Photo: Ralph Orlowski/Reuters By Jenny Strasburg and Chiara Albanese Chiara Albanese The Wall Street Journal CANCEL Biography @chiaraalbanese Google+ [email protected] Oct. 19, 2015 3:38 p.m. ET 0 COMMENTS Deutsche Bank AG DB 2.43 % erroneously transferred $ 6 billion to a hedge-fund client’s custody account in June after a junior foreign-exchange trader misunderstood instructions calling for a much smaller payment, according to a person familiar with the matter. The error was reversed in 24 hours and the German lender recovered the money, the person said. The erroneous transaction was first reported by the Financial Times. The mistake, which involved a

ENLARGE A Verizon worker in Newark, N.J., in 2011. Analysts expect Verizon to report third-quarter earnings per share of $ 1.02, up from 89 cents a year ago. Photo: Mel Evans/Associated Press By Miriam Gottfried Miriam Gottfried The Wall Street Journal CANCEL Biography @miriamgottfried miriam.gottfried Google+ [email protected] Oct. 19, 2015 2:46 p.m. ET 1 COMMENTS There is a mysterious phenomenon afoot in the U.S. wireless industry. The competition has never been fiercer, yet the two big incumbents are poised to report record third-quarter wireless margins. The secret to how Verizon Communications VZ 0.00 % and AT&T T -0.59 % are

ENLARGE By Wei Gu Wei Gu The Wall Street Journal CANCEL Biography @weigu [email protected] Oct. 19, 2015 3:30 p.m. ET 0 COMMENTS HONG KONG—A little-known stock market based in Beijing has become a magnet for companies looking to list their shares, as the gloom hovering over the country’s more famous trading hubs persists. Regulators have blocked initial public offerings on China’s biggest markets in Shanghai and Shenzhen since July to curb the supply of new shares available for trading, part of a series of measures taken to combat a sharp fall in Chinese stocks that began in the summer. But

ENLARGE Deutsche Bank managers held meetings and conference calls with employees in London, New York and Frankfurt, above. Photo: Martin Leissl/Bloomberg News By Jenny Strasburg and Jenny Strasburg The Wall Street Journal CANCEL Biography @jennystrasburg Google+ [email protected] Juliet Samuel Juliet Samuel The Wall Street Journal CANCEL Biography @CitySamuel [email protected] Oct. 19, 2015 1:46 p.m. ET 0 COMMENTS Deutsche Bank AG DB 2.48 % employees and investors on Monday positively graded the lender’s management and organizational overhaul, saying they welcomed clarity on how businesses will be judged going forward. They also said next week will be crucial to understanding Deutsche Bank’s

ENLARGE Magnetar Capital, led by Alec Litowitz, has seen an energy fund fall 12% this year through the end of September. Photo: John Konstantaras/Magnetar/Associated Press By Rob Copeland Rob Copeland The Wall Street Journal CANCEL Biography @realrobcopeland [email protected] Oct. 19, 2015 2:30 p.m. ET 0 COMMENTS The trade that was supposed to carry the year is ruining it instead. Hedge-fund and private-equity managers over the past year began piling into debt issued by troubled energy companies, hoping to profit off a reversal of oil’s slide. They raised billions of dollars for the effort, in many cases telling backers it was

ENLARGE Morgan Stanley reported a 13% drop in revenue while profits fell 42% in the latest quarter. Photo: Mike Segar/Reuters By John Carney John Carney The Wall Street Journal CANCEL Biography @carney John Carney [email protected] Oct. 19, 2015 12:10 p.m. ET 0 COMMENTS The best traders are nimble. That’s often not possible for a bank’s trading business as a whole as Morgan Stanley MS -5.55 % showed Monday. The problem is that trading desks have high fixed costs that can’t necessarily be quickly brought down when revenues dry up. That can have an outsized effect on the bottom line. This

ENLARGE Valeant Pharmaceuticals’ third-quarter adjusted earnings per share and revenue topped analysts’ estimates. Above, its headquarters in Laval, Quebec, in May. Photo: Christinne Muschi/REUTERS By Charley Grant Oct. 19, 2015 2:30 p.m. ET 1 COMMENTS For Valeant Pharmaceuticals International, VRX -7.73 % what has worked in the past might not in the future. Valeant’s latest earnings report contained everything investors usually want to hear. It reported third-quarter revenue of $ 2.8 billion and adjusted earnings per share of $ 2.74. Both topped analysts’ estimates. And the company once again raised its full-year guidance for the top and bottom lines. Ordinarily,

ENLARGE John Cryan, the new CEO of Deutsche Bank, looks to have designed the bank’s shakeup of its business divisions with a loser in mind. Photo: Agence France-Presse/Getty Images By Paul J. Davies Paul J. Davies The Wall Street Journal CANCEL Biography @PaulJDavies [email protected] Oct. 19, 2015 7:53 a.m. ET 0 COMMENTS When capital is tight, businesses must fight to show why they should be given it. Deutsche Bank DB 2.43 % has been struggling in that battle: that is why it trades at the biggest discount to book value of any big global bank. The German lender’s shake-up of