Shares of Valeant Pharmaceuticals tumbled on Monday after the troubled drugmaker said CEO Michael Pearson had been stricken with pneumonia, forcing him to take an extended medical leave.
A team of executives including CFO Robert Rosiello will take over Pearson’s duties in the interim, but Bloomberg said his illness “threatens to hamper the company’s recent efforts to win back investors’ trust.” Read more.
U.S. banks will suffer only limited disruption from financial industry startups, with Goldman Sachs and JPMorgan Chase expected to be the main beneficiaries of technological change, according to a new survey.
Eighty-five percent of the 150 executives and investors polled by Autonomous Research predicted selected disruption or a mix of winners and losers, while only 14% thought banks face a significant, Uber-type threat. Read more.
Deal activity surged again this year—especially big deals and those in the United States.
Michael Pearson, who was hospitalized with pneumonia, has been trying to win back investor trust amid concerns over Valeant’s pricing practices.
A new survey says Goldman Sachs and JPMorgan Chase will be the main beneficiaries of innovations such as the blockchain.
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