Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
President-elect Donald Trump will nominate Jay Clayton, a Wall Street lawyer, to head the Securities and Exchange Commission, according to transition sources. Clayton, a partner at Sullivan and Cromwell, has represented numerous Wall Street giants and has a history of defending financial institutions against regulators.
“We need to undo many regulations which have stifled investment in American businesses, and restore oversight of the financial industry in a way that does not harm American workers,” Trump said in a statement from the transition.
Elsewhere in Wall Street news, we now know how the top banks stack up in dealmaking, and it isn’t even close. A big deal in the options trading business just went down. And big banks are gearing up to fight the Volcker rule.
And Faraday Future unveiled its first electric car for production — which the company says has a range of more than 300 miles per charge. Unfortunately, the car appeared to malfunction during its big debut.
Lastly, here are the 12 things every guy should keep in his gym bag.
Here are the top Wall Street headlines from the past week
JPMorgan Chase is about to slash the 100,000-point sign-up bonus for the most ballyhooed credit card of 2016 — Last summer, JPMorgan Chase revealed its newest rewards card, the Chase Sapphire Reserve, complete with a $450 annual fee and a bevy of benefits, including an unheard of 100,000-point sign-up bonus worth about $1,500 in travel credit.
Customers developed a new habit during the recession — it’s killing Applebee’s and Buffalo Wild Wings. Casual-dining chains like Buffalo Wild Wings, Applebee’s, and Ruby Tuesday are expected to have a difficult 2017.
UBS: The Trump rally has its risks, but now is not the time to be a contrarian — What a ride it’s been for US stocks since the US presidential election.
Trump’s secretary of state appointee agrees to cut all ties with Exxon Mobil — Exxon Mobil and Rex Tillerson agreed to sever all ties to comply with conflict-of-interest requirements as the company’s former chairman and chief executive awaits confirmation as US secretary of state.
Amazon is launching its own athleisure brand — Amazon is jumping on the athleisure trend with its own in-house brand of athletic apparel.
Here are the fastest growing and shrinking states in the US — Utah is growing quickly, while West Virginia is losing people.
Here’s when the major central banks will deliver their monetary policy decisions in 2017 — While it may be the start of a new year, one constant theme for markets remains the same — the importance of central banks when it comes to movements in financial markets, particularly the US Federal Reserve.