Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
It was supposed to be the age of the asset owner.
Post-financial crisis, the investment banks that had once ruled finance were brought to their knees, and the asset managers suddenly had all the power. Well, according to Morgan Stanley and Oliver Wyman, the world might be beginning to shift back towards banks. In other words, Wall Street has been “turned upside down.”
Elsewhere in Wall Street news, Deutsche Bank just made a big hire in trading from Citi. Goldman Sachs is hiring in an unlikely destination. And there’s a problem with electronic bond trading, according to Chris White of ViableMkts.
Dan Loeb’s Third Point is looking to win fresh money. Hedge fund managers are cheering Trump, and can’t wait to get regulators off their back. A top hedge fund manager has the same response every time someone compliments his fund. And the hedge fund industry has a PR problem, according to the president of a $US13 billion fund.
The Fed might have buried a key policy signal to investors in its March statement.
Two former Wall Streeters turned startup founders share their best advice for dressing for every kind of office.
Lastly, these are the most extravagant hotel amenities money can buy.
GOLDMAN SACHS: This should be a good year for stockpickers, and it’s great news for us – Stop me if you’ve heard this before: It’s going to be the year of the active manager.
Amgen is getting whacked after disappointing study results for its $US14,000 cholesterol drug – Amgen’s Repatha drug cut the risk of heart attacks and strokes by over 20% in patients with heart disease, demonstrating a clear clinical benefit beyond its ability to slash “bad” LDL cholesterol levels, data from a huge study known as Fourier showed on Friday.
MORGAN STANLEY: These 3 restaurant stocks could be crushed by the return of food inflation – Falling food prices will soon be history, and restaurants could get crushed as prices rise, according to Morgan Stanley.
Goldman Sachs CEO Lloyd Blankfein took a $US1 million pay cut last year — to $US22 million – Goldman Sachs CEO Lloyd Blankfein was paid $US22 million in total compensation in 2016, according to a regulatory filing.
US shale producers are killing any hopes of a recovery in the offshore oil drilling business – The rise in oil prices from their lows in early 2016 to near $US50 now should have caused a boom in drilling activity. But that’s not what’s happened.
Warren Buffett’s railroad is going to reap the benefits of coal’s comeback – UBS is bullish on railroad stocks, and part of the reason is the recent uptick in coal production, which has been driven by higher natural gas prices and optimism surrounding the election of Donald Trump.
GOLDMAN SACHS: Here are the 2 fund giants you should be investing in – Financial stocks have rallied since the election of Donald Trump, with the XLF financial sector ETF up almost 24%.
The 15 business schools where MBAs earn the highest salaries after graduation – Business school is expensive — especially at a top-notch school.
Tag Heuer finally built a smartwatch for watch aficionados – Tag Heuer is well-known for making a solid Swiss timepiece at an accessible price point.