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Welcome to Finance Insider, Business Insider’s summary of the top
stories of the past 24 hours.
A Goldman Sachs executive considered a
potential candidate to succeed CEO Lloyd Blankfein on Monday
announced his retirement from the firm. Michael Sherwood, a
vice chairman and co-CEO of Goldman Sachs International, decided
to
retire after 30 years at the investment bank.
In case his departure raises any questions about who might
eventually take the reins after Blankfein, who is 62 and says he
has no plans to retire, we have put together a list of the
key executives at the firm.
Take a look at the Goldman Sachs power players behind Lloyd
Blankfein.
In related news, JPMorgan has made an important hire,
and it hints at the future of trading.
Elsewhere on Wall Street, one of the most
senior women in investing has cemented her position at the top
of a $2.1 trillion money manager. Three brutal
charts
explain everything that is going on in money management right
now. And these are the
nine stocks that matter most to hedge funds.
There’s a problem with
the conventional wisdom you’re hearing about a Trump
stimulus, according to Business Insider’s Josh Barro. And
a Trump presidency may be good for Harley-Davidson,
according to Morgan Stanley.
Here is the
world’s skewed distribution of wealth in a single graphic.
We’re approaching Black Friday, one of the biggest sales days of
the year for the retail industry. Here are all
the pre-Black Friday sales you need to know
about. Here’s
what it’s really like to work retail on Black
Friday. And a pilot strike is
threatening to
ground flights carrying cargo for Amazon during the busy holiday
season.
Lastly, one of these
15 contenders will become Business Insider’s 2016 Car of the
Year.
Here are the top Wall Street headlines at
midday
Trump wants to hand corporate America a sweet tax deal — but it
doesn’t look like CEOs will share the
wealth — Donald Trump wants to
reform America’s corporate tax system and give companies a
sweeter deal that encourage them to bring profits home,
instead of stashing them overseas.
Investors are ditching bonds at the fastest rate in
three years — Investors
ditched bonds at the fastest weekly rate since 2013, according to
analysts from Deutsche Bank, on fears high interest rates and
inflation will make a return.
Buyers might be about to flood the biggest part of the housing
market — New homebuyers may
be about to flood the US market for existing homes to lock
in the lowest mortgage rates they can.
SOCIETE GENERALE: Get ready for euro-dollar parity— Societe Generale
expects the euro to hit parity against the dollar for the first
time in almost 15 years at the start of 2017 as political
uncertainty in the single currency area begins to
crystallize.
Venezuela’s state-owned oil company just missed a bond
payment —Venezuelan state
oil company PDVSA has activated a 30-day grace period for $404
million in interest payments on its 2021, 2024 and 2035 bonds,
JPMorgan analysts said in a report on Monday.
Americans typically open 500,000 credit cards on Black
Friday —The day after
Thanksgiving, Black Friday, is typically portrayed as a chaotic
mess of American consumerism.
Another bank has dropped out of R3, the corporate club trying to
bring blockchain to banking— Spanish banking giant Banco
Santander is no longer a member of the R3 blockchain
consortium.
DEUTSCHE BANK: The rotation from bonds to stocks is just getting
started —Donald Trump has
had an immediate and positive impact on financial markets since
winning the US election a fortnight ago.
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