Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
In late 2012, Kathleen Boluch needed a new car — a drunk driver had left hers totaled — but she knew it wouldn’t be easy to get.
Boluch, who lives in Massachusetts, was freelancing and wasn’t making much money. She didn’t have much in savings. On top of that, she had a credit score below 500, which is considered very risky. It took visits to numerous dealerships in the Boston area before she found one that would let her finance a car.
“I remember they were on the phones and computers trying to find a bank to approve a loan for me,” she told Business Insider of the people at the dealership. “One guy shouted, ‘Let’s try Santander, they will do it,‘” she said.
Boluch’s story is part of a bigger narrative emerging about the auto-loan market — and specifically subprime auto lending. Auto-loan fraud is increasing, according to some estimates. The delinquency rate for subprime auto loans is at its highest level in at least seven years. Wall Street is worried.
Banks are suddenly scaling back lending, and Wall Street isn’t yet sure what to make of it. One Wall Street strategist just made a big call that should have everyone worried. The Fed’s June rate hike is suddenly sliding off the table.
Active managers are taking it on the chin lately, but they may have no one to blame but themselves. We talked to one of the most senior women on Wall Street about big deals, investment mistakes, and career advice. And you can watch this week’s episode of Henry Blodget’s new markets and economics show right here.
China’s economy expanded faster than expected in the first quarter as higher government infrastructure spending and a gravity-defying property boom helped boost industrial output by the most in over two years.
Fashion designers flock to New York, Texas has an outsized share of petroleum engineers, and Louisianians are more likely to be boat pilots or captains than are other Americans. Here’s the most disproportionately popular job in every state.
In other news, a startup CEO who watched his 84-year-old mother struggle after leaving the hospital is on a mission to change healthcare from the “inside out.” Walmart is reportedly very close to buying men’s fashion retailer Bonobos. And execs have a new attitude about networking — and it’s killing famous power-lunching spots and golf courses.
Lastly, these matchmakers charge guys up to $US35,000 to be sent on dates — here are their top spots in New York.
Here are the top Wall Street headlines from the past 24 hours.
‘Asia trades as if North Korea wasn’t a problem’: How top bankers think about the Hermit kingdom – North Korea isn’t a country investors usually look at, but it has been on people’s minds amid rising geopolitical risk.
The CEO of Arconic has stepped down after an ugly battle with hedge fund titan Paul Singer – US specialty metals maker Arconic Inc’s chief executive, Klaus Kleinfeld, has resigned, following attempts by activist hedge fund Elliott Management to overthrow the company’s directors and top executives.
CREDIT SUISSE: JPMorgan set “a high bar” for banks with its latest earnings report – JPMorgan raised the bar for the financial sector with its first-quarter earnings report. On April 13, the bank reported first-quarter net income of $US6.4 billion, or $US1.65 a share.
The head of the world’s largest hedge fund explains the guiding principle to his success – Ask great investors who their biggest influences are and you’ll hear names like Warren Buffett and Paul Tudor Jones over and over again.
Ex-Barclays CEO Antony Jenkins: We’re “beginning to see some Uber moments” in finance – Former Barclays CEO Antony Jenkins believes the global financial system is beginning to undergo the “Uber moments” he predicted in the sector a year and a half ago.
“Made in USA” is nearly impossible for some companies – Mini motorcycle and go-kart maker Monster Moto made a big bet on US manufacturing by moving assembly to this Louisiana town in 2016 from China.
The FDA shot down a new rheumatoid arthritis drug — and the companies that make the drug are tumbling – The FDA just rejected a new daily pill to treat rheumatoid arthritis.
Snap just got some good news in its battle with Instagram – Snapchat usage is growing faster than Instagram, according to research from investment bank Jefferies, and a surprising amount of that growth is from users over 35 years old.
Fintech investor: “Anything that has machine learning or blockchain in it, the valuation goes up, 2, 3, 4, 5x” – Valuations of financial technology companies are “frothy,” according to one of the cofounders of a new fintech-focused investment company.
The founder of Shake Shack shares his 3 secrets to success – Danny Meyer is a legend in the culinary world. The founder of Shake Shack, the fast-casual burger maker, was just 27-years old when he opened his first restaurant, Union Square Cafe in Manhattan.
Here’s what 3 of Wall Street’s fiercest competitors eat to stay in top shape – The D10 is an intense competition that pushes its athletic contestants to their ultimate physical limits.
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