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.
Over the past few decades, the US economy has helped rich Americans get richer as the middle class shrinks.
What changed? Americans embraced the idea that the only mission of companies is to maximise short-term profit for shareholders.
It’s time for a more balanced approach. It’s time for better capitalism, argues Business Insider CEO Henry Blodget.
JPMorgan Chase put this ethos into action Tuesday, laying out a $US20 billion, five-year investment plan that will include pay raises for 22,000 hourly employees, 4,000 additional hires, 400 new retail branches, and an increase in both small-business and affordable-housing lending.
Also in JPMorgan news, an executive behind a $US1 trillion deal is being promoted to JPMorgan’s management team, according to a memo reviewed by Business Insider.
Tesla’s board has proposed a compensation package for CEO Elon Musk that requires the electric automaker to eventually attain a market cap of $US650 billion.The new pay plan isn’t bold, it’s delusional, says Matthew DeBord.
Trump’s potentially trillion-dollar infrastructure plan has reportedly leaked – here’s what it says.
Here’s what else is going on in finance and markets news today:
- A Spotify investor lays out the case for music streaming – including that it will replace radio
- Millennials are leading an investment revolution – and we spoke with the head of a $US1 trillion provider to find out why
- Chartbeat’s former CEO lays out why Rupert Murdoch is wrong in every way regarding his quest to get Facebook to pay media companies
- GOLDMAN SACHS: Market risk is at ‘extreme’ levels, and that raises a key question about the future
- Millions of workers may still need to find jobs before we can talk about ‘full employment’
- Bank of America hikes its stock market forecast for 2018, but is on the lookout for any reason to turn bearish
- Biotech execs tell us why 2018 is a good year to invest in the brain
And in crypto-land:
- Nobel economist Stiglitz sees no legal functions for bitcoin: ‘We have a good medium of exchange called the dollar’
- Bitcoin exchange Coinbase reportedly made more than $US1 billion in revenues last year
- A South Korean regulator sold his crypto holdings two days before new rules were announced – and people are furious
Competition for talent on Wall Street is fierce.
Banks, hamstrung by regulators on compensation and battling the stereotype of an onerous work culture, have seen a talent flight to investing firms and Silicon Valley. For their part, alternative-asset managers have experienced massive growth and a flood of inbound capital, requiring an ever-larger stable of investment professionals to manage the load.
Making the right hiring decisions has rarely been more critical. And headhunters, often unseen to the outside world, specialize in making sure C-suite execs, managing directors, and portfolio managers get it right.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.