The most-read Bloomberg News reports from the past week are listed below. The rankings are based on daily statistics through March 24. See NI READSUMS for previous lists.
1. Credit Suisse CEO, Blindsided by Risk Buildup, Targets Job Cuts
(Bloomberg) -- Credit Suisse Group AG Chief Executive Officer Tidjane Thiam, who said he was blindsided by a buildup of illiquid trading positions that will probably spark a first-quarter loss, pledged to make deeper cost cuts.
2. Brussels on Highest Alert Level After 31 Killed in Bombings
(Bloomberg) -- Belgium was on the highest terror-alert level after three bombings in Brussels on Tuesday killed at least 31, injured more than 180 and raised fears of follow-up attacks.
3. Wall Street’s 0.01%: An Inside Look at Citi’s Secret Client List
(Bloomberg) -- There’s a secret list that Citigroup Inc. keeps on its equity-research desk at its swank campus in Tribeca.
And if you’re not on it -- well, you might as well be nobody.
4. Brevan Howard Said to Cede Management of Gorton’s Fund
(Bloomberg) -- Brevan Howard Asset Management is giving full control of a systematic trading hedge fund to David Gorton as billionaire Alan Howard focuses on macro strategies, according to a person with knowledge of the matter.
5. Brussels Rocked by Deadly Attacks With Blasts at Airport, Subway
(Bloomberg) -- Two explosions ripped through the Brussels airport departure hall and a third rocked a downtown subway station on Tuesday morning, causing deaths and injuries, according to initial Belgian news reports.
6. Trump and Clinton Clash After Brussels Attacks
(Bloomberg) -- In the wake of a series of deadly terrorist attacks in Brussels on Tuesday, the U.S. presidential front-runners clashed over interrogation techniques and whether to stop foreign Muslims from entering the country.
7. Credit Suisse CEO Blindsided as Bank Added to Risky Positions
(Bloomberg) -- Credit Suisse Group AG Chief Executive Officer Tidjane Thiam said the firm’s traders had ramped up holdings of distressed debt and other illiquid positions without many senior leaders’ knowledge, helping lead to a first-quarter loss in the markets business.
8. Valeant ‘Circular Firing Squad’ Claims CEO as Ackman Joins Board
(Bloomberg) -- Open warfare has broken out at Valeant Pharmaceuticals International Inc.
9. Global Stocks, Commodities Fall as Rate Speculation Lifts Dollar
(Bloomberg) -- Stocks dropped around the world, while U.S. shares erased declines, as the dollar extended gains into a fifth day, with the potential for higher interest rates from the Federal Reserve again roiling financial markets as the Easter vacation looms.
10. Trump and Cruz Split States, Setting Up Wisconsin Showdown
(Bloomberg) -- Donald Trump and Ted Cruz split victories in Republican presidential contests in Arizona and Utah on Tuesday, setting up a showdown in Wisconsin to determine whether the billionaire is on his way to the party nomination or the effort to stop him has momentum.
1. Shameless Attempts to Use the Brussels Attacks: Marc Champion
(Bloomberg View) -- Brussels has been struck by a multi-bomb terrorist attack and there will be legitimate questions in the coming days about the effectiveness of Belgium’s police and counter-terrorism operations, as well as airport security in general.
2. Belgium Warned of More Terror Before Airport Attack: Josh Rogin
(Bloomberg View) -- Only days ago in Brussels, as Western leaders celebrated the arrest of a key terrorist suspect, Belgian officials warned that there were dozens more jihadists at large in the city and that more attacks were being planned. They couldn’t have known how right they were.
3. Valeant Realized That It Sold Some Drugs Twice: Matt Levine
(Bloomberg View) -- The crazy news out of Valeant continued this morning with a wild press release announcing, among other things, that Chief Executive Officer J. Michael Pearson is going to leave, but not yet, and that the board asked former Chief Financial Officer Howard Schiller to resign from the board, "but Mr. Schiller has not done so."
4. Long-Term Consequences of Negative Rates: Mohamed A. El-Erian
(Bloomberg View) -- Most economists are tempted to rely on incremental analysis to explain the spread of negative interest rates and their implications for the global economy and markets. This is understandable, yet the inclination to focus primarily on marginal changes could be overly partial and even misleading -- especially for market participants who must navigate the unintended consequences of sub-zero yields, including the possibility of “tipping” events.
5. Jerome Bettis on Why NFL Stars Quit Young: Kavitha Davidson
(Bloomberg View) -- The recent trend of NFL players retiring early is an understandable result of increased awareness around the mental and physical toll football takes on players. In decades past, long-term injury was seen as a necessary price of admission for those few lucky enough to make it to the pros. Now, a Hall of Famer is working to teach players that they do have more control over the game’s consequences to their bodies.
1. Dramatic Footage Moments After Brussels Airport Blast
(Bloomberg) -- Explosions ripped through the Brussels airport departure hall and a downtown subway station on Tuesday morning, causing deaths and injuries and spurring fears of imminent follow-up attacks in the capital of the European Union.
2. Here’s Why Apple Has a Big iPhone Problem
(Bloomberg) -- Apple sold roughly 35,000 iPhones every hour, every day of the quarter ending last December. The company is in enviable financial health, thanks in large part to its iPhone, but panic has set in among Apple investors. For the first time ever iPhone sales are expected to decline this year.
3. Credit Suisse CEO Thiam Discusses Restructure
(Bloomberg) -- Executives from Credit Suisse Group AG speak on a webcast presentation after saying it plans to accelerate cost savings and deepen cuts at the investment bank.
4. Canada’s Morneau Releases Budget Details
(Bloomberg) -- Bill Morneau, Canada’s finance minister, releases details of Prime Minister Justin Trudeau’s debut federal budget.
5. London Mayor Johnson Speaks on EU Membership
(Bloomberg) -- London Mayor Boris Johnson speaks before the Treasury Select Committee on the costs and benefits of the U.K.’s membership of the European Union.