What you need to know on Wall Street today

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Wall Street could be next to get Amazon’d.

That’s the takeaway from a big report from McKinsey, which just published its annual global banking review, a 52-page tome on the future of the industry. It includes a stark warning: The threat from digital players is accelerating, and banks could be left with the least attractive bit of the banking business.

And to be clear, the digital companies McKinsey is talking about are not exclusively lean and fast-moving fintech startups, which have garnered so much attention over the past few years. Instead, McKinsey is talking about so-called platform companies, like Amazon, Alibaba, Tencent, and Rakuten. Here’s our take on the report.

In other news, Elliott Management, one of the world’s most feared investors, is barely beating its competition. America’s newest stock exchange just got the green light to go after Nasdaq and NYSE’s marquee business. Goldman Sachs is looking to invest in high-growth startups outside of Silicon Valley.

And there has been a shake-up at the top of $US170 billion fund giant Carlyle Group.

In markets news, the bond market’s “moment of truth has arrived,” according to Jeff Gundlach. And exchange-traded funds will attract $US400 billion of investor demand in 2018, up 33% from this year, according to a Goldman Sachs forecast.

In politics, Congress just killed a rule that would have made it easier for consumers to sue banks — here’s why people are so upset.

The Republican tax-writing chief just contradicted President Trump’s vow to leave the way you save for retirement alone. And Trump asked GOP senators for a show of hands on who he should pick as the next Fed chair.

And in macro news, the Bank of Canada held its key interest rate at 1.00%, and said it’s worried about NAFTA. In related news, Trump’s plan to rip up NAFTA could cause a big setback in the housing market

In tech, SoftBank has made $US3 billion from its $US100 billion tech fund in five months. Traders are betting that tech giants will crush earnings season. Apple denied a report about issues with the iPhone X facial recognition camera.

Amazon is making smart cameras that let couriers deliver packages inside your home.

Lastly, Goldman Sachs sold a yacht it won in bankruptcy for $US27.5 million.

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