Here’s what’s been happening on Wall Street overnight

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Millennials are making what could be one of the costliest investing mistakes in history

Cash is king for millennials who are setting money aside for the future, according to a new report.

The problem is this is one of the worst ways to earn any returns. And it doesn’t jibe with millennials’ expected longer lifespans, rising medical costs, and uncertainty about Social Security.

“Millennials are going to have the biggest retirement-savings burden in history,” Greg McBride, the chief financial analyst for, told Business Insider.

“The nest egg that they’re going to have to accumulate on their own is going to be bigger than any other generation.”

Action on crypto exchanges is heating up

Action on some of the largest trading venues in crypto is heating up as the price of bitcoin, the largest digital currency, approaches $US8,500 a coin.

Bitcoin, which spent much of 2018 in the doldrums, has seen its price soar by nearly $US1,000 over the last week, reaching a two-month high on Tuesday. At last check, the cryptocurrency was trading at $US8,217 a coin.

At the same time, crypto volumes – digital currencies changing hands – on exchanges have seen a spike in activity. And bitcoin bull Tom Lee, head of research at Fundstrat , says it’s a meaningful signal that the bitcoin bottom is behind us.

Deutsche Bank profits dive – but signs emerge that its turnaround program is working

Deutsche Bank on Wednesday posted a 14% drop in net profit in the second quarter from a year earlier, as Germany’s largest bank restructures under new leadership.

Deutsche last week already flagged that net profit would be more than double analysts’ forecasts in a rare piece of good news for the bank, which is cutting costs to revive profitability.

Net profit in the second quarter was 401 million euros ($US468.33 million), down from 466 million euros last year.

The bank halted a steep decline in revenue, which was 6.6 billion euros. That is flat compared with the same quarter in 2017, when revenue fell 10% from a year earlier.

The best CEOs on Wall Street – as ranked by their employees

In the lavishly-compensated world of banking, job satisfaction can often take a backseat to how much money one earns. Having a good CEO, however, will always be a major draw for banks and other financial institutions looking to recruit new staff.

But which major bank CEOs have the highest levels of approval among their staff? Using data from jobs-ranking website Glassdoor, the Evidence Lab at Swiss bank UBS compiled satisfaction data for the CEOs of most recognisable brands in global finance. The bank has collected more than 56,000 reviews from Glassdoor.

The data, featured in a note about the fortunes of struggling German lender Deutsche Bank, shows that bosses at big US banks are much more likely to have the approval of their employees than those at European lenders.

At the bottom of the pile were Tidjane Thiam of Credit Suisse and Deutsche Bank’s new boss Christian Sewing . Meanwhile the three most-approved CEOs were Morgan Stanley’s James Gorman, JPMorgan’s Jamie Dimon, and Goldman Sachs’ outgoing leader, Lloyd Blankfein.

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