What you need to know on Wall Street right now
Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.
That's it.
Wall Street bank earnings season has come to a close, with Goldman Sachs blowing away analyst expectations on strong fixed-income trading. Citigroup beat on the bottom line, but missed on the top. And Morgan Stanley has pulled off a Wall Street magic trick.
Elsewhere in Wall Street news, Deutsche Bank will settle with US regulators over mortgage-backed securities for $7.2 billion. In related news, the bank is scrapping bonuses for senior employees because of the bank's performance.
And Credit Suisse will pay its own $5.3 billion settlement over pre-crisis mortgage-backed securities.
At HSBC, Brexit will push bankers making 20% of the bank's London revenue to Europe. At UBS, 1,000 London-based staff could be hit by Brexit. And at JPMorgan, "it looks like there will be more job movement than we'd hoped for," according to JPMorgan chief Jamie Dimon.
In money management, a hot new hedge fund is predicting "hundreds of billions of dollars" in tech deals, including a potential Apple deal for Disney. Hedge funds are making "extreme" bets on the impact of Trump. And Wall Street is witnessing a "third wave of computerization."
Business Insider is in Davos for the World Economic Forum. Here are some of the headlines:
- DALIO: "I want to be loud and clear - populism scares me"
- SUMMERS: Trump's populism is a "dagger at Ohio"
- Trump adviser Scaramucci nails the problem with the economy - and suggests it will take 5-15 years to fix
- Alibaba founder Jack Ma has a brutal theory of how America went wrong over the past 30 years
- The boss of the world's largest recruiter tells us how Brexit is affecting jobs right now
In other news, Tesla is investing $350 million in its giant Gigafactory and hiring hundreds of workers
Lastly, take a look inside The Boston Consulting Group's stunning New York office, which has an in-house cafe and workout rooms.
Here are the top Wall Street headlines from the past 24 hours
Comparing 25- to 34-year-olds now with 25- to 34-year-olds in 1989 is super depressing - A new analysis of data on the financial health of young people in the United States tells a frightening story about declining opportunity in America - a story of a generation saddled with crippling debt and forced to compete with older members of the workforce during a time of deep economic uncertainty.
One country dominates the global bitcoin market - Almost all bitcoin trading is done in China.
TRUMP TWEETS BACK AT NBC: Companies are adding US jobs "because of me!" - President-elect Donald Trump used Twitter early on Wednesday morning to decry a report from NBC News.
The Fed is turning more dovish - The Federal Reserve has yet to officially update its roster of voting members/interest-rate setters on this year's Federal Open Market Committee, but that doesn't mean readers shouldn't get a sneak peek.
Retail stocks are getting crushed - Retail stocks are under pressure on Wednesday after Target announced it was slashing its guidance as a result of "disappointing traffic and sales trends."
Canada is waiting for Trump to make the first move - The Bank of Canada held rates at 0.5% on Wednesday, as expected. In the accompanying policy statement, the bank noted that "uncertainty about the global outlook is undiminished, particularly with respect to policies in the United States."
Here's what it actually means for a watch to be "Swiss-made" - The mark of many luxury watches - indeed, most - is a mark on the face, usually just below where the hands attach to the case. It reads: "Swiss-made."