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.
Goldman is moving into an unglamorous part of banking
Goldman Sachs is quietly building out a business in a humdrum area of the market that helps big corporations manage and move their money. It's a far cry from the Wall Street bank's traditional business of advising companies on mergers and acquisitions and helping them raise capital.
The project is the latest in a series of Goldman moves into basic banking that have left many on Wall Street scratching their heads. Long known for its expertise in trading derivatives, advising on takeovers and managing money for the super wealthy, the bank has sought to diversify by capitalizing on a banking charter received during the financial crisis.
Read more about what Goldman is building here.
Crypto is staging a comeback
Crypto markets are making a big comeback as political uncertainty grips Italy and Europe.
At the time of writing, a number of major cryptos were sporting big gains, including ethereum and bitcoin cash. Bitcoin, the largest cryptocurrency by market capitalization, was trading up 4.8% at $7,446 a coin, according to Markets Insider data.
Designers at SoFi and Robinhood explain how they trick users into actually saving (and making) money
Personal finance apps like SoFi and Robinhood have gained traction with customers - especially millennials - thanks to the ease with which they let users sock money away, save towards big goals, and make big purchases more possible.
At the heart of their success: A good product which combines smart design with financial psychology to convince users to meet the goals they set for themselves.
Here's how the best companies in fintech design their apps to convince users to save and make money.
Trump tough talk on China continues
The Trump administration on Tuesday moved forward with restrictions on Chinese investment in the US and tariffs on $50 billion worth of Chinese goods despite talks that seemed to alleviate trade tensions between the two countries.
The White House announced Tuesday that the crackdown on Chinese trade would take effect in June. It said the final list of goods subject to a new 25% tariff would be released June 15, with more details on investment restrictions coming by the end of the month.
In markets news
- A risky part of the market has swelled beyond financial-crisis levels - and it could make the next meltdown a whole lot worse
- Investors with trillions at stake are 'gorging like pigs at the trough' - and the smallest misstep could make a painful crash even worse