Facebook's crypto loses support, a stock picker falls from grace, and women CFOs boost the bottom line: This Week in Finance

Welcome to This Week in Finance, your weekly roundup of the conversations trending among financial professionals on LinkedIn. Click Subscribe above to be notified of each edition. This week:

China's growth at 30-year low

China said its gross domestic product grew 6% in the third quarter, continuing a slowdown that began in 2018. The trade war with the U.S., weaker domestic demand, and muted investments by businesses led to the economy's poorest showing since modern record-keeping started in 1992. Some economists worry that a slowdown in the world's second-largest economy could help trigger a global recession. ?? Here's what people are saying.

WeWork's valuation slashed: Report

SoftBank’s financial rescue plan for WeWork may slash the office-sharing company’s valuation below $8 billion, a steep drop-off from its $47 billion valuation in January, Bloomberg reported, citing anonymous sources. WeWork is considering plans from SoftBank and JPMorgan Chase to boost finances before it runs out of cash as early as next month. SoftBank estimates WeWork needs at least $3 billion to operate through next year, and the co-working company’s new CEOs are said to be eliminating thousands of jobs to pare costs. ?? Here's what people are saying.

Facebook's crypto loses support

Facebook’s ambitious plan for a global cryptocurrency keeps hitting hurdles. A recent report by a G7 task force, along with the Financial Stability Board and the International Monetary Fund, says that such currencies shouldn't operate until "risks are adequately addressed," according to a draft seen by the BBC. Facebook, which is preparing to meet with backers on Monday, had said it hoped to launch Libra in 2020. EBay, Visa, Mastercard, and Stripe withdrew from Facebook’s Libra Association, a week after PayPal also backed out of the deal. ?? Here's what people are saying.

The ghost haunting Wells Fargo

The specter of Wells Fargo’s 2016 fake-accounts scandal reared its head as the bank reported a 23% drop in third-quarter profit. The lackluster performance was partly due to $1.6 billion in legal costs related to the scandal, which involved employees creating unauthorized accounts to drive profit and sales. The lender awaits a new CEO, Charles Scharf, the former Visa and BNY Mellon chief, who takes the helm on Oct. 21. ?? Here's what people are saying.

Fall from grace for stock picker Woodford

Investors in a multi-billion-pound fund run by one of the UK's most-famous stock picker have had their cash frozen and been told they will have to wait until at least January to access it. At its peak, Neil Woodford's flagship Woodford Equity Income Fund managed more than ￡10 billion, but a flop in performance has left it with ￡3.1 billion. Investors haven't been able to access their money since early June, and it's been announced that the fund has shuttered. ?? Here's what people are saying.

Women CFOs boost bottom line: S&P

Putting women in top leadership roles boosts business, with female CFOs collectively bringing in $1.8 trillion more than the men before them, according to a study by S&P Global Market Intelligence. Women CFOs, within two years of being appointed, increased profits by an average of 6% and improved stock returns by 8% more than male predecessors. That’s in part because women are held to higher standards, the study suggests. Despite their success, women are still underrepresented in executive positions, outnumbered by men in the CFO role by about 6.5 to 1. ?? Here's what people are saying.

—With Yunita Ong, Kelli Nguyen, Natalie MacDonald, Monica Fike, Lauren Ji-Yeon Lee, Andrew M. Seaman, and Emily Spaven.

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