Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Gross domestic product has fallen short of expectations once again.
The second print for US GDP growth in the fourth quarter of 2016 came in at a 1.9% annualized rate, according to the Bureau of Economic Analysis. Elsewhere, the Conference Board’s consumer confidence index surged to 114.8 in February from January’s print of 111.8, making for the best reading since July 2001.
It’s JPMorgan’s annual investor day Tuesday. Here are the headlines:
- JPMorgan is hiring bankers in a city near you
- JPMorgan’s traders made $US80 million a day in 2016
- One of the most senior women on Wall Street just issued a rallying cry for stock pickers
- Get the latest updates from the investor day here
In other news, one of Asia’s top trading firms is shutting down a large chunk of its US business. One of the top hedge fund launches of the year has landed a big-name backer. And a new ETF is launching based on “biblical values” that excludes investing in companies that support “the LGBT lifestyle.”
In deal news, Snap has enough demand to push its IPO valuation as high as $US25 billion. A years-long dream of a European exchange ended in half an hour. And Warren Buffett made an inappropriate remark to describe the logic behind a $US140 billion takeover bid.
Here’s what to expect tonight as President Trump delivers his “biggest speech to date.” Trump has said he wants to cut $US54 billion in spending from domestic agencies — that’s enough to wipe several of them out. He later said the increase in military spending will come from “a revved-up economy.”
Further, Trump’s protectionism could tip the world back into recession, according to the chief economist at MFS Investment Management.
Snap made its Wall Street debut — in Twitter’s annual report. And United Airlines’ CEO explained how “raw and visceral” employee feedback helped turn his company around.
Lastly, Elio’s tiny car gets 84 mpg and costs only $US7,300 — here’s what it was like.
Here are the top Wall Street headlines from the past 24 hours.
The world’s biggest drugmaker just pulled back the curtain on drug pricing – The world’s largest drugmaker just gave us a better idea of how drug price hikes impact its business.
Goldman Sachs held a millennial conference for clients last week — here’s what we found out – Goldman Sachs Asset Management (GSAM) held its second annual “Young Professionals and Future Leaders” conference at its London office last week.
This is what it’s like to return to investment banking at JPMorgan after a long career break – The course of a career in investment banking never runs smooth.
JPMorgan, Microsoft, BP, UBS, Credit Suisse, Intel, and more are forming a new blockchain alliance – JPMorgan, Microsoft, Intel, and more than two dozen other companies have teamed up to develop standards and technology to make it easier for enterprises to use blockchain code Ethereum in the latest push by large firms to move toward distributed ledger systems.
Bill Gates says it’s too early for basic income, but over time “countries will be rich enough” – Bill Gates isn’t opposed to giving people money for free — particularly as a means to lift them out of poverty — but he doesn’t think universal basic income (UBI) is ready for public use quite yet.
BUFFETT: Wells Fargo’s accounts scandal was “a huge mistake” – Warren Buffett expressed his disappointment with the fake accounts scandal at Wells Fargo during an interview on Monday.
A former Wall Street exec says some of the most common career advice given to women is deeply flawed – Sallie Krawcheck has heard it all.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.