What you need to know on Wall Street today
Goldman Sachs just announced a new class of 509 managing directors - the largest class in the firm's history.
In related news, the CFO of Goldman Sachs keeps talking about becoming the Google of Wall Street. The investment bank led a $10 million funding round for a startup that wants to help Wall Street clean its data. And Goldman is among the Wall Street banks that could take home a share of more than $1 billion in fees from a tech deal spree.
Bill Ackman's Pershing Square lost its bid Tuesday to appoint three nominees to the board of Automatic Data Processing, the human-resources company. But according to Ackman, he also won. You can read our interview with Ackman here.
In trading news, IEX, America's newest stock exchange, is undercutting rivals Nasdaq and the New York Stock Exchange. A small band of trading specialists are taking calls about $50 million bitcoin deals. We just got a glimpse of how bitcoin futures will work. And there's a brand new way to bet on the market's hottest stocks.
In D.C news, House Republicans suddenly have a massive problem with their tax bill. Larry Summers slammed Steven Mnuchin over his claims the GOP tax plan would pay for itself. And President Trump is getting a historic chance to reshape the world's most powerful central bank, according to Business Insider's Pedro da Costa.
In investing news, we talked to the chief investment strategist at $920 billion fund giant Invesco about where you should invest right now.
And in tech news, Snap flopped with disastrous Q3 earnings that sent shares diving. Here's what you need to know:
- Snap trims earnings losses after Tencent announces a 10% stake
- Snapchat is redesigning its app after CEO Evan Spiegel admitted it's too difficult to use
- Snap wrote down nearly $40 million because Spectacles are a flop
- A critical mistake cost traders betting against Snap huge profits
- RBC: There's 3 things Snap can do to turn itself around