Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.
Citigroup’s head of investment banking, Ray McGuire, sent a note on Tuesday to his team to congratulate them on a busy week of dealmaking.
“It wasn’t just an impressive Monday morning or weekend, it has been a strong week,” McGuire wrote. “We know it takes long hours, late nights and weekends to get these deals to the finish line.”
He said the firm had advised on more than $140 billion worth of transactions in the previous seven days — and that the M&A pipeline remained at an all-time high.
“There are a number of significant landmark transactions still in the works, some of which could sign in the next few weeks,” McGuire wrote.
Elsewhere on Wall Street, JPMorgan bankers have been barred from reading the Financial Times at work to “avoid a potential copyright concern.”
Morgan Stanley’s CEO had some harsh words about the US election process, and Goldman Sachs’ CEO said “the world wants me to be scared to death.”
In hedge fund news, Appaloosa Management founder David Tepper spoke with Business Insider’s Linette Lopez and told us the most dangerous place to put your money.
More investors are redeeming from hedge funds — and last quarter’s redemptions were the largest since the first quarter of 2009.
Lastly, Business Insider’s Elena Holodny interviewed Wall Street’s top oil watcher, Helima Croft of RBC Capital Markets, about Saudi Arabia, Russia, and Libya.
Here are the top Wall Street headlines at midday:
Mike Bloomberg defends Wall Street banks, says Trump supporters are not well-educated — Billionaire Michael Bloomberg spoke candidly about Wall Street and the US presidential election at his company’s 2017 Year Ahead conference.
MORGAN STANLEY CEO: ‘There’s nothing good about Brexit’ — Morgan Stanley CEO James Gorman gave a blunt assessment on Brexit on Tuesday.
ALBERT EDWARDS: The market’s ‘catastrophic distortions’ will cause a collapse — The Societe Generale über-bear strategist, says that the US is actually doing it worse than other countries.
The US garbage indicator is sending a positive sign for the economy — One of the more unusual-but-intuitive economic indicators is garbage.
Here’s how much Obamacare premiums are going up in every state — The increases vary heavily by state, with Indiana and Massachusetts seeing an average 3% decline in costs while Arizona tops out with a 116% average increase.
The Feds are starting to dig in at the biggest middle-man in the pharmaceutical game — The Feds are gunning for the biggest middle man in the American pharmaceutical game.