- Thomson Reuters
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The rise of passive investing has fundamentally altered the business of Wall Street.
And now, it may also be changing the quality of research produced by investment banks for active-investment firms like hedge and mutual funds.
Elsewhere on Wall Street, the business of trading corporate bonds has changed, and the Fed admitted that a startup can predict its upcoming interest rate forecasts.
Wells Fargo has fired thousands of employees and incurred fines totaling $185 million because of a widespread practice of employees opening new accounts for existing customers without their authorization. Business Insider’s Josh Barro argues that the scandal is a cautionary tale about incentive pay.
And finally, Cairn Capital, a London-based fund management firm with $8.6 billion in assets under advice, has made a big hire.
In deal news, a startup worth over $1 billion had $83 million in revenue last year – and it just filed to go public. And after spending $4 billion on acquisitions this year, Salesforce bought yet another company.
Finally, here’s a great interview with legendary physicist Freeman Dyson, who talks about math, nuclear rockets, and astounding things about the universe.
Here are the top Wall Street headlines at midday:
The little guys are winning on Wall Street – It doesn’t take a position at a big investment bank to land a role on a big deal.
Here’s who holds the world’s $60 trillion in sovereign debt – The world’s governments now have around $60 trillion in debt which is then sold to investors as bonds. So who owns this debt?
The ‘Barbarians at the Gate’ are getting something right – There is a long running debate in private equity investing.
Morgan Stanley isn’t so sure about its forecast for the oil recovery anymore – Morgan Stanley is losing its conviction about the oil market’s future.
San Francisco’s housing market has been on a ‘wild ride’ – The housing market in San Francisco has a notorious reputation.
Porsche just unveiled a new model of its Panamera hybrid – and it looks amazing – Porsche unveiled a new version of its hybrid sedan Friday and it comes with some impressive new features.