Stock market news today August 7

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CEO departures can wipe out billions from a company’s
value — here are the Wall Street banks most at risk

Big banks and software companies are among the most exposed to
“key man” risk,
according to a recent note from Morgan Stanley.

Morgan Stanley looked at the risks of having a hugely important
executive such as a CEO or chairman — dubbed a key man — suddenly
step down.

The bank found a rise in key-man turnover in recent years.
Fifty-nine CEOs in the S&P 500 left their companies in 2017,
and new data suggests an 11% increase year-on-year for key-man
departures in the first half of 2018. PepsiCo
CEO Indra Nooyi is the latest top executive to go, resigning
Monday after 12 years in the role.

Goldman is about to move dozens of jobs out of pricey NYC
to Utah 

Goldman Sachs
is planning to move dozens of compliance jobs out of New York
City as part of an ongoing plan to move back-office staff to
lower cost locales.

The investment bank has been moving staff to Salt Lake City for
years and the proposed plans are another stage in that effort,
according to people with knowledge of the matter. Affected
employees may be told of their fate as soon as September, the
people said. As the roles are shifted to Salt Lake City, New
York-based employees will be given a chance to move or apply for
other jobs in New York, one of the people said.

Banks and asset management firms have been moving employees
out of high-cost locations like New York and London for years to
curb expenses and this shift has continued into 2018. Earlier
this year, asset manager AllianceBernstein said it would send
1,000 jobs to Nashville. Deutsche Bank AG, which has had a hub in
Jacksonville, Florida for years, is once again hiring for
front-office staff in the southern city. 

Elon Musk just said on Twitter that he’s considering
taking Tesla private 

Tesla CEO Elon Musk said on Tuesday via Twitter
that he’s considering taking Tesla private at $420 per share.

“Am considering taking Tesla private at $420. Funding secured,”
he said .

Tesla did not immediately confirm if Musk himself sent the tweet
or if it was the result of a hack. The company did not
immediately respond to a request for comment on the likelihood
that it will go private, potential timing for doing so, or the
funding sources Musk referred to.

Tesla has been public since it filed an IPO in 2010. The company
had a market capitalization of over $60 billion, as of Tuesday
afternoon. Its share price reached as high as $371.15 per share
after Musk’s tweet. It was trading around $361 in early afternoon
trading.

Icahn says the $67 billion Cigna-Express Scripts merger
among the worst in corporate history 

Carl Icahn
doesn’t want the health insurer Cigna’s $67 billion deal with
Express Scripts.

Icahn, who recently took
a stake in Cigna , wrote in a letter to
Cigna shareholders Tuesday that the deal “may well rival the
worst acquisitions in corporate history.” Icahn disclosed that he
was also short Express Scripts.

Cigna, one of the US largest health insurers, announced the deal
in March, offering $48.75 a share in cash for Express Scripts in
a move aimed to cut soaring healthcare costs. The $54 billion
price tag was a 31% premium to Express Scripts’ stock price at
the time and includes about $15 billion worth of Express Scripts’
debt.

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