What you need to know on Wall Street today

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It keeps getting worse for Yahoo.

Starboard, the activist hedge fund, has delivered yet another letter to the digital media company’s board of directors, calling for “significant changes.”

Activist investor Eric Jackson of SpringOwl Asset Management joined the call for a board shake-up at Yahoo, telling Business Insider that “the current board as a whole has failed its fiduciary responsibilities.”

Elsewhere, JPMorgan banks analysts led by Kian Abouhossein published a 110-page note on Wednesday about the key investment themes for the financial sector.

Here is a chart on the banks Abouhossein thinks will win out in the long run, and here is a chart on the revenue outlook for the industry. And here are a couple of charts on what has happened to the Wall Street workforce since the financial crisis.

Finally, one of Silicon Valley’s hottest VCs just threw millions at a startup that could make Wall Street analysts sweat.

Here are the top Wall Street headlines at midday –

Valeant names interim CEO while Michael Pearson remains on medical leave – The embattled Canadian drug company Valeant Pharmaceuticals has named its former chief financial officer Howard Schiller as interim CEO.

FORMER FED PRESIDENT: ‘The Federal Reserve is a giant weapon that has no ammunition left’ – Former Dallas Fed president Richard Fisher thinks the Federal Reserve is out of tools to help markets.

3 things every young Wall Streeter needs to know going into bonus season – It is bonus season.

A battered market is about to face a ‘real life test’ – Sharp moves in the credit market have the potential to lead to so-called hung leverage loans.

JPMorgan’s complete guide to everything going on in global markets right now – JPMorgan Asset Management’s David Kelly and team have surveyed the economic landscape and released their first-quarter presentation outlining the state of the markets and more.

Here’s why banks are obsessed with a technology that’s ‘becoming the new internet’ – 2015 was the year of the blockchain for banks.

Elsewhere on the web –

Trading scandal rocks SSA market – GlobalCapital

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