Peltz out

Activist investor Nelson Peltz no longer owns shares in PepsiCo, CNBC reported yesterday, and the company’s shares fell 1.5 percent. Earlier this week, Peltz’s Trian Fund disclosed that it held 2.36 million shares in the company as of Sept. 30.

Mixed news

Applications for jobless benefits decreased 5,000 in the week ended Nov. 12 to 388,000. Meanwhile, the New York state unemployment rate fell to 7.9 percent in October from 8 percent in September while the city’s jobless rate increased to 8.8 percent from 8.7 percent.

UBS cuts

UBS expects headcount at its investment bank unit will fall to 16,000 by 2016 from the current 18,000. The estimates include 1,575 layoffs announced in August.

Fraudbook

John Mattera was arrested on securities fraud and other charges in connection with an $11 million scheme to defraud investors through false claims of ownership of shares of Facebook, Groupon and other private companies.

Legg man

Bill Miller will step down from his flagship fund at Legg Mason.