What you need to know on Wall Street today

Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox.

Some of the top equity-research shops in the world have seen revenue decline by 10% to 30% this year - and those are the lucky ones.

Others are staring at declines of as much as 60%, according to figures from the consulting firm Oliver Wyman.

Equity research revenues were widely anticipated to decline after the Markets in Financial Instruments Directive II, the complex and sweeping European regulatory reform, went into effect January 3. But the scale of some of the declines is striking. Here's our story.

Elsewhere in finance news:

• Goldman Sachs is launching an incubator to create a startup engine within the Wall Street giant
• This color-coded graph shows which finance jobs are going to be in demand - and where Wall Street is headed
• Amazon could shake the banking industry to its core - but one expert knows how Wall Street can fight back
• Wall Street banks are at "an inflection point" - and it's bad news for traders
• A controversial practice tearing Wall Street apart is about to be put to the test

In company news, Toys R Us says a "perfect storm" killed the toy chain - and it blames Amazon, Walmart, and Target. Unilever's CEO says that in nine years, no investor has asked him the questions he's waiting to hear. And Rihanna responded to Snapchat's ad making light of Chris Brown's brutal attack, saying "shame on you."