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What you need to know on Wall Street today

What you need to know on Wall Street today
Finance3 min read

Flickr / Barney Moss

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

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Hedge funds are having a tough time of it.

Bluecrest Capital, which was once one of the largest hedge funds in the world, announced Tuesday it would return outside capital to investors, while Tiger Veda Management, a so-called Tiger Cub hedge fund, is shutting down after 11 years. David Einhorn's hedge fund has dropped 20.6% this year.

David Tepper, founder of Appaloosa Management, sent out a rare, public letter to the board of one of his holdings, meanwhile.

In other Wall Street news, bond investors are getting excited about the the prospect of reduced liquidity in the fixed-income markets, and the CEO of online lending startup SoFi has said he is targeting a $30 billion valuation.

Here are the top Wall Street headlines at midday -

The biggest bank in the US is miffed at the Federal Reserve - Wells Fargo may have to raise $60 billion in debt to offset potential losses in the event of another financial crisis.

Tiger Global just raised $2.5 billion for a new VC fund - This is Tiger Global's tenth venture capital fund, and it will be called Tiger Global Private Investment Partners X, L.P.

The most popular college major for Wall Street - Ever wonder which college major is most likely to get you a job on Wall Street?

The American energy story in 10 charts - In just a matter of years, the American "energy renaissance" has made the region a leader in global oil.

THE END IS NEAR: A top Wall Street strategist believes the global bull market will end in 2017 - Societe Generale is out with a call for the end of the global stock bull market: 2017.

An MBA isn't as important as you might think for building a career on Wall Street - It turns out that MBA degrees are very common at the upper levels within investment banks - but they don't dominate.

A 'Tiger Cub' hedge fund seeded by Julian Robertson is closing - Tiger Veda Management, a so-called Tiger Cub hedge fund, is shutting down after 11 years, according to a memo sent to clients from the fund's CEO.

A former Wall Street rainmaker says running a bank is a 'breeze' compared with a startup - That's according to Sallie Krawcheck, one of the most recognizable women on Wall Street.

Here's why executives at unicorns are closely watching IPOs at other companies - When you're an executive at a "unicorn," a privately held company that has reached a valuation of at least $1 billion, you pay a lot of attention to the initial public offerings of other companies.

Elsewhere on the web -

J.P. Morgan Hired Friends, Family of Leaders at 75% of Major Chinese Firms It Took Public in Hong Kong - The Wall Street Journal

Citadel Hires Zeng From Citigroup to Start CDS Market Making - Bloomberg

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