Founder and Exec Chair John Foley Resigns From Struggling Peloton

Peloton founder John Foley is heading out the door along with other senior leaders “in a management shake-up as the maker of connected exercise equipment races to turn itself around.” Foley had stayed on at the company as executive chair after stepping down from his 10-year CEO run in February but decided yesterday to step away completely. Peloton’s Chief Legal Officer and Chief Commercial Officers are gone as well - WSJ and Bloomberg and TechCrunch and NYTimes and MarketWatch

They’ll soon have some company. In anticipation of a slowing deal-making future, Goldman Sachs is reportedly prepping for a round of layoffs starting as early as next week that could affect between 1-5% of workers across the company - NYTimes and WSJ and Bloomberg

Wells Fargo is paying $145M to resolve Labor Department allegations that “the bank’s retirement plan overpaid for its own stock” between 2013-2018. The bank neither admitted nor denied the allegations but said “resolving the legacy matter is in its best interest” - WSJ and Law360

Plenty of ink to spill about the new inflation figures due out later today and what they’re expected to show - NYTimes and WSJ and Bloomberg and MarketWatch

Nikola Motor founder Trevor Milton began trial this week on “federal charges of fraud and securities fraud stemming from accusations that he exaggerated the company’s technology, leading to crushing losses for people who bought Nikola stock before it collapsed.” The trial—expected to run over a month—is kicking off in Manhattan - NYTimes

Freight railroad operators are “planning to halt the transport of hazardous materials and sensitive cargoes” as they “continue negotiations with two labor unions” and work to avert a strike that could disrupt still tenuous supply chain conditions in the U.S. - WSJ and Bloomberg and NYTimes

The latest worry in the markets centers on the bond liquidity—particularly, potential fallout from the Fed’s pullback from its yearslong Treasury buying spree. Because the market for Treasurys is “the main source of funding for the U.S. government and underpins borrowing costs around the globe, for a huge variety of assets . . . even small wobbles in this market can generate huge” concerns - NYTimes and Bloomberg

Embattled Disney CEO’s looking to rebrand himself (and yes, he’s starting with the beard) - NYTimes

He’s succeeding on at least one front. It now looks as if the activist challenge from Dan Loeb’s Third Point that was pushing for a big ESPN spinoff by Disney is no more - WSJ

Attention young people (and lovers of actual sandwiches). Fyre Festival mastermind Billy McFarland is a free member of society again. And he’s already “planning a comeback”  . . . - NYTimes

MDR

The Robins Kaplan Financial Daily Dose features top stories and latest news headlines in financial markets, banking, securities and technology topics.