What you need to know on Wall Street today - Foenaija - Home

What you need to know on Wall Street today

- 9:12 am
advertise here

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.

Over the past few decades, the US economy has helped rich Americans get richer as the middle class shrinks.

What changed? Americans embraced the idea that the only mission of companies is to maximize short-term profit for shareholders.

It's time for a more balanced approach. It's time for better capitalism, argues Business Insider CEO Henry Blodget. 

JPMorgan Chase put this ethos into action Tuesday, laying out a $20 billion, five-year investment plan that will include pay raises for 22,000 hourly employees, 4,000 additional hires, 400 new retail branches, and an increase in both small-business and affordable-housing lending. 

Also in JPMorgan news, an executive behind a $1 trillion deal is being promoted to JPMorgan's management team, according to a memo reviewed by Business Insider

Twitter's chief operating officer, Anthony Noto, has resigned to become the CEO of the financial services startup SoFi.

Tesla's board has proposed a compensation package for CEO Elon Musk that requires the electric automaker to eventually attain a market cap of $650 billion. The new pay plan isn't bold, it's delusional, says Matthew DeBord.

Trump's potentially trillion-dollar infrastructure plan has reportedly leaked — here's what it says.

Here's what else is going on in finance and markets news today:

And in crypto-land:

Competition for talent on Wall Street is fierce.

Banks, hamstrung by regulators on compensation and battling the stereotype of an onerous work culture, have seen a talent flight to investing firms and Silicon Valley. For their part, alternative-asset managers have experienced massive growth and a flood of inbound capital, requiring an ever-larger stable of investment professionals to manage the load. 

Making the right hiring decisions has rarely been more critical. And headhunters, often unseen to the outside world, specialize in making sure C-suite execs, managing directors, and portfolio managers get it right.

Introducing Business Insider's list of the best up-and-coming headhunters on Wall Street.

NOW WATCH: Netflix is headed for a huge profit milestone in 2018