},{"text":"Scott Patterson at "},{"link_type":"EXTERNAL","type":"Link","ref":"i4-SB11401322919499484579904588043013418974072","text":"scott.patterson@wsj.com"}]}],"byline":{"content":[{"text":"By 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Since 2013, fund companies have rebranded 64 funds, which had $35 billion in assets as of June."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"The American Century Fundamental Equity Fund is now the "},{"type":"Entity","entity_type":"mutual-fund","significance":"Prominent","ref":"MUTUAL-FUND|AFEGX","text":"Sustainable Equity Fund"},{"text":", the USAA World Growth Fund is the "},{"type":"Entity","entity_type":"mutual-fund","significance":"Prominent","ref":"MUTUAL-FUND|USWGX","text":"USAA Sustainable World Fund"},{"text":" and the Putnam Multi-Cap Growth Fund is now the "},{"type":"Entity","entity_type":"mutual-fund","significance":"Prominent","ref":"MUTUAL-FUND|PSLGX","text":"Putnam Sustainable Leaders Fund"},{"text":". Assets for all three are up since the rebrandings."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Many of these funds are actively managed and were experiencing chronic outflows prior to rebranding, said Morningstar Head"},{"type":"Entity","entity_type":"person","significance":"Prominent","ref":"PERSON|Hale, Jon"},{"text":" of Sustainability Research"},{"type":"Entity","entity_type":"person","significance":"Prominent","ref":"PERSON|Hale, Jon"},{"type":"Entity","entity_type":"person","significance":"Prominent","ref":"PERSON|Hale, Jon","text":"Jon Hale"},{"text":". “You have big fund companies with an inventory of funds, a lot of which aren’t really attracting assets anymore, saying ‘OK, here’s this new investment trend happening; what do we do?’” Mr. Hale said."}]},{"type":"Inset","inset_type":"dynamic","properties":{"responsive":{"layout":"inline"},"scope":{"scope":["web","mobileapps"]},"url":"https://asset.wsj.net/dynamic-insets/charts/cdc_9f13078cc11147ba1b405c5e.json"},"ref":"inset-1"},{"type":"Paragraph","display":"Plain","content":[{"text":"The shift is akin to a car company freshening up a tired model. Actively managed funds, which are run by stock pickers, have been losing investor cash for years. Similar funds with a sustainable label have been raking in money, according to Morningstar."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Of the 64 rebranded funds, 35 were suffering from investor withdrawals in the three years before they went green, according to a Wall Street Journal analysis of Morningstar data. At 13 of the funds, investors began putting in cash again. 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The Sustainable World Fund continued to hold shares of companies such as mining firm "},{"type":"Entity","entity_type":"company","significance":"PassingMention","ref":"COMPANY|RIO.LN","text":"Rio Tinto"},{"text":" PLC and purchased shares in oil-and-gas companies after rebranding."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"“We believe incorporating ESG considerations into a portfolio should be an input under a larger mosaic of considerations any manager evaluates to achieve a well-balanced, diversified portfolio,” said "},{"type":"Entity","entity_type":"person","significance":"PassingMention","ref":"PERSON|Dhillon, Mannik S.","text":"Mannik S. 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Three years later and under a new name, the Sustainable Equity Fund brought in a net $1.7 billion."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"“To us, that was an affirmation that we made the right changes,” said American Century Vice President "},{"type":"Entity","entity_type":"person","significance":"PassingMention","ref":"PERSON|Reiland, Joe","text":"Joe Reiland"},{"text":". “The performance was getting better, the investment community was more interested in investing sustainably and it made us more marketable to clients.”"}]},{"type":"Image","ref":"media-11"},{"type":"Paragraph","display":"Plain","content":[{"text":"The fund beat the S\u0026P 500 over the past five years and boasts its portfolio companies emit 67% fewer greenhouse gases than the index, according to the fund’s sustainability report. The fund dumped shares of 12 firms during the transition including "},{"type":"Entity","entity_type":"company","significance":"PassingMention","ref":"COMPANY|XOM","text":"Exxon Mobil"},{"text":" Corp. while adding electric-vehicle maker "},{"type":"Entity","entity_type":"company","significance":"PassingMention","ref":"COMPANY|TSLA","text":"Tesla"},{"text":" Inc."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"It kept "},{"type":"Entity","entity_type":"company","significance":"Prominent","ref":"COMPANY|COP","text":"ConocoPhillips"},{"text":", even though it is a big greenhouse-gas emitter, because it was shifting more toward sustainability, Mr. Reiland said. “After analyzing the two, ConocoPhillips was demonstrating the ability to become an ESG leader over Exxon,” Mr. Reiland said."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Other companies frequently dumped by rebranded funds were oil-and-gas producer "},{"type":"Entity","entity_type":"company","significance":"PassingMention","ref":"COMPANY|DVN","text":"Devon Energy"},{"text":" Corp., tobacco firm "},{"type":"Entity","entity_type":"company","significance":"Prominent","ref":"COMPANY|PM","text":"Philip Morris International"},{"text":" Inc. and aerospace companies "},{"type":"Entity","entity_type":"company","significance":"Prominent","ref":"COMPANY|GD","text":"General Dynamics"},{"text":" Corp. and "},{"type":"Entity","entity_type":"company","significance":"Prominent","ref":"COMPANY|BA","text":"Boeing"},{"text":" Co., according to a Journal analysis of constituents of 43 funds with historical data."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Rebranded funds typically bought tech companies such as chip maker "},{"type":"Entity","entity_type":"company","significance":"Prominent","ref":"COMPANY|TXN","text":"Texas Instruments"},{"text":" Inc. and software maker "},{"type":"Entity","entity_type":"company","significance":"Prominent","ref":"COMPANY|CDNS","text":"Cadence Design Systems"},{"text":" Inc. One reason sustainable funds have done well is because technology companies have trounced energy stocks in the past few years. Nearly 70% of 286 sustainable funds ranked in the top half of their performance category last year, according to Morningstar."}]},{"type":"Inset","inset_type":"dynamic","properties":{"responsive":{"layout":"inline"},"scope":{"scope":["web","mobileapps"]},"url":"https://asset.wsj.net/dynamic-insets/charts/cdc_36abcd1916aad779b5a9ba16.json"},"ref":"inset-4"},{"type":"Paragraph","display":"Plain","content":[{"text":"Assets in Putnam Investments’ Putnam Multi-Cap Growth and Multi-Cap Value funds were hovering near their lowest point since the early 2000s when the company rebranded both funds."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Assets of the rechristened Putnam Sustainable Leaders Fund rose by 66% to $6.5 billion as of this June. The "},{"type":"Entity","entity_type":"mutual-fund","significance":"Prominent","ref":"MUTUAL-FUND|PNOTX","text":"Putnam Sustainable Future Fund"},{"text":" grew its assets by 93% to $649 million, according to the Journal’s analysis. Both funds have outperformed their benchmarks and the S\u0026P 500 in the past three years after periods of mixed performance prior to rebranding."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"The Sustainable Future Fund underwent the most dramatic change, shifting 75% of its portfolio to focus on sustainable firms, according to Putnam’s head of sustainable investing, "},{"type":"Entity","entity_type":"person","significance":"Prominent","ref":"PERSON|Collins, Katherine","text":"Katherine Collins"},{"text":". “There are a wide range of approaches that folks are taking in developing sustainable funds, and for Putnam it was pretty far into the heavy-lift side of things.”"}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Stocks in energy firms like ConocoPhillips were dropped, and renewable-resource firms were added such as solar-panel maker "},{"type":"Entity","entity_type":"company","significance":"Prominent","ref":"COMPANY|RUN","text":"Sunrun"},{"text":" Inc., which was a top contributor to the fund’s 2020 performance."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"“We’re happy not just with the numbers but with how those numbers have been generated,” Ms. Collins said."}]},{"type":"Inset","inset_type":"dynamic","properties":{"responsive":{"layout":"inline"},"scope":{"scope":["web","mobileapps"]},"url":"https://asset.wsj.net/wsjnewsgraphics/projects/narrator/cecc20d3-2aa4-45fe-b363-4cf205fac790.json"},"ref":"inset-5"},{"type":"Paragraph","display":"Plain","content":[{"type":"Emphasis","emphasis_type":"Subscript","text":"Write to "},{"text":"Shane Shifflett at "},{"link_type":"EXTERNAL","type":"Link","ref":"i9-SB11401322919499484579904588041262590022632","text":"Shane.Shifflett@wsj.com"}]},{"type":"Inset","inset_type":"richtext","properties":{"responsive":{"layout":"inline"},"scope":{"scope":"web"}},"ref":"inset-6","content":[{"type":"Heading","sub_type":"Small","content":[{"text":"SHARE YOUR THOUGHTS"}]},{"type":"Paragraph","display":"Plain","content":[{"type":"Emphasis","emphasis_type":"Subscript","text":"What should be the benchmarks for “going green?” Join the conversation below."}]}]}],"byline":{"content":[{"text":"By "},{"type":"Entity","entity_type":"author","ref":"author|Shane Shifflett","text":"Shane Shifflett"}]},"column_name":"","copyright":{"text":"Dow Jones \u0026 Company, Inc."},"headline":{"main":{"text":"Funds Go Green, but Sometimes in Name Only"},"deck":{"type":"paragraph","content":[{"text":"Companies are turning their struggling funds green to capture the flood of cash into sustainable investments"}]}},"hosted_url":"https://www.wsj.com/articles/funds-go-green-but-sometimes-in-name-only-11631179801","content_resources":[{"name":"Shane Shifflett","id":"author|Shane Shifflett","type":"author"},{"name":"Rio Tinto","significance":"PASSING-MENTION","id":"company|RIO.LN","type":"company"},{"name":"Exxon 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"},{"type":"Entity","entity_type":"person","significance":"Prominent","ref":"PERSON|Soros, George","text":"George Soros"},{"text":" is battling it out with "},{"type":"Entity","entity_type":"person","significance":"PassingMention","ref":"PERSON|Fink, Larry","text":"Larry Fink"},{"text":" over investing in China."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"The world’s largest money manager, "},{"type":"Entity","entity_type":"company","significance":"Prominent","ref":"COMPANY|BLK","text":"BlackRock"},{"text":", has raised around $1 billion for "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i1-SB11401322919499484579904588044351655275158","text":"a mutual fund for Chinese individuals"},{"text":", the first and only foreign firm allowed to do so in the country. More may soon follow suit. The country’s growing middle class offers largely untapped opportunities for foreign investment-management firms. BlackRock’s internal think tank also recommended in August that global investors boost exposure to China."}]},{"type":"Inset","inset_type":"dynamic","properties":{"responsive":{"layout":"wrap"},"scope":{"scope":["web","mobileapps"]},"url":"https://asset.wsj.net/dynamic-insets/charts/cdc_283d5873032df6bcf4a59612.json"},"ref":"inset-1"},{"type":"Paragraph","display":"Plain","content":[{"text":"As part of the 2020 trade deal with the U.S., China has been opening up its financial industry. Earlier this year, JPMorgan got permission to take full control of its securities business there. Previously, foreign brokers had been required to operate through joint ventures."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"If you are scratching your head wondering why Beijing is welcoming American securities firms while relations with the U.S. are plumbing new depths, the answer is simple: The move is in China’s interest, too."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Beijing has long wanted "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i3-SB11401322919499484579904588044351655275158","text":"capital markets to play a larger role"},{"text":" in China. Chinese companies rely mostly on bank loans and retained profit for investment, which is quite different from many other major economies. Around 60% of outstanding total social financing, a broad measure of credit in the economy, comes from bank loans, according to data provider Wind, while corporate bonds and equity for nonfinancial companies make up around 12%. In the U.S., equities and bonds provide 73% of funding for nonfinancial corporations. The stranglehold of state-owned banks on the financial system makes it harder for small businesses without good connections to secure long-term funding to grow—even if they have an innovative, well-run business model."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"And with Beijing more wary of "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i4-SB11401322919499484579904588044351655275158","text":"dependence on U.S. stock markets"},{"text":", the problem has become more urgent. The involvement of names like BlackRock could help gain the trust of domestic investors and redirect Chinese household savings out of real estate, which "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i5-SB11401322919499484579904588044351655275158","text":"Beijing wants to shift the economy away from"},{"text":"."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Apart from opening up finance to foreign players, China has  rolled out the welcome mat for investors outside mainland China. Offshore investors, including those based in Hong Kong, now hold 7.6 trillion yuan, the equivalent of $1.2 trillion, of Chinese domestic stocks and bonds as of June, according to data from China’s central bank via Wind. That has quadrupled the amount four years ago but is still a drop in the ocean of the country’s $19 trillion bond and $13 trillion stock markets. Such inflows could also help offset capital outflows from China-based investors and bring discipline to the market."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"BlackRock’s moves have drawn criticism from some quarters. Veteran hedge-fund manager George Soros wrote an opinion piece this week in The Wall Street Journal calling "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i6-SB11401322919499484579904588044351655275158","text":"BlackRock’s investment in China a blunder"},{"text":". He said that pouring billions of dollars into China would likely lose money for its clients and damage the national-security interests of the U.S. and other democracies."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Investors in Chinese companies listed abroad are nursing "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i7-SB11401322919499484579904588044351655275158","text":"deep wounds from Beijing’s crackdown"},{"text":" on companies in profitable sectors including internet technology and education. Wall Street has been a "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i8-SB11401322919499484579904588044351655275158","text":"rare winner from U.S.-China tensions"},{"text":" but is now clearly in the firing line as well. If Washington and Beijing stand down on this particular battlefield—and Chinese stocks recover from their current beating —BlackRock could win big. If not, the damage could be significant as well."}]},{"type":"Paragraph","display":"Plain","content":[{"type":"Emphasis","emphasis_type":"Subscript","text":"Write to "},{"text":"Jacky Wong at "},{"link_type":"EXTERNAL","type":"Link","ref":"i9-SB11401322919499484579904588044351655275158","text":"jacky.wong@wsj.com"}]}],"byline":{"content":[{"text":"By "},{"type":"Entity","entity_type":"author","ref":"author|Jacky Wong","text":"Jacky Wong"}]},"column_name":"Heard on the Street","copyright":{"text":"Dow Jones \u0026 Company, Inc."},"headline":{"flashline":{"type":"flashline","content":[{"text":"Heard on the Street"}]},"main":{"text":"BlackRock-Soros Feud Is a Microcosm of Wall Street’s China Dilemma"},"deck":{"type":"paragraph","content":[{"text":"BlackRock is making a big bet on the hunger of China’s individual investors for professional asset management—and on the fraught politics of the U.S.-China relationship"}]}},"hosted_url":"https://www.wsj.com/articles/blackrock-soros-feud-is-a-microcosm-of-wall-streets-china-dilemma-11631184772","content_resources":[{"name":"Jacky Wong","id":"author|Jacky Wong","type":"author"},{"name":"BlackRock","significance":"PROMINENT","id":"company|BLK","type":"company"},{"first_name":"","last_name":"","confidence":0,"name_format":"GivenNameFirst","id":"person|Soros, George","type":"person"},{"first_name":"","last_name":"","confidence":0,"name_format":"GivenNameFirst","id":"person|Fink, Larry","type":"person"},{"variant":"external","type":"link","uri":"https://www.wsj.com/articles/blackrock-raises-1-billion-for-first-chinese-mutual-fund-run-by-foreign-firm-11631059200","id":"i1-SB11401322919499484579904588044351655275158"},{"variant":"external","type":"link","uri":"https://www.wsj.com/articles/chinese-stocks-need-better-rules-not-a-new-exchange-11630666117","id":"i3-SB11401322919499484579904588044351655275158"},{"variant":"external","type":"link","uri":"https://www.wsj.com/articles/the-end-of-the-u-s-china-tech-stock-bromance-11625744592","id":"i4-SB11401322919499484579904588044351655275158"},{"variant":"external","type":"link","uri":"https://www.wsj.com/articles/what-if-chinas-property-crackdown-goes-overboard-too-11631017035","id":"i5-SB11401322919499484579904588044351655275158"},{"variant":"external","type":"link","uri":"https://www.wsj.com/articles/blackrock-larry-fink-china-hkex-sse-authoritarianism-xi-jinping-term-limits-human-rights-ant-didi-global-national-security-11630938728","id":"i6-SB11401322919499484579904588044351655275158"},{"variant":"external","type":"link","uri":"https://www.wsj.com/articles/beijing-gives-tech-investors-a-brutal-new-tutorial-11627377792","id":"i7-SB11401322919499484579904588044351655275158"},{"variant":"external","type":"link","uri":"https://www.wsj.com/articles/china-has-one-powerful-friend-left-in-the-u-s-wall-street-11606924454","id":"i8-SB11401322919499484579904588044351655275158"},{"variant":"email","type":"link","uri":"mailto:jacky.wong@wsj.com","id":"i9-SB11401322919499484579904588044351655275158"},{"type":"image","media_type":"Photo","reuse_type":"full","slug":"S1-LX496_0909cf_M_20210909062754.jpg","name":"S1-LX496_0909cf_M_20210909062754.jpg","width":1280,"height":853,"size_code":"M","alternate_text":"image","credit":"Simon Dawson/Bloomberg News","alt_images":[{"name":"S1-LX496_0909cf_A_20210909062754.jpg","width":76,"height":76,"size_code":"A","url":"https://images.wsj.net/im-398151/A"},{"name":"S1-LX496_0909cf_C_20210909062754.jpg","width":167,"height":94,"size_code":"C","url":"https://images.wsj.net/im-398151/C"},{"name":"S1-LX496_0909cf_D_20210909062754.jpg","width":262,"height":174,"size_code":"D","url":"https://images.wsj.net/im-398151/D"},{"name":"S1-LX496_0909cf_E_20210909062754.jpg","width":359,"height":239,"size_code":"E","url":"https://images.wsj.net/im-398151/E"},{"name":"S1-LX496_0909cf_G_20210909062754.jpg","width":553,"height":369,"size_code":"G","url":"https://images.wsj.net/im-398151/G"}],"properties":{"softcrop":"Full Sized Horizontal","location":"https://images.wsj.net/im-398151/?size=1.5","imphotoid":"im-398151"},"id":"media-6"},{"type":"image","media_type":"Photo","reuse_type":"full","slug":"0909cfundherd","name":"S1-LX496_0909cf_OR_20210909062754.jpg","width":1279,"height":853,"alternate_text":"image","credit":"Simon Dawson/Bloomberg News","caption":"George Soros wrote an opinion piece in The Wall Street Journal calling BlackRock’s investment in China a blunder. 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Stablecoins are crypto assets that are "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i5-SB11401322919499484579904588042672308271326","text":"supposed to maintain a peg"},{"text":" to national currencies, such as the dollar, and make it easier "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i6-SB11401322919499484579904588042672308271326","text":"to swap from one crypto asset"},{"text":" to another. Coinbase planned to eventually expand the program to include other cryptocurrencies."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"The SEC indicated the activity would constitute a type of investment that needs to be registered with the government under investor-protection laws. Several state regulators, including in New Jersey, have accused other crypto lending platforms, including one offered by BlockFi Inc., of violating securities laws."}]},{"type":"Inset","inset_type":"dynamic","properties":{"responsive":{"layout":"wrap"},"scope":{"scope":["web","mobileapps"]},"url":"https://asset.wsj.net/dynamic-insets/charts/cdc_75cd0bee2758b1d716d71267.json"},"ref":"inset-1"},{"type":"Paragraph","display":"Plain","content":[{"text":"Regulators last week gave Coinbase official notice that they plan to take civil enforcement action over the program, the company "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i8-SB11401322919499484579904588042672308271326","text":"wrote in a blog post"},{"text":". Public companies rarely disclose SEC investigations through blog posts and tweets, but crypto companies have become increasingly frustrated with what they view as the SEC’s "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i9-SB11401322919499484579904588042672308271326","text":"zeal to regulate their industry"},{"text":"."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Coinbase said its interactions with the SEC began about six months ago. An SEC spokesman declined to comment."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Coinbase disputes that its program would constitute an investment contract that should be overseen by the SEC. Mr. Armstrong tweeted that federal regulators wouldn’t explain their reasoning to Coinbase. Several U.S. Supreme Court opinions created the test for what constitutes a security, including one that addressed loans or notes that pay interest to investors."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"“They refuse to tell us why they think it’s a security, and instead subpoena a bunch of records from us (we comply), demand testimony from our employees (we comply), and then tell us they will be suing us if we proceed to launch, with zero explanation as to why,” Mr. Armstrong wrote on Twitter late Tuesday."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"In addition to talking to Coinbase, regulators “asked for the name and contact information of every single person” who signed up to use the program, Coinbase wrote on its blog. Coinbase said it would not offer the lending program until October at the earliest. "}]},{"type":"Inset","inset_type":"tweet","properties":{"responsive":{"layout":"wrap"},"scope":{"scope":["web","mobileapps"]},"url":"https://twitter.com/brian_armstrong/status/1435439676429537281"},"ref":"inset-2"},{"type":"Paragraph","display":"Plain","content":[{"text":"Some crypto companies in the past have complained that regulators won’t explain whether products should be classified as securities or some other type of asset. According to Coinbase, the SEC provided that answer, although it wasn’t the one the company wanted. "}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Some assets that look like investments may not be subject to SEC oversight if they are covered by another regulatory regime, said Rohan Grey, a professor at Willamette University College of Law. Crypto lending programs don’t appear to qualify for that exemption, he said, since they don’t comply with other regulatory frameworks, such as banking regulation. "}]},{"type":"Paragraph","display":"Plain","content":[{"text":"“The clarity Coinbase wants now is not whether they should proceed or not,” Mr. Grey said. “What they want is for the SEC to essentially show its hand on their terms, so they can start the process of trying to go around the SEC or contesting the decision.”"}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Richard Levin, an attorney who advises cryptocurrency companies, said it isn’t clear that every lending program qualifies for SEC oversight. Litigation could provide some clarity, but courts historically show deference to regulators’ view of the law, he added."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"“We are getting into a more mature market where a number of players with substantial financial wherewithal may choose to litigate, and where a court may take a different position than what the SEC would hope,” said Mr. Levin, chair of the fintech and regulation practice at Nelson Mullins Riley \u0026 Scarborough LLP. "}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Lending out digital coins has become a common way for "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i11-SB11401322919499484579904588042672308271326","text":"crypto traders to earn extra money"},{"text":" and has fueled much of the growth in the so-called DeFi, or decentralized finance, sector. The extra liquidity allows speculators to borrow for derivatives trading or other trading activities."}]},{"type":"Video","ref":"media-8"},{"type":"Paragraph","display":"Plain","content":[{"text":"The term DeFi encompasses a variety of projects that seek to automate traditional financial activities, such as trading or lending, using cryptocurrencies. There is currently about $115 billion in assets on DeFi exchanges, according to the website DappRadar."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"The Wall Street Journal "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i12-SB11401322919499484579904588042672308271326","text":"reported last week"},{"text":" that the SEC recently sent letters to several startups seeking information about crypto lending platforms they built. Regulators sought company information such as quarterly revenue, founders and any analysis concerning whether digital assets are actually securities that should be registered with the SEC, according to people familiar with the matter."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Many crypto developers insist SEC oversight doesn’t fit their technology and trading programs."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Because so many have bypassed the SEC’s front door, the agency has tried to rein them in through enforcement, a slow process that requires investigating a particular product and either suing the team behind it or persuading them to settle and adopt the SEC’s requirements."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Under Chairman "},{"type":"Entity","entity_type":"person","significance":"Prominent","ref":"PERSON|Gensler, Gary","text":"Gary Gensler"},{"text":", the SEC has indicated it would "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i13-SB11401322919499484579904588042672308271326","text":"apply that oversight model"},{"text":" to DeFi protocols. DeFi developers say they no longer control the software programs they created, which could diminish their liability under securities laws."}]},{"type":"Inset","inset_type":"dynamic","properties":{"responsive":{"layout":"inline"},"scope":{"scope":["web","mobileapps"]},"url":"https://asset.wsj.net/wsjnewsgraphics/projects/narrator/6b1a689f-8207-40db-aa97-c22b0bc8a24d.json"},"ref":"inset-3"},{"type":"Paragraph","display":"Plain","content":[{"type":"Emphasis","emphasis_type":"Subscript","text":"Write to "},{"text":"Dave Michaels at "},{"link_type":"EXTERNAL","type":"Link","ref":"i15-SB11401322919499484579904588042672308271326","text":"dave.michaels@wsj.com"},{"text":" and Paul Vigna at "},{"link_type":"EXTERNAL","type":"Link","ref":"i16-SB11401322919499484579904588042672308271326","text":"paul.vigna@wsj.com"}]}],"byline":{"content":[{"text":"By "},{"type":"Entity","entity_type":"author","ref":"author|Dave Michaels","text":"Dave Michaels"},{"text":" and 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That seemingly strong growth came mostly thanks to a super-easy comparison. Last year’s revenue for the same period slumped 27% year-over-year to the lowest quarterly figure the company has reported since late 2005, according to data from S\u0026P Global Market Intelligence. The quarter’s sales also were about 8% below what the company managed in the summer of 2019 before the pandemic."}]},{"type":"Inset","inset_type":"dynamic","properties":{"responsive":{"layout":"wrap"},"scope":{"scope":["web","mobileapps"]},"url":"https://asset.wsj.net/dynamic-insets/charts/cdc_53dbf8772a3b1a493de16ff9.json"},"ref":"inset-1"},{"type":"Paragraph","display":"Plain","content":[{"text":"In other words, "},{"type":"Entity","entity_type":"company","significance":"Prominent","ref":"COMPANY|GME","text":"GameStop"},{"text":"’s corporate turnaround remains a work in progress, which is understandable: The company’s latest batch of leaders has been on the job for only three months. 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Other cryptocurrencies have also taken a hit. Ether has lost roughly $56 billion, and Cardano’s ada has shed more than $16 billion."}]},{"type":"Inset","inset_type":"newsletterinset","properties":{"responsive":{"layout":"wrap"},"scope":{"scope":["web","mobileapps"]},"newslettername":"Markets","newsletterid":"263"},"ref":"inset-2"},{"type":"Paragraph","display":"Plain","content":[{"text":"“Profit-taking was very much on the cards,” said "},{"type":"Entity","entity_type":"person","significance":"Prominent","ref":"PERSON|Aslam, Naeem","text":"Naeem Aslam"},{"text":", London-based chief market analyst at brokerage AvaTrade. “In our view, that is a very healthy pullback.”"}]},{"type":"Paragraph","display":"Plain","content":[{"text":"A host of factors could be damping optimism and could stump a further rally in bitcoin. "},{"type":"Entity","entity_type":"company","significance":"PassingMention","ref":"COMPANY|COIN","text":"Coinbase Global"},{"text":" Inc. said Wednesday that the Securities and Exchange Commission had threatened to sue the cryptocurrency exchange if it launches a program that lets users earn interest by lending crypto assets. Coinbase shares fell 3.2% on Wednesday."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Glitches in the rollout of El Salvador’s adoption of bitcoin as a national currency could also be curtailing expectations among some traders. "}]},{"type":"Paragraph","display":"Plain","content":[{"text":"The Central American country’s president, Nayib Bukele, said early Wednesday that the government’s bitcoin e-wallet would be taken offline between 1 a.m. and 6 a.m. local time to make improvements and address issues reported by users."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"The friction between heightened adoption of cryptocurrencies world-wide on one hand and regulators’ paying more attention to the market on the other could lead to more volatility in digital assets, analysts said."}]},{"type":"Video","ref":"media-9"},{"type":"Inset","inset_type":"dynamic","properties":{"responsive":{"layout":"inline"},"scope":{"scope":["web","mobileapps"]},"url":"https://asset.wsj.net/wsjnewsgraphics/projects/narrator/6b1a689f-8207-40db-aa97-c22b0bc8a24d.json"},"ref":"inset-3"},{"type":"Tagline","content":[{"text":"Caitlin McCabe contributed to this 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He will report to "},{"type":"Entity","entity_type":"person","significance":"PassingMention","ref":"PERSON|Gottstein, Thomas","text":"Thomas Gottstein"},{"text":", the group’s chief executive."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"Mr. Lopez Lorenzo will take over the compliance post from "},{"type":"Entity","entity_type":"person","significance":"PassingMention","ref":"PERSON|Grotzer, Thomas","text":"Thomas Grotzer"},{"text":", who "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i1-SB11401322919499484579904588043133330775290","text":"was appointed interim head of compliance"},{"text":" in April after "},{"type":"Entity","entity_type":"person","significance":"PassingMention","ref":"PERSON|Warner, Lara","text":"Lara Warner"},{"text":", the group’s former top risk and compliance executive, "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i2-SB11401322919499484579904588043133330775290","text":"stepped down"},{"text":" after the bank’s dealings with Archegos and Greensill unraveled."}]},{"type":"Inset","inset_type":"newsletterinset","properties":{"responsive":{"layout":"wrap"},"scope":{"scope":["web","mobileapps"]},"newslettername":"Risk \u0026 Compliance Journal","newsletterid":"354"},"ref":"inset-1"},{"type":"Paragraph","display":"Plain","content":[{"text":"Archegos, a family investment firm for former hedge-fund manager "},{"type":"Entity","entity_type":"person","significance":"PassingMention","ref":"PERSON|Hwang, Bill","text":"Bill Hwang"},{"text":", rattled Wall Street when the large, concentrated positions it held in a few stocks went sour. 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The bank’s investigation into Greensill is still ongoing, she added."}]},{"type":"Inset","inset_type":"relatedbyarticletype","properties":{"noh":"3","responsive":{"layout":"wrap"},"scope":{"scope":["web","mobileapps"]}},"ref":"inset-2","content":[{"type":"Heading","sub_type":"Small","content":[{"text":"More From Risk \u0026 Compliance"}]},{"type":"Paragraph","display":"Plain"}]},{"type":"Paragraph","display":"Plain","content":[{"text":"The Archegos report, published in July, detailed how Credit Suisse for years granted Archegos "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i5-SB11401322919499484579904588043133330775290","text":"special dispensation to avoid rules"},{"text":" meant to protect the bank. The report also found that the bank ignored staff warnings before the family investment firm’s collapse."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"The latest appointment comes after Credit Suisse’s new chairman, "},{"type":"Entity","entity_type":"person","significance":"PassingMention","ref":"PERSON|Horta-Osório, António","text":"António Horta-Osório"},{"text":", promised "},{"icon":"none","link_type":"EXTERNAL","type":"Link","ref":"i6-SB11401322919499484579904588043133330775290","text":"a broad review"},{"text":" of the bank’s risk management practices and its strategy and culture."}]},{"type":"Paragraph","display":"Plain","content":[{"text":"The bank on Wednesday also announced the appointment of Christine Graeff as its new global head of human resources. Ms. Graeff, who joined the bank in January, has been the global head of communications and deputy global head of human resources. She will succeed Antoinette Poschung, who is retiring by the end of January 2022."}]},{"type":"Tagline","content":[{"text":"Cecilia Butini contributed to this article."}]},{"type":"Paragraph","display":"Plain","content":[{"type":"Emphasis","emphasis_type":"Subscript","text":"Write to "},{"text":"Mengqi Sun at "},{"link_type":"EXTERNAL","type":"Link","ref":"i7-SB11401322919499484579904588043133330775290","text":"mengqi.sun@wsj.com"}]}],"byline":{"content":[{"text":"By "},{"type":"Entity","entity_type":"author","ref":"author|Mengqi Sun","text":"Mengqi Sun"}]},"column_name":"","copyright":{"text":"Dow Jones \u0026 Company, Inc."},"headline":{"main":{"text":"Credit Suisse Names New Chief Compliance Officer"},"deck":{"type":"paragraph","content":[{"text":"Rafael Lopez Lorenzo, currently the bank’s global head of group internal audit, will be the new chief compliance officer starting Oct. 1 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