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Banks are quickly approaching their “automation tipping point,” and they could soon reduce headcount by as much as 30%.
That’s according to Citigroup, which has put out a big report on digital disruption and banks’ “Uber moment.” The US bank estimates that layoffs from the banking sector over the next 10 years could add up to more than 1.8 million.
In Wall Street news, Deutsche Bank’s rates-trading business, which had targeted ambitious revenue growth in 2016, is suffering amid the tough start to the year, and Jefferies has hired a Navy SEAL from Goldman Sachs to join the distressed-trading desk.
In related news, Wall Street has hit a low, and things can (probably) only get better from here.
Brian Wuebbels, the CEO of both of SunEdison’s subsidiaries, TerraForm Power and TerraForm Global, is out. His departure marks a victory of sorts for billionaire hedge fund manager David Tepper, who had earlier filed a lawsuit calling for Wuebbels to step down.
In other news, Canada’s GDP report crushed estimates, and the latest reading on business activity in Chicago was stronger than expected.
Here are the top Wall Street headlines at midday:
The world’s largest investor is reportedly cutting jobs – Larry Fink’s investment giant,BlackRock, is reportedly planning some job cuts.
SONIC CEO: There’s ‘no doubt’ customers will pay more because of minimum-wage hikes – Clifford Hudson, CEO of Sonic, thinks that wage hikes will show up on consumers’ menus.
Activist investor Starboard is finding support for its plan to replace Yahoo’s board – The activist hedge fund Starboard Value’s campaign to replace Yahoo’s board of directors is being welcomed by some investors who have grown impatient with the faded internet pioneer’s drawn-out process of selling its Web business.
We’re about to see a demographics shift unprecedented in human history – There are about to be more elderly people than young children.
A pipeline bombed by deep-water divers reveals a crucial problem threatening Nigeria – Anonymous assailants last month bombed a sub-sea pipeline to Shell’s Forcados export terminal in Nigeria.
The capital of ‘the most miserable country in the world’ could be about to go dark – The capital of Venezuela, Caracas, could be about to go dark.