Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
President Donald Trump’s manufacturing council of business leaders has lost four of its members amid fallout from Trump’s handling of the white-nationalist protests in Charlottesville, Virginia, over the weekend.
Merck CEO Kenneth Frazier, the only black business leader in the group, resigned after Trump initially failed to explicitly denounce white nationalists. Later Monday, Under Armour CEO Kevin Plank joined Frazier in leaving the council.
That same night, Intel CEO Brian Krzanich released a statement saying he too was stepping down from the council. And on Tuesday, Scott Paul, Alliance for American Manufacturing, announced that he would step down.
Here’s the latest:
- TRUMP: CEOs dropping out of manufacturing council are “grandstanders” and there are “many to take their place”
- “I sometimes wonder how they face their children”: Larry Summers rails against CEOs on Trump’s business councils
- From the son of a janitor to CEO of Merck: Meet Kenneth Frazier, who’s getting praised after leaving Trump’s manufacturing council
In related news, several CEOs are voicing the same complaint about one of Trump’s biggest brags.
In Wall Street news, Deutsche Bank just named a new CEO for the US. Massive quant hedge funds run by AQR and Two Sigma are losing to humans. Hot fintech startup Personal Capital has amassed nearly $US5 billion from people willing to hand over their bank logins.
And VanEck filed to launch a Bitcoin ETF a day after a senior exec at the $US25 billion fund called it “a fad.”
In deal news:
- Warren Buffett dumped his entire stake in General Electric
- The owner of Vans is buying the maker of Dickies for $US820 million
- An activist hedge fund has reportedly amassed a $US400 million stake in yogurt maker Danone
- David Tepper pumped $US520 million into Alibaba
- Tech “unicorn” IPOs are booming
In markets news, stocks are looking unstoppable, according to Business Insider’s Joe Ciolli.
Lastly, the CEO of jobs site Glassdoor shared his number one tip for job-seekers.