Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Barclays, the 300-year-old British financial institution, is doubling down on investment banking in the US.
“Our narrative needs to be: ‘We are a top, fifth-ranked firm in the US’ investment banking market — period,'” John Miller, who is head of Barclays’ corporate and investment bank in the Americas, recently told Business Insider.
Elsewhere on Wall Street, hedge fund traders from a legendary desk at Goldman Sachs have lost billions of dollars. And the statue of the “Fearless Girl” will stare down the Wall Street bull for another year.
The GOP’s Obamacare replacement plan got pulled from a vote in the House on Friday, putting markets on edge. Here’s what you need to know:
- How “Trumpcare” went up in flames — and why it should worry the GOP about the future
- Wall Street already knows how to spin Trumpcare’s ugly collapse — but it’s missing the point
- There’s a reason why it’s “been decades since significant tax reform has passed”
- Here’s the next hill Trump, Ryan and House Republicans could die on
- Here’s who has the most to lose if the government starts negotiating drug prices
In markets news, one of Wall Street’s favourite Trump trades is rewarding investors that bet against it. Hospital stocks are popping after the demise of “Trumpcare.” Wall Street is getting one of its biggest calls of the year all wrong.
In economics, Treasury Secretary Mnuchin says AI taking US jobs is “50-100 more years” away — but it’s already beginning to happen. And seeing how the highest and lowest-earners spend their money will make you think differently about “rich” vs “poor.”
And in tech, the No.1 investment bank advising Snap on its IPO is projecting massive growth for the company. The YouTube advertiser boycott will cost Google $US750 million, according to one analyst. And a Bitcoin civil war is threatening to tear the digital currency in two — here’s what you need to know
Lastly, take a look inside the exclusive New York gym where Hugh Jackman, Victoria’s Secret models and Wall Streeters work out.
Saudi Arabia sweetens huge Aramco IPO with tax cut – Saudi Arabia’s government has cut the income tax paid by national oil giant Saudi Aramco to smooth the company’s initial public offer of shares next year, which is expected to be the world’s largest equity sale.
Brexit is already hurting London’s reputation as a financial centre – London has seen its standing as a financial center slip as Britain prepares to trigger its departure from the European Union, according to a survey released on Monday, although rival European cities still lag far behind.
Tesla is about to confront dueling best- and worst-case scenarios, and anything could happen – Tesla is preparing for its biggest year ever.
Whole Foods is facing its worst nightmare after an unexpected threat stole millions of customers – Whole Foods is losing millions of customers to what was once an unthinkable threat: Kroger.
This cocktail brought the “original American whiskey” back from the dead – Whiskey is experiencing a huge comeback in America.
The Trump era is ushering in a ‘more is more’ design renaissance in America – The Trump aesthetic is far from subtle.
We got a peek inside a $US20 million apartment in the latest skyscraper to dramatically alter Manhattan’s skyline – Madison Square Park Tower is changing Manhattan’s skyline. The 65-story glass skyscraper is the tallest in its Flatiron District neighbourhood, and because of various zoning laws surrounding it, its fantastic views will never be obstructed.