FINANCE INSIDER: A 'casino' economy
Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.
Legendary bond investor Bill Gross released his monthly outlook for October on Tuesday and again compared the world's central banks to a dangerous game - this time blackjack.
He called the world's largest central banks "martingale gamblers without a purse," referring to the strategy in which a gambler in a casino will eventually win if he or she continually increases the size of his or her bets with each loss, unless he or she goes completely broke first.
In banking news, Deutsche Bank has made some new hires in its tech investment-banking and financial institutions groups. That firm's shares were fighting back on Tuesday after returning to trading following Monday's holiday in Germany.
JPMorgan CEO Jamie Dimon on Monday weighed in on the recent Wells Fargo scandal, suggesting that comments made by politicians, including by lawmakers during CEO John Stumpf's testimonies on Capitol Hill, are getting out of hand.
And the Massachusetts secretary of the commonwealth accused Morgan Stanley of sales tactics eerily similar to what got Wells Fargo in trouble.
Here are the top Wall Street headlines at midday
Meet the man Steve Cohen hired to oversee big data - Matthew Granade oversees data ranging from sell-side research to alternative data which is then incorporated into the firm's quant and fundamental investing strategies.
Sears is soaring after reports it may sell part of its business - Sears Holdings has received a number of bids for its Craftsman tool business and the stock is soaring, according to Bloomberg.
Olive Garden just signaled an ominous threat to the restaurant industry - The restaurant industry needs some bloodletting, according to the CEO of the major restaurant chain.
Manhattan's housing market is slowing down - Fewer people are buying condos in Manhattan because they have more choices and can more easily reject exorbitant prices.
Samsung's biotech drug manufacturer is looking to raise $2 billion in its IPO - The Samsung Group, under new de facto leader Jay Y. Lee, has been keen to strengthen its biopharmaceutical businesses as the smartphones-to-construction business empire hunts for new sources of growth.
These 9 charts could define the future of America's workforce - America's labor force in 2060 could be smaller, older and more racially diverse than it is now.
Deutsche Bank is a perfect example of an essential part of markets that's disappearing before our eyes - Deutsche Bank CEO John Cryan sent a letter trying to assuage the fears of his investors and employees, and in it he said a potentially deadly sickness had attacked the nervous system of his bank.
Here's what Space-X and a high-speed trading firm have in common - Over the last decade we've seen the talent pool for trading and space exploration become increasingly overlapped.