Finance Insider is Business Insider’s summary of the top stories of the past 24 hours.
In 2015, Mallory Downing was hustling for a hedge fund job.
Like many of her peers at Columbia Business School in New York, she sent out hundreds of résumés. She met with more than 100 people in interviews or informal coffee meetings. Not long after, a prominent hedge fund manager stood in front of a group of female investors and said he wasn’t sure why he couldn’t find any to hire.
Business Insider’s Rachael Levy took a close look at the mismatch, and the missing women of the hedge fund business.
Speaking of hedge funds, CNBC’s Delivering Alpha Conference is taking place on Tuesday. Famed short-seller Jim Chanos said at the event that Tesla has put itself “under the red line” by merging with SolarCity. Mutual fund legend Bill Miller and Impala Asset Management founder Robert Bishop also announced their top trades.
Former Treasury Secretary Tim Geithner spoke earlier in the day at the event, and said: “We’re in a world where bad things happen.” On stage with him, billionaire investor Ray Dalio, founder of Bridgewater Associates, added that the world he’s seeing today looks like the late 1930s.
Paul Singer, the founder of hedge fund Elliott Management, also sounded the alarm, saying: “It’s a very dangerous time in the global economy.”
Speaking of warnings, we just got some data on auto lending, and it has us worried.
In banking news, Goldman Sachs plans to use retail money to make Wall Street-style profits, Morgan Stanley is moving jobs to Mumbai, and we just got a rare insight into how Wall Street dealmakers make their money.
The CEO of Deutsche Bank, John Cryan, sent a memo to employees, telling them to “be more daring” and make decisions without waiting for their bosses to tell them what to do.
Here are the top Wall Street headlines at midday:
Something’s missing from the bond market – US Treasury yields are rising for the third time in four sessions.
There’s a big difference between how millennials and their parents spend money – Gordon Smith, chief executive for consumer & community banking at JPMorgan, gave a presentation on Monday at the Barclays Financial Services Conference discussing the spending patterns of millennials.
President Obama just sent a letter to health insurance CEOs asking for help fixing Obamacare – President Barack Obama is enlisting the help of some health insurance companies to try to fix the Affordable Care Act, better known as Obamacare.
Wells Fargo is getting rid of sales goals for retail bankers – The bank said on Tuesday it would eliminate all product sales goals in retail banking, starting next year.
Valeant’s CEO was clueless when analysts asked about a specialty pharmacy his company deals with – At a Wells Fargo healthcare conference, analysts asked Valeant CEO Joe Papa aboutDirect Success Pharmacy.
JAMIE DIMON: ‘I would love to be president of the United States’ – JPMorgan CEO Jamie Dimon wants to live in the White House, but he doesn’t think it will happen.
Nobody knows where to put their money – Investors who think stocks and bonds are overvalued are in a record majority compared with those who think they’re not, according to Bank of America Merrill Lynch.
KKR: ‘The last couple of days certainly looks like just the beginning of the tide rolling out’ – Bonds are crashing around the world, and the stock market is on the move after an extended quiet period.
A hot new app is hoping to change the way you manage your money – A team of computer science professors at the University of Michigan are trying to change the way we manage money.
The 238-mile range for the Chevy Bolt is a big problem for Tesla – Sometimes it’s a burden to be first. Tesla is the little car company that could. CEO Elon Musk and his team, building on the work of the car maker’s original founders, have put electric cars decisively on the map.
We tested the high-tech suitcase meant to make business travel less stressful — here’s the verdict – Air travel comes with its fair share of pain points.
Business Insider Emails & Alerts
Site highlights each day to your inbox.