What you need to know on Wall Street today
It's not looking good for Wall Street traders.
According to an annual survey by Wall Street recruiting firm Options Group, total compensation for fixed income and equities professionals in the US will be down 7% from last year, on average. You can read more about the report here.
In related news, a color-coded chart shows which finance jobs are in demand - and where Wall Street is headed. And Citigroup hired a former Goldman Sachs banker to cover a booming Wall Street business.
Elsewhere on Wall Street, America's investing giants have a major problem with the GOP tax plan. And Gary Cohn had an awkward moment when CEOs appeared to shoot down one of the biggest arguments for the GOP tax plan.
And Richard Cordray, who has helmed the Consumer Financial Protection Bureau since 2012, announced he would step down as the director of the consumer watchdog at the end of the month.
In macro news, the Fed is starting to pay closer attention to the other America. The retail apocalypse is killing jobs, and it's left "the economy vulnerable to an adverse shock." And President Trump is reportedly considering Allianz' Mohamed El-Erian for a post at the Fed.
In crypto news, a Chicago trading firm is setting up shop in Singapore to dominate the bitcoin market in Asia. The chairman of Interactive Brokers warned that bitcoin futures could "destabilize the real economy." And a Sequoia Capital partner told us why he's not scared of blockchain startups.
And elsewhere in fintech, Betterment, the investing startup with $11 billion in assets, is rolling out a new service to make charitable giving easier.
In markets news:
- We talked to the bond chief at the $6 trillion fund giant BlackRock about the most important issue for markets right now
- THE HINDENBURG MEETS THE TITANIC: Stocks are flashing an ominous signal not seen since the financial crisis
- A bear market in stocks could be coming far sooner than expected
- Warren Buffett's Berkshire Hathaway loads up on Apple
- Billionaire Chase Coleman's Tiger Global Management has increased its bets on some of Wall Street's hottest tech stocks
- George Soros dumped his stake in Snap and increased positions in cable companies
- Two of Snap's biggest investors just loaded up on more shares
Lastly, these are the most extravagant hotel amenities money can buy.