What you need to know on Wall Street today

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The Bureau of Labor Statistics reported Friday that the US economy added 211,000 jobs in November, while the unemployment rate held steady at a seven-year low of 5%. That means that the Fed will almost certainly raise interest rates on December 16.

We also take a look at intensifying competition on Wall Street, as banks cut back on some businesses to focus on others. On a related note, Barclays is reportedly planning to cut 20% of the jobs in its investment bank.

In other news, former MF Global CEO Jon Corzine gave a speech to college students on success and failure, and Investopedia unveiled the 10 finance buzzwords of 2015.

Here are the top Wall Street headlines at midday -

The market has a $1 trillion problem - and the Fed doesn't understand it - A storm is coming to the credit markets.

A Wall Street CEO perfectly explained the hot theory for the economy, markets and everything - Moelis & Co. chief executive Ken Moelis was on CNBC's Closing Bell on Thursday, and brought up one of his favorite topics: technological deflation.

SCARAMUCCI: What getting hired, fired, and rehired by Goldman Sachs taught me - Children often dream of the coolest job rather than the practical one: astronaut, artist, dolphin trainer, or the next Steve Jobs.

A startup backed by a record-breaking fundraising round wants to become your finance, career, and lifestyle hub - Mike Cagney, the chief executive of online lending startup SoFi, is nothing if not ambitious.

Here's why Mark Zuckerberg is giving 99 percent of his wealth to an LLC, not a foundation - Mark Zuckerberg's announcement Tuesday that he was going to give away 99 percent of his wealth was met with a torrent of criticism.

Here's why Wall Street is so excited about a Yahoo acquisition - Cantor Fitzgerald analyst Youssef Squali sketched out the three most likely scenarios for Yahoo, and concluded that a sale of Yahoo's core business would deliver the biggest payoff.

It's all-out political war in the world's 7th-largest economy - It's chaos in Brazil.

TOP INTERNET ANALYST: There is one thing about Google that everyone is missing - Investors should be paying more attention to Google's efforts in artificial intelligence, according to Carlos Kirjner of Sanford Bernstein, the No. 1 analyst covering the internet sector.

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