Initial Public Losers

I had to steal that line from Tom Keene, who I'm learning daily is far more pithy than me.

Venture capitalists have been clamoring for the end of IPOs popping but I'm pretty sure they didn't bargain on declines on the first day of trading. The highly anticipated Peloton IPO had one of the worst starts of the decade after pricing its offering at the high end of the range. It is also not great for the banks that WeWork was pulled -- with Goldman and JPMorgan leading both deals. The two banks and Morgan Stanley are already facing lower equity capital markets revenue this year -- a 13% drop in the first half of 2019 from the year earlier. Other forms of fundraising like debt underwriting have also been challenged, as have mergers and acquisitions fees.

But trust me, all is not lost. Chase Coleman's Tiger Global, an early investor in the fitness company, was able to eke out a profit of about $1 billion. We discuss here for BTV, and its worth reading back on this profile of the young billionaire.

More in fundraising: VCs, organized by top investors including Benchmark's Bill Gurley, are set to meet next week in Silicon Valley to push for more direct listings as an alternative to an IPO. We'll keep an eye on what's to come.

Stars Rising

Charlie Scharf will take over as CEO of Wells Fargo -- and analysts are already asking about the 10-year future of the bank. It's no small matter that the firm has to make its way past a Federal Reserve cap on its assets, a muted outlook from rating agencies and net interest income that's been on the decline. People want to know: What's Charlie's grand plan? Visa's share price more than doubled when he oversaw the credit card firm, after all. He led Visa into technology and was long seen as a right-hand and potential successor to Jamie Dimon during his time at JPMorgan. Wells shares are up today so investors clearly like the change so far. We discuss it all here for BTV.

For another potential change at the top, look no further than Deutsche Bank. Members of the Qatari royal family, the bank's top shareholders, have taken the search for a chairman -- a replacement for Paul Achleitner -- into their own hands. Read our scoop here about how they are seeking change after the firm lost about 70% of its value during Achleitner's time.

Another precarious situation is playing out at the top of Credit Suisse. CEO Tidjane Thiam is under pressure as the bank and its chairman lead an investigation on whether top executives played any role in a scandal -- having their former star Iqbal Khan followed as the wealth management banker moved to cross-town rival UBS. Zurich prosecutors have gotten involved. Here are the cast of characters and a full story broken by Bloomberg's Patrick Winters. We discuss the issues here for BTV.

More on Wall Street

• Goldman Sachs cuts its loan exposure to SoftBank's Vision Fund.
• Here are the hedge funds getting burned from the whiplash in markets this month. Coatue, Point 72 and Millennium are among those experiencing declines.
• The world's wealthiest are stockpiling cash. (For BTV)
• Citadel's Ken Griffin is reaping a windfall from a novel bond sale. (For BTV)
• The new capitalism looks a lot like the old capitalism. Bloomberg reached out to 181 CEOs who are trying to change the role of corporations, and found that actually not much is changing at all.
• Don't miss Money Undercover -- our new show we've launched on private markets -- each week on Tuesday at 1 p.m. Here's the full episode from this week where we walk you through WeWork and the SoftBank effect, while Lisa Abramowicz speaks to Greylock Capital's Hans Humes.

Have a great weekend! Ideas and tips always welcome, at [email protected]. -- Sonali