FAI: There's one thing money managers need to do if they're going to survive

Bill McNabb, the CEO of $3.9 trillion fund giant Vanguard, has a message for money managers everywhere: Drop your fees. 

Some are asking whether active management is "dead," he said in a blog post. His firm has been one of the biggest beneficiaries of the shift towards index funds. 

"Active management can survive-and even succeed-but only if it's offered at much lower expense," McNabb said.

Elsewhere in investing news, George Soros reportedly lost about $1 billion after Trump's election. And the CIO of a $490 billion fund told us the one "guaranteed losing approach" to investing. 

Lastly, Morgan Stanley has released a big report on the "Big Debates" of 2017, which highlights the key questions they think will shape global markets over the next 12 months.

And here's a roundup of stories from across Wall Street: 

The strength of the US dollar is forcing China down a path it has been trying to avoid for years, pushing it to slow the money machine that has propelled its economy since 2008. This is a moment many China watchers have been waiting for - it just didn't come how, when, or why they thought it would.

In banking, a job advert for 'Assistant Head Butler' at Rothschild & Co offers a rare glimpse inside one of the oldest investment banks in the world.

And in autos, the EPA is now going after Fiat Chrysler for emissions cheating, and its shares are plunging.

In tech news, Amazon says it will create 100,000 full-time, full-benefit jobs in the US. Apple isreportedly planning a major push into original TV shows and movies. And Blackberry is quietly trying to make a comeback - but not with phones.

Lastly, here are the 25 best beaches in the world.  

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