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.
Gary Cohn’s announcement Tuesday that he would step down as President Donald Trump’s top economic adviser not only signals the end to an up-and-down tenure in the administration but also creates a void that could have serious implications for the broader US economy. Here’s the latest:
- Gary Cohn’s resignation leaves a massive void that could push Trump toward the fringe
- ‘Wall Street just lost its security blanket’ – Here’s what experts are saying about Gary Cohn’s exit from the White House
- Trump’s pick to replace Gary Cohn will tell you a lot about the direction of the White House
- The biggest threat to the US from steel tariffs goes deeper than trade – and debt investors could be in for a surprise
- Trump’s new tariffs could hit these US states the hardest
- Why Trump’s tariffs could be the most damaging for America since Nixon’s, according to Goldman Sachs’ top economist
- BARRO: Trump is giving Republicans two horrible options on trade
In other news, we talked to UBS chairman Axel Weber about market risks, cryptocurrencies and the bank’s whistleblowing hotline. The CEO of JPMorgan’s giant investment bank says a 40% correction could be on the horizon – here’s how it could happen.
Amazon has the potential to upend a booming investment business, and it’s keeping industry insiders up at night. And Bank of America’s new head of prime brokerage was an actress, model, writer and MTV VJ before Wall Street.
Lastly, in crypto news:
- Bitcoin is plummeting after one of the world’s largest cryptocurrency exchanges suspended withdrawals
- Coinbase just made a big move to tap Wall Street’s appetite for cryptocurrency
- ‘It felt like I was about to die:’ The CEO of bitcoin exchange Mt Gox described what it was like to discover he had been hacked
- $US1.6 billion cryptocurrency exchange Coinbase isn’t adding Ripple after all – and it’s obvious why not
- Inside the lavish lifestyles of people who made a fortune off cryptocurrencies