Prime Finance is Business Insider’s midday summary of the top stories of the past 24 hours.
The news on Morgan Stanley’s job cuts continues to roll in.
The US bank is reportedly cutting 1,200 staff, including about 470 front-office staff in its fixed income and commodities business. Business Insider reported Monday that emerging markets sales and trading was one of the areas hardest hit by the cuts.
In other news, hedge funds are increasingly finding it difficult to hire good people, and Business Insider is hosting the IGNITION conference.
Comcast CEO Brian Roberts told Business Insider editor-in-chief Henry Blodget this morning that Comcast is experimenting with a plan to expand into the wireless phone business. DraftKings CEO Jason Robins, CBS Corporation CEO Leslie Moonves and Publicis CEO Maurice Lévy are due to speak this afternoon.
Here are the top Wall Street headlines at midday –
One statistic perfectly encapsulates the impact of technology on Wall Street jobs – In 2000, Goldman Sachs had 600 traders in New York City making markets in US stocks. Today, that number is down to fewer than 10.
BLACKROCK: The rest of Wall Street’s technology is junk – BlackRock president Rob Kapito isn’t scared to talk about Wall Street’s biggest secret.
The kings of NYC’s power dining scene just declared war on a New York Times food critic – In the staid, reputation-conscious world of New York fine dining, it is incredibly rare for a restaurant to take a swing at the New York Times over a review.
Putin’s former finance minister says the Russian government is running out of money – Alexei Kudrin, who was Russia’s finance minister from 2000 to 2011, said, that within the next few years, Russia’s “reserve funds will be exhausted and they will have to raise taxes.”
Former Jefferies trader Litvak’s conviction overturned – A federal appeals court on Tuesday overturned the conviction of a former Jefferies Group trader accused of defrauding investors after the financial crisis by lying about mortgage bond prices.
The intense competition that determines ‘Wall Street’s Best Athlete’ is going nationwide – Every summer, the fastest and strongest people working in finance compete for the title of “Wall Street’s Best Athlete” in The Decathlon.
Elsewhere on the web –