What you need to know on Wall Street right now

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.

Goldman Sachs on Tuesday reported strong third-quarter earnings, but a look at the bigger picture provides a bit of a reality check.

While the firm beat analyst expectations across the board, and revenue was up from the year-ago quarter in equities and fixed income trading, the year-to-date comparison is less rosy.

Elsewhere in bank news, San Francisco — Wells Fargo’s hometown — might ditch the bank.

Credit Suisse traders are prepping one of the biggest hedge fund launches this year. Qube, a quantitative-oriented hedge fund owned by the Swiss bank, is expected to manage $1.2 billion by early next year.

Vanguard, the asset management giant with $3.8 trillion under its belt, has a fix for bond trading troubles. Investors are getting worried that a bond market crash is coming, according to Bank of America. And there might be a lifesaver for the traditional money-management industry after all. And

Republican Wall Street donors are rejecting Donald Trump and looking everywhere else. One of the biggest political betting markets is already assuming Hillary Clinton is going to win. And here’s the list of 39 people the Clinton campaign was considering for VP.

In deal news, Double Eagle Energy, a Texas unicorn, is prepping for a rare oil IPO.

And in the markets, Tuesday’s inflation report confirmed three of the biggest business trends in the US.

In corporate news, another shady business relationship has Wall Street worried about Valeant. UnitedHealth’s profits exploded after ditching most of its Obamacare business. And Visa’s CEO resigned, saying he could no longer spend the time in San Francisco to do the job well.

And in tech news, Netflix popped on a big earnings beat, IBM beat in a big way, and Twitter’s abuse problem is reportedly part of the reason Disney chose not to buy it.

Lastly, 5 hedge fund recruiters told us the hottest trends in hiring.

Here are the top Wall Street headlines at midday

A losing bet on hedge funds cost a huge New York pension $3.8 billion – Bets on expensive but poorly performing hedge funds have cost pensioners in New York $3.8 billion in the last eight years, according to a report published by the state’s financial regulator.

Big money investors are dumping these 26 stocks – Credit Suisse has updated its list of “Large Cap Fading Stars.”

A key executive from Lloyd Blankfein’s inner circle is retiring from Goldman Sachs Goldman Sachs Group Inc’s Asia Pacific Chairman Mark Schwartz will retire at the end of this year, according to an internal memo.

A hedge fund legend is psyched about an “incomprehensible” market opportunity When a visionary tech investor like Art Samberg throws his weight behind a project you can bet it’s going to be something special

David Tepper: One presidential candidate is “demented, narcissistic, and a scumbag” David Tepper, the CEO and founder of the hedge fund Appaloosa Management, is not one for mincing words.

Carl Icahn defends Donald Trump’s vulgar comments as “bachelor party” talk in bizarre, rambling interview – In an unusual interview with CNBC’s Scott Wapner, hedge fund titan Carl Icahn defended Republican presidential candidate Donald Trump’s comments about women he made in a leaked tape.

A rare Tesla Roadster is on sale for $1 million — here’s a closer look at the car Tesla fanatics have a chance to get their hands on a piece of company history.

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