What you need to know on Wall Street today
Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.
Congress on Friday began careening toward a partial shutdown of the federal government, as a funding bill appears stalled in the Senate with the two parties divided on key issues.
If no bill passes by midnight, the federal government will enter a partial shutdown affecting nonessential services, which would close national parks and cause services like the issuance of replacement Social Security cards to be halted. The White House says chances of a shutdown have 'ratcheted up' and is telling government agencies to get ready.
Here's a primer on what will happen if the government does shut down tonight.
In finance, meet the unconventional portfolio manager who crushed Wall Street last year while barely watching the market. A top recruiter tells Business Insider what it takes to get a senior-level private equity job these days.
Subway is on the ropes. Battles at HQ are killing the world's largest fast-food chain - and many franchisees are turning against the CEO.
Tax-avoidance schemes are being offered up to the wealthy like vacation packages.
Here's what else is going on in the world of finance:
- Wall Street is watching a key recession indicator that keeps flashing yellow
- BANK OF AMERICA: Tax cuts could lead to record mega-mergers
- JPMorgan CEO Jamie Dimon got a 5% raise in 2017 - here's how much he made
- ADT Security's IPO prices well below its expected range
- A Deloitte consultant wrote a cringeworthy pop song and sent it to his bosses - now it's being shared around the world
In crypto news, the SEC has finally outlined the reasons for its reluctance to list cryptocurrency ETFs. A US cybersecurity firm has accused North Korea of hacking South Korean cryptocurrency exchanges. And traders in South Korea took the bitcoin 'bloodbath' to a whole new level by shattering monitors, throwing laptops, and more.
And lastly, take an inside look at a day in the life of an equity sales leader at UBS in Sydney.