Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, has abruptly resigned after apparently admitting he was the source of a leak of secret, market-sensitive information about key discussions on interest rate policy within the central bank to consulting firm Medley Global Advisors.
JPMorgan Chase CEO Jamie Dimon is out with his annual letter to shareholders, in which he discusses not only the bank’s business outlook but also various current economic and political issues. Here are the headlines:
- JPMorgan is targeting Silicon Valley
- DIMON: “The United States of America is truly an exceptional country,” but “something is wrong”
- DIMON: “We are creating generations of citizens who will never have a chance”
- DIMON: We fear the EU will split apart, and it could have “devastating economic and political effects”
- DIMON: You can thank Trump for our stock price performance
- Jamie Dimon just doubled down on supporting a little-known tax that pays poor people
Staples is reportedly in talks to sell itself and its shares are spiking. And a new $US250 million fund is aiming to capitalise on the booming housing market in Texas.
WhatsApp is planning a payments service for its biggest market.
Here’s a look at a day in the life of a private banker at HSBC.
Lastly, here are 15 car gadgets that will improve your driving experience
Here are the top Wall Street headlines from the past 24 hours.
“The most dangerous idea in Federal Reserve history” seems to be making a comeback – Top Federal Reserve officials, including Chair Janet Yellen, have expressed concern that waiting too long to raise interest rates might force the Fed to tighten monetary policy even more quickly in the future, potentially tipping the economy into recession.
One of the most anticipated hedge fund launches this year is even bigger than we thought – Brandon Haley’s Holocene Advisors started trading April 3 with about $US1.5 billion, according to a person familiar with the matter.
Google says its self-driving car boss made $US120 million in incentives while working on a competing startup – Google says its self-driving-car lead Anthony Levandowski made $US120 million in incentives while secretively building Otto, a competing company eventually acquired by Uber, according to an arbitration demand filed by Google against Levandowski and another employee on Monday.
The maker of the EpiPen is being sued under a law that’s typically used to take on organised crime – Christina Kollmeyer’s son has a allergy that requires him to carry an EpiPen, the emergency auto-injecting devices available that can be used to treat severe allergic reactions.
The Wolf of Wall Street’s old house is on the market – The onetime home of “Wolf of Wall Street” Jordan Belfort is on the market.
Why Dutch bank ING swapped client lunches for gym trips and used smart watches to track staff well-being – Dutch bank ING is taking a novel approach to client relations — substituting the three-martini lunch for a joint trip to the gym instead.
A hedge fund honcho whose firm has been struggling just raised a bunch of money for his own fund – British hedge fund manager Alan Howard has raised more than $US700 million from outside investors for a new fund that he will solely manage.
Student loans make it harder to achieve a cornerstone of the American dream by age 30 – Homeownership in the United States is more achievable by age 30 for people with a college degree.
Vintage photos show how glamorous flying was in the 1950s – In our modern world, it’s easy to forget how cool flying actually is.