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.

Wells Fargo CEO John Stumpf and Carrie Tolstedt, the executive who ran the bank’s retail banking division, will forfeit tens of millions of dollars in bonuses as the bank tries to stem a scandal over its sales practices.

Sen. Elizabeth Warren said the move is a “small step,” but doesn’t think the bank has gone far enough.

The German government was forced to deny that it is working on a rescue of Deutsche Bank, and we got the internal Deutsche Bank memo on its bombed-out share price in which the bank says it doesn’t need to raise money.

On Wall Street, UBS has made a marquee hire in New York, and JPMorgan promoted a rising star in its biggest business. Ken Moelis, the CEO of the investment bank Moelis & Company, expects Donald Trump to win the US presidential election in November.

And the Fed is thinking about making big changes to how it tests America’s largest banks.

Julian Robertson, the legendary hedge fund manager behind Tiger Management, thinks central banks are fuelling bubbles throughout financial markets.

In company news, Tempur Sealy, the maker of TempurPedic mattresses and other bedding products, reported a dismal update on its business, sending its shares in a tailspin.
SABMiller shareholders backed the brewer’s $100-billion-plus takeover by rival Anheuser-Busch InBev, paving the way for one of the biggest corporate mergers in history.

In the tech industry, BlackBerry is going to stop making its own smartphones. Uber has finally got a CFO.

And here are the secret power players who run Snapchat.

Lastly, here’s a reminder that you really need to get as many raises as you can before you turn 40.

Here are the top Wall Street headlines at midday

A GOP congressman attacked Janet Yellen for looking ‘cosy’ with Obama and Democrats During testimony in front of the House Financial Services Committee, Federal Reserve Chair Janet Yellen was grilled by a member of Congress about whether the Fed and some of its members were favouring President Obama, the Democratic Party, and nominee Hillary Clinton.

Saudi Arabia slashed worker pay and now its stocks are tanking – Saudi Arabia announced several fiscal consolidation measures on Tuesday in an effort to help reduce the kingdom’s record budget deficit as it contends with lower-for-longer oil prices andcostly regional conflicts.

CREDIT SUISSE CEO: ‘Only a fool would try to make a five-year prediction in a world that is so random’ – European investment banks are struggling to make money in a world of zero interest rates and tougher rules on capital.

CITI TELLS DISNEY: Please don’t buy Twitter – Twitter is reportedly looking for a buyer.

Sears could kill hundreds of American shopping malls – Sears’ decline is threatening to kill off at least 200 shopping malls, according to a new report.

Here’s how bad the Fed is at predicting rate hikes In January, Fed Vice Chair Stanley Fischer predicted that four rate hikes were “in the ballpark” for 2016. Of course here we are at the end of September, with only two Fed meetings remaining for the year, and the Fed has yet to hike rates even once.

Volkswagen just unveiled its ‘revolutionary’ electric concept car — and it’s hitting roads in 2020 It’s finally here, the Volkswagen I.D. electric concept car.

Go inside America’s largest diamond factory, which is leading a revolution in the jewellery industry New York City’s Diamond District — located on 47th Street between Fifth and Sixth Avenues — glitters and sparkles, the well-lit diamonds in shop windows immediately drawing the eyes in.

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