Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
A Goldman Sachs executive considered a potential candidate to succeed CEO Lloyd Blankfein on Monday said he is retiring from the firm. Michael Sherwood, a vice chairman and co-CEO of Goldman Sachs International, decided to retire after 30 years at the firm, according to an internal memo.
In case his departure raises any questions about who might eventually take the reins after Blankfein, who is 62 and says he has no plans to retire, we have put together a list of the key executives at the firm.
In related news, JPMorgan has made an important hire, and it hints at the future of trading.
Elsewhere on Wall Street, one of the most senior women in investing has cemented her position at the top of a $2.1 trillion money manager. Three brutal charts explain everything that is going on in money management right now. And these are the nine stocks that matter most to hedge funds.
There’s a problem with the conventional wisdom you’re hearing about a Trump stimulus, according to Business Insider’s Josh Barro. And a Trump presidency may be good for Harley-Davidson, according to Morgan Stanley.
We’re approaching Black Friday, one of the biggest sales days of the year for the retail industry. Here are all the pre-Black Friday sales you need to know about. Here’s what it’s really like to work retail on Black Friday. And a pilot strike is threatening to ground flights carrying cargo for Amazon during the busy holiday season.
Lastly, one of these 15 contenders will become Business Insider’s 2016 Car of the Year.
Here are the top Wall Street headlines at midday
Trump wants to hand corporate America a sweet tax deal — but it doesn’t look like CEOs will share the wealth — Donald Trump wants to reform America’s corporate tax system and give companies a sweeter deal that encourage them to bring profits home, instead of stashing them overseas.
Investors are ditching bonds at the fastest rate in three years — Investors ditched bonds at the fastest weekly rate since 2013, according to analysts from Deutsche Bank, on fears high interest rates and inflation will make a return.
Buyers might be about to flood the biggest part of the housing market — New homebuyers may be about to flood the US market for existing homes to lock in the lowest mortgage rates they can.
SOCIETE GENERALE: Get ready for euro-dollar parity — Societe Generale expects the euro to hit parity against the dollar for the first time in almost 15 years at the start of 2017 as political uncertainty in the single currency area begins to crystallize.
Venezuela’s state-owned oil company just missed a bond payment — Venezuelan state oil company PDVSA has activated a 30-day grace period for $404 million in interest payments on its 2021, 2024 and 2035 bonds, JPMorgan analysts said in a report on Monday.
Americans typically open 500,000 credit cards on Black Friday — The day after Thanksgiving, Black Friday, is typically portrayed as a chaotic mess of American consumerism.
Another bank has dropped out of R3, the corporate club trying to bring blockchain to banking — Spanish banking giant Banco Santander is no longer a member of the R3 blockchain consortium.
DEUTSCHE BANK: The rotation from bonds to stocks is just getting started — Donald Trump has had an immediate and positive impact on financial markets since winning the US election a fortnight ago.
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