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.

You might remember that Goldman Sachs is lending to subprime borrowers. Turns out, it's all part of a plan to help predict the next credit cycle.

In February, Goldman surprised Wall Street when it said that more than 80% of borrowers for its Marcus consumer-lending product had a FICO score of more than 660 at year end. The implication was that nearly 20% had a score of less than 660, placing them in a group often referred to as subprime.

Wall Street analysts were perplexed. In April, Autonomous Research's Guy Moszkowski asked for an explanation, saying several of his clients were surprised by the scale of subprime lending at Marcus.

Here's our story.

In exchange news, a woman will lead the New York Stock Exchange for the first time in its 226-year history. Stacey Cunningham, the chief operating officer of the NYSE, is set to become the president of the exchange venue, which is owned by Atlanta-based Intercontinental Exchange. She will be the exchange's first female president since its founding over 200 years ago.

Cunningham will replace Tom Farley, who has served as the president of NYSE since 2014. Farley was the second-youngest person to head the exchange.

In banking news, Deutsche Bank just waved farewell to its emerging market debt trading chief as cuts begin to mount.

We also spoke to the chief marketing officer of JPMorgan who told us that even though fewer people are watching TV than ever before, the bank is is pouring more of its whopping $5 billion ad budget into the platform and is retreating from digital.

In markets news: