Goldman Sachs is trying to change its culture, and it is creating a lot of 'friction'

Goldman Sachs Group, Inc. Chairman and Chief Executive Lloyd Blankfein moderates a panel discussion at the North American Energy Summit in the Manhattan borough of New York, June 10, 2014.   REUTERS/Adam Hunger

Thomson Reuters

Goldman Sachs Group, Inc. Chairman and CEO Blankfein moderates a panel discussion at North American Energy Summit in New York

Finance Insider is Business Insider's midday summary of the top stories of the past 24 hours.

To sign up, scroll to the bottom of this page and click "Get updates in your inbox," or click here.

There's a culture shift underway inside Goldman Sachs' sales and trading business, and it's causing a bit of tension within the firm.
Goldman Sachs' global cohead of sales, Tom Cornacchia, was surprisingly blunt at an event earlier this week when discussing changes in the fixed income division that are causing some "friction" and "awkwardness."

"There's a lot of denial that exists upfront, and that denial is something that we're trying to push through our system internally," Cornacchia he said.

The numbers have been tallied, and more hedge funds closed in the fourth quarter of last year than at any time since the depths of the financial crisis. In related news, hedge fund giant Citadel is having a tough year.

Sens. Elizabeth Warren of Massachusetts and Bernie Sanders of Vermont are going after activist hedge funds. The senators have sponsored a bill seeking to increase transparency and oversight of activist investors who take large stakes in companies.

"We cannot allow our economy to be hijacked by a small group of investors who seek only to enrich themselves at the expense of workers, taxpayers and communities," the bill says. We asked some of the sharpest strategists and reporters on Wall Street for one chart that's at the top of their mind right now. Here is what they picked.

Here are the top Wall Street headlines at midday:

Starwood Hotels confirms it got a much better buyout offer from a huge Chinese company - Starwood Hotels confirmed that it got a "superior" buyout proposal from a group of companies led by the Chinese insurer Anbang, in a statement Friday.

This amazing graphic shows just how the US stock market has gotten so complex - Stock trading used to be pretty simple.

Steve Cohen's Point72 says it has had 'zero point zero' regulatory problems after pharmaceutical investment - Billionaire Steve Cohen's investment firm, a family office that took over managing his fortune in 2014 after his hedge fund pleaded guilty to securities fraud, has a perfect regulatory compliance record, its president said on Thursday.

UBS increased the size of its bonus pool - UBS' near 60,000 global employees shared a collective bonus pool of CHF 3.5 billion ($3.6 billion) last year, a 14% rise on the prior year's figure.

Internal email at the company Dell is buying for $67 billion shows fear of a 'Blackberry moment' - Newly surfaced emails from some of EMC's executives suggest that the company was worried about a "Blackberry moment" in 2014, well before Dell agreed to buy it for $67 billion in October.
We just got a look at what's on startup founders' minds - and it's bad news for Wall Street - Nasdaq Private Market surveyed a group of startup founders, CEOs, and directors at the South by Southwest conference in Austin, Texas, last weekend.

Valeant CEO sends memo to employees assuring them the company isn't on the verge of bankruptcy - Valeant CEO Mike Pearson sent a memo to the company's employees on Wednesday assuring them that, among other things, the company wasn't on the verge of filing for bankruptcy.

HSBC is looking for a new chairman - HSBC has begun the search for a successor to its Chairman Douglas Flint and will aim to nominate a candidate in 2017, Europe's biggest bank said on Friday.