What you need to know on Wall Street today
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Some of the top equity-research shops in the world have seen revenue decline by 10% to 30% this year - and those are the lucky ones.
Others are staring at declines of as much as 60%, according to figures from the consulting firm Oliver Wyman.
Equity research revenues were widely anticipated to decline after the Markets in Financial Instruments Directive II, the complex and sweeping European regulatory reform, went into effect January 3. But the scale of some of the declines is striking. Here's our story.
Elsewhere in finance news:
- Goldman Sachs is launching an incubator to create a startup engine within the Wall Street giant
- This color-coded graph shows which finance jobs are going to be in demand - and where Wall Street is headed
- Amazon could shake the banking industry to its core - but one expert knows how Wall Street can fight back
- Wall Street banks are at "an inflection point" - and it's bad news for traders
- A controversial practice tearing Wall Street apart is about to be put to the test
In company news, Toys R Us says a "perfect storm" killed the toy chain - and it blames Amazon, Walmart, and Target. Unilever's CEO says that in nine years, no investor has asked him the questions he's waiting to hear. And Rihanna responded to Snapchat's ad making light of Chris Brown's brutal attack, saying "shame on you."
In markets news:- ROSENBERG: A myth is circulating Wall Street about the next financial crisis - and it reveals unlearned lessons from the latest one
- JPMorgan has calculated when the next recession will hit - and has some ideas how you can prepare for it
- ALBERT EDWARDS: The endgame for the global economy is arriving sooner than we expected
Lastly, here are the rising stars of marijuana's investment scene that everyone from Wall Street to Silicon Valley should know.