New U.K. finance minister Jeremy Hunt canceled Prime Minister Liz Truss’ economic plan in a bid to calm markets. Hunt canceled about two-thirds of the planned £45B ($51.12B) tax cuts and cut down on Truss’ energy support policy. The savings totaled £32B ($36B) a year. More: - Hunt said the energy support policy, meant to help residents and businesses struggling with rising energy costs, would run until April 2023.
- It was initially planned to run for two years and would have cost the government over £100B ($113.6B).
- Hunt also capped the amount paid per kilowatt hour for gas and electricity.
- Hunt said he would release a new fiscal plan and economic forecast from the U.K.’s Office for Budget Responsibility on Oct. 31.
- The policy U-turn sent the sterling up 1% against the dollar. It was up over 2% by the end of the day to $1.143.
- Yields on U.K. government bonds declined sharply; it moves inversely to prices.
- The 10-year yield trading fell 36 basis points at 3.965%.
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Goldman Sachs plans to reorganize its largest businesses into three divisions. According to sources, Goldman will merge its investment banking and trading businesses into one unit and its asset and wealth management business, including its consumer-banking business, Marcus, into another unit. More: - The third unit would house Goldman’s financial-technology platforms, including GreenSky, and its ventures with Apple and General Motors.
- Goldman’s current co-head of trading, Marc Nachmann, is expected to help lead the combined asset and wealth management unit.
- Details of the re-organization are expected to be announced with the firm’s Q3 earnings on Tuesday.
- Goldman shares were up over 2% in afternoon trading on Monday; they closed at $306.71.
- The bank is down ~22% YTD.
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Bank of America released its Q3 earnings on Monday, slightly beating analysts’ expectations for revenue and profits. The bank reported $24.5B in revenue (net interest expense), up ~7.5% YoY. Net income came in at $7.1B, or 81 cents a share, down ~7.8% YoY. Bank of America added $898M in loan-loss reserves. More: - Net interest income was $13.9B, up 24% YoY.
- BofA’s Consumer Banking arm earned $9.9B in revenue and $3.1B in profits.
- Average deposits topped $1T, marking the fifth straight quarter the bank reported average deposits of more than $1T.
- BofA added $68B in deposits in Q3.
- Global Wealth and Investment Management earned $5.4B in revenue, and $1.2B in net income, down 3% YoY.
- Global Banking reported $5.6B in revenue, and $2B in profits, down 20% YoY.
- Global Markets generated $4.5B in revenue and a net income of $1.1B, up 15% YoY.
- BofA shares closed at $33.62, up ~6% for the day.
- The bank is down ~27% YTD.
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Exxon Mobil said it has completely exited its Russian operations after President Putin took possession of its assets in the country. The oil giant did not disclose if it was compensated for the assets, which it valued at more than $4B. More: - Exxon had been in talks with Russia for months about transferring its 30% stake in the Sakhalin-1 oil and gas project.
- Exxon joins oil firms like BP and Shell, who have either transferred assets to Russian partners or abandoned their operations in Russia following the country’s invasion of Ukraine in February.
- On Oct. 7, President Putin took possession of Exxon’s shares in the Sakhalin-1 joint venture and transferred them to a government-backed entity.
- In April, Exxon reported a $3.4B write-down related to its Russia exit.
- The company is expected to report a $600M impairment charge related to its Russia dealings in its Q3 earnings set for Oct. 28.
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Kanye West has agreed to buy the conservative social media platform Parler following his suspension from other social media platforms. The financial terms of the deal were not disclosed. Last month, Parler said it had raised a $16M Series B, bringing its total funding to $56M. West reportedly has a net worth of ~$2B. More: - In recent weeks, West had made several inflammatory and antisemitic comments, leading to his suspension from Instagram and Twitter.
- In a statement released by Parler, West said, “In a world where conservative opinions are considered to be controversial we have to make sure we have the right to freely express ourselves.”
- Parlement Technologies CEO George Farmer noted that the deal would change the world and change the way the world thinks about free speech.
- Both parties plan to complete the deal before the end of the year.
- Parler was founded in 2018 and has been in the news recently over its role in the Jan. 6, 2021, riots at the Capitol building.
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BP has agreed to buy U.S. biogas producer Archaea Energy for $4.1B, including Archaea’s $800M debt. The British oil giant will pay $26 a share for Archaea, which represents a 54% premium on the company’s close price on Friday for a total of $3.3B. This is BP’s largest acquisition since 2018. More: - Archaea operates 50 biogas facilities across the U.S. and has plans to develop dozens more.
- Following news of the deal, Archaea shares jumped more than 50%.
- BP aims to increase its biogas production from 10,000 oil barrels a day currently to 70,000 barrels a day by 2030.
- BP shares closed at $30.48, up less than 1% for the day.
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Quick Hits - You might have an amazing product and team, but you’ll struggle with your next funding round if you’re weak on this one metric.*
- The Bill and Melinda Gates Foundation has pledged $1.2B to help eradicate polio worldwide. The funds will be used to help implement the Global Polio Eradication Initiative’s strategy through 2026.
- Credit Suisse has agreed to $495M to settle a case related to its residential mortgage-backed securities (RMBS) business in the U.S. Credit Suisse is accused of misleading investors and engaging in fraud or deceit in connection with the offer and sale of RMBS.
- Shares of video game developer Roblox rose nearly 20% on Monday after the company released its September user metrics report. Roblox had 57.8 million daily active users, up 23% YoY.
- JPMorgan’s executive chair of investment and corporate banking, Carlos Hernandez, will retire at the end of Q1 next year. Hernandez has been at the bank for 36 years.
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 |  | Vanessa Omeokachie is a Writer for Inside.com. She writes the Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, exploring cities, and traveling. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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