What you need to know on Wall Street today
Markets around the world have been grappling with historically low volatility for some time now. And Societe Generale thinks they're finally due for a reckoning. In fact, the situation has gotten so tenuous that it's reminding the firm of the period leading up to the 2007-8 financial crisis .
In related news, hedge fund legend Julian Robertson warned that " we're creating a bubble ."Bitcoin enthusiasts reacted with anger and derision at JPMorgan CEO Jamie Dimon's claim that the cryptocurrency is a "fraud." Jeff Gundlach, DoubleLine Capital's founder, said he is " going to let this [bitcoin] mania go on without [him] ." He also said the dollar is due for a rally .
In Wall Street news, Betterment struck a deal with BlackRock and Goldman Sachs to provide its 270,000 users more investment options . Vikram Pandit, former CEO of Citigroup , says 30% of banking jobs could disappear within the next five years .
In other news, t he ultra-wealthy have 10% of global GDP stashed in tax havens - and it's making inequality worse than it appears . And millennials are driving a shift in how the ultra-wealthy manage their money .
BridgeBio Pharma, a biotech company focused on inherited diseases, raised $135 million from a bunch of Wall Street firms . And a 35-year-old banker left Goldman Sachs to start a fintech company inspired by his mother, and five years later received £100 million from his former employer .
Apple revealed its iPhone X on Tuesday amid much fanfare. Here's what you need to know:
- It takes all of five minutes with the iPhone X to realize why it's worth $1,000
- Here's how Apple's new iPhone 8 and iPhone X compare with the top Android smartphones
- Shares in Apple suppliers across Asia promptly crashed after the launch of the latest iPhone
- T-Mobile is offering a $300 discount on the iPhone 8 and iPhone X - but there's a big catch
- Here's how Apple's iPhone X event is impacting other stocks
- Everything you need to know about buying the iPhone X through Apple's iPhone upgrade program
- Here's a look at BMW's electric sports sedan of the future
- Audi just unveiled a stunning electric concept designed to drive over 400 miles on a single charge
- Mercedes' $2.7 million hypercar will arrive in 2019 - and it's a high-tech marvel
- Two of the best new cars at the Frankfurt Motor Show are throwbacks to another way of life