What you need to know on Wall Street today

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Markets around the world have been grappling with historically low volatility for some time now. And Societe Generale thinks they’re finally due for a reckoning. In fact, the situation has gotten so tenuous that it’s reminding the firm of the period leading up to the 2007-8 financial crisis.

In related news, hedge fund legend Julian Robertson warned that “we’re creating a bubble.”

Bitcoin enthusiasts reacted with anger and derision at JPMorgan CEO Jamie Dimon’s claim that the cryptocurrency is a “fraud.” Jeff Gundlach, DoubleLine Capital’s founder, said he is “going to let this [bitcoin] mania go on without [him].” He also said the dollar is due for a rally.

In Wall Street news, Betterment struck a deal with BlackRock and Goldman Sachs to provide its 270,000 users more investment options. Vikram Pandit, former CEO of Citigroup, says 30% of banking jobs could disappear within the next five years.

In other news, the ultra-wealthy have 10% of global GDP stashed in tax havens — and it’s making inequality worse than it appears. And millennials are driving a shift in how the ultra-wealthy manage their money.

BridgeBio Pharma, a biotech company focused on inherited diseases, raised $US135 million from a bunch of Wall Street firms. And a 35-year-old banker left Goldman Sachs to start a fintech company inspired by his mother, and five years later received £100 million from his former employer.

Apple revealed its iPhone X on Tuesday amid much fanfare. Here’s what you need to know:

And if cars are your thing:

Lastly, eight of the UK’s most famous chefs shared exactly how to make their signature dishes.

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