What you need to know on Wall Street right now

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Goldman Sachs reported second-quarter earnings on Tuesday that beat expectations — but that’s not the whole story.

Though the firm beat in trading revenues from fixed income, currencies, and commodities, or FICC, which were up 20% from the same quarter a year ago, it was still down significantly for the first half of the year.

The bank’s CFO also provided a bit more information on those job cuts.

London is likely to lose its financial services passport, and investment banks that shift operations abroad quickly will benefit from a “first-mover advantage,” according to a confidential Deutsche Bank briefing seen by Business Insider.

The US government is reportedly going to ruin more than $91 billion of healthcare mergers. Investment behemoth Pimco just made 2 big hires. And there’s a new way to trade on a potential $550 billion industry.

Someone has been trying to offload their investment in disgraced hedge fund Visium.

A startup just raised over $330 million to help you pay off your college loans, and Peter Thiel just joined the board of a startup that’s secretly raised $50 million over the last three years.

Wall Street has given up on Yahoo’s turnaround, is cautious on Apple, and is cutting its price targets for Netflix.

New York’s tallest and fanciest apartment building will have its own private restaurant from a Michelin-starred chef.

Finally, a couple quit their high-paying corporate jobs to go on an epic 38,000-mile, 16-month road trip.

Here are the top Wall Street headlines at midday:

America’s ‘$13 trillion gorilla’ is getting even bigger There seems to have been one constant source of hope for the US economy over the past year: the US consumer.

Republicans want to bring back Wall Street’s worst nightmare — The Republican Party wants to bring back one of the toughest regulations that Wall Street ever had to tackle.

A ‘great divide’ is causing bizarre behaviour from investors — Investors are bucking common wisdom in the face of an unprecedented divide in markets.

Bank of America’s big-money clients hate stocks, which is a great sign for the future — Bank of America’s big-money clients hate stocks, and they have been selling since the financial crisis.

We’ve been blaming America’s ‘new housing crisis’ on the wrong thing all along Super low mortgage rates and a healthy jobs market have supported housing demand.

Dear America, this is how you became obsessed with guns Over the past two decades, America’s understanding of who a gun owner is, and what they own, has changed.

Consumers have a troubling internet habit that is threatening digital media Digital media has an attention problem.

7 things no man should ever wear in the summer — and what to wear instead — As far as dress codes go, summer is a tricky time.

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