CNBC.com’s MacKenzie Sigalos brings you the top business news headlines of the day. In today’s show, Kate Rooney reviews the investment giant Fidelity’s plans to launch a bitcoin ETF. In addition, Hugh Son walks through the debate over Wall Street’s treatment of junior employees who dominated the world of finance the week since Goldman Sachs’ panel of analysts went viral.
Loyalty to launch bitcoin ETF as investment giant builds its digital assets business
Fidelity Investments is preparing to launch its own bitcoin-traded fund while the investment giant works to cement its influence in the digital assets and virtual currency market.
FD Funds Management, a subsidiary of Fidelity, said on Wednesday that it plans to provide financial support for an exchange-traded fund called the Wise Origin Bitcoin Trust.
The company filed a Form S-1 with the Securities and Exchange Commission, a preliminary registration statement for the fund.
Fidelity confirmed it had submitted a prospectus to sponsor a bitcoin ETF, but said it could not offer further comments due to the preliminary nature of the request.
Credit Suisse is giving junior bankers special $ 20,000 bonuses, increases after Goldman analyst revolt
A Wall Street company may have found a solution to the unhappiness of overworked junior bankers amid a boom in business activity: money.
Credit Suisse executives told mid-level and entry-level investment bankers on Wednesday that they were receiving special $ 20,000 bonuses in the second quarter, and that people below the level of managing director can also expect salary increases, according to people with knowledge of the changes.
The move from Credit Suisse, one of the top ten merger advisers in the world, is Wall Street’s latest attempt to address concerns that junior bankers are overworked and underestimated during an increase in capital markets activity. Last week, a presentation created by Goldman Sachs’ first-year analysts detailed the brutal working conditions this year, including 100 weekly hours of work while working from home, generating a response from CEO David Solomon.
The blockade of the Suez Canal is delaying about $ 400 million an hour in goods
The stranded mega-container ship, Ever Dado in the Suez Canal, is holding about $ 400 million an hour in trade, based on the approximate value of goods that are moved through Suez every day, according to transportation data and Lloyd’s List news company.
Lloyd’s values westbound traffic at about $ 5.1 billion per day, and eastbound traffic at around $ 4.5 billion per day. The blockade is further stressing an already strained supply chain, said Jon Gold, vice president for supply chain and customs policy at the National Retail Federation.
“Every day that the ship remains stuck along the channel adds delays to normal cargo flows,” he said, adding that members of the trade group are actively working with carriers to monitor the situation and determine the best mitigation strategies. “Many companies continue to struggle with supply chain congestion and delays resulting from the pandemic. There is no doubt that delays will spread through the supply chain and cause additional challenges.”