Risk Is Rising, Says Wells Fargo CFO
Wells Fargo CFO Mike Santomassimo says risk is rising because of President Donald Trump's tariffs and the uncertainty around his policies. But Santomassimo says consumers are still spending. The bank's first-quarter net interest income missed analyst estimates. Santomassimo speaks on "Bloomberg The Close." (Source: Bloomberg)
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Billionaire Michael Bloomberg opens his wallet for Andrew Cuomo's mayoral bid
NEW YORK — Billionaire Michael Bloomberg was no fan of Andrew Cuomo when the two served overlapping tenures as mayor and governor. But on Friday all appeared forgiven, with Bloomberg's $5 million donation to a super PAC boosting Cuomo's mayoral bid. It's the largest cash infusion yet to the entity and comes in the final 10 days of the Democratic primary to oust Mayor Eric Adams, once a Bloomberg ally. The former mayor — a party hopscotcher who is now a Democrat — is jumping in as Cuomo faces a threat from democratic socialist challenger Zohran Mamdani, whose views on hiking taxes on the rich and criticisms of Israel are anathema to Bloomberg. The donation dovetails with the former mayor's endorsement of Cuomo this week and arrives at a critical time for the ex-governor, as he tries to mount a comeback to lead the nation's largest city. Bloomberg and Cuomo, longtime rivals, now find themselves united by a mutual loathing of the Democratic Party's left flank. After conversations between their aides, the men met earlier this week following Cuomo's Bloomberg TV interview, someone familiar with the sitdown confirmed. The donation to the Cuomo-supporting super PAC Fix the City adds to Bloomberg's $2.6 million contributions this election cycle to groups supporting City Council candidates who back charter schools, long a pet issue for the former mayor. Mamdani represents the opposite of a Bloomberg-style ideal to lead the city: A 33-year-old state lawmaker with a thin resume, an upstart challenger once considered a long shot who wants to hike taxes on rich New Yorkers and has supported the Boycott, Divestment and Sanctions movement targeting Israeli goods. And so Bloomberg set aside his long-standing animus toward the former governor and instead praised his extensive managerial experience — Cuomo's calling card in the race. The leading contender has stepped up his criticism of Mamdani in recent days by pointing to his paltry legislative record in Albany and questioning whether the young lawmaker has the chops to stand up to President Donald Trump. The Cuomo campaign on Thursday released a TV ad underscoring both points, and Cuomo raised them during a caustic debate Thursday night. Some polls show a tightening race in the crowded field, following months of double-digit leads for Cuomo. A poll conducted by Data for Progress for a super PAC backing Mamdani showed Cuomo would defeat him 51 percent to 49 percent after eight rounds of voting. A survey by Public Policy Polling showed Mamdani leading Cuomo 35 percent to 31, but did not include a ranked-choice voting simulation. Other polls, including one released by Cuomo's campaign and performed by Expedition Strategies, found the ex-governor handily defeating Mamdani. A public poll is expected to be released next week. Helmed by Steve Cohen, a longtime Cuomo confidant, the pro-Cuomo super PAC has received contributions from wealthy hedge fund managers, real estate developers and Trump supporters like Bill Ackman. Its largest donation until Friday was $1 million from the online delivery firm DoorDash. The group has spent more than $10 million on TV and streaming ads, according to the media tracking firm AdImpact. And with this donation, it has raised more than $18 million since forming in March. Bloomberg is accustomed to dipping into his considerable fortune to fund political campaigns and causes. He spent $1 billion on his 104-day 2020 presidential campaign and funds nationwide gun control efforts. His net worth, amassed through the founding of his eponymous media business empire, stands at more than $104 billion, according to Forbes. Spending by the super PAC against Mamdani has backfired in recent days, after a never-sent mailer criticizing the democratic socialist included a doctored photo of him with a darker, heavier beard. Mamdani accused the group of stoking 'the very fears of that division in this city." A spokesperson for the PAC said the mailer was 'rejected for production and subsequently corrected.' The entity has also attracted scrutiny from campaign finance regulators who are probing whether Cuomo's campaign improperly communicated with the super PAC through a practice known as 'redboxing' on the candidate's website. Spokespeople for Cuomo and Fix the City have insisted campaign finance laws have been followed.
New York Times
14 minutes ago
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Bloomberg Gives $5 Million to Pro-Cuomo Super PAC as Primary Nears
Three days after endorsing Andrew M. Cuomo for mayor of New York City, Michael R. Bloomberg put his money where his mouth is. On Friday, Mr. Bloomberg, the billionaire former mayor, gave $5 million to Fix the City, a super PAC that is supporting Mr. Cuomo's bid for mayor, according to a person familiar with the donation. That brings the PAC's haul to roughly $20 million. Even before this donation, it was the biggest super PAC in New York City history. The new infusion of resources will amplify the PAC's ability to target Zohran Mamdani, the democratic socialist candidate now perceived as Mr. Cuomo's main target in the June 24 Democratic primary. Before Mr. Bloomberg's donation, the PAC had raised roughly $15 million, according to a spokeswoman, and spent about $9 million, much of it on advertising seeking to draw a contrast between a purportedly can-do Mr. Cuomo, 67, and Mr. Mamdani, a 33-year-old state assemblyman from Queens who is described in the ads as a 'risk.' The donations came the day after an apparently draft piece of PAC campaign literature was leaked to a reporter showing an altered photo of Mr. Mamdani that made his beard appear thicker and darker, next to language suggesting he was anti-Jewish. The PAC said it rejected the proposed literature and that it was never sent out. Mr. Mamdani, who is a Muslim, described the literature as Islamophobic. Mr. Bloomberg's donation will allow Mr. Cuomo's allies to flood the airwaves just as early voting begins on Saturday. Some of his rivals have super PACs, though none have raised anywhere close to even Mr. Bloomberg's individual contribution. New Yorkers for Lower Costs, a super PAC created to support Mr. Mamdani, has reported raising $400,000. Want all of The Times? Subscribe.
Axios
18 minutes ago
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Wells Fargo is ready to install its Charlotte skyline signs
Wells Fargo's gigantic logo will be helicoptered in and installed on the bank's Uptown Charlotte tower this Saturday, June 14. Why it matters: The bank's new signs atop the 550 South Tryon building will become a permanent fixture on Uptown's skyline, joining that of Truist and Honeywell. "This will help elevate the Wells Fargo brand and build awareness for the company," the company stated in a press release. Flashback: Wells Fargo previously planned the installation for early May but had to postpone because of the weather affecting visibility. Context: Wells Fargo is based in San Francisco but employs nearly 30,000 people in Charlotte, its largest employee base. How it works: A helicopter will lift each of the 14-foot letters to the top of the 48-story building. Work should finish within the day. For safety, the city is closing surrounding streets and sidewalks and will reroute vehicle and pedestrian traffic. The letters won't light up right away. Wells Fargo says it will take several weeks to complete "other installation activities," including testing. The intrigue: The installation will coincide with a busy day in Uptown, as a large anti-Trump protest is planned in First Ward Park, starting at 11am.
