CNK.com’s MacKenzie Sigalos brings you the top business news headlines of the day. On today’s show, Kate Rooney breaks down plans by investor giant Fidelity to launch a bitcoin ETF. In addition, Hugh Son revisits the debate over Wall Street’s treatment of junior staff who have dominated the world of finance for the week since the Goldman Sachs analyst fight went viral.
Fidelity will launch Bitcoin ETFs while investment giant builds its digital asset business
Fidelity Investments is preparing to launch its own traded fund in exchange for bitcoins as the investment giant works to consolidate its weight in the digital asset and virtual currency market.
FD Funds Management, a subsidiary of Fidelity, said Wednesday it plans to provide financial support to a publicly traded fund called the Wise Origin Bitcoin Trust.
The firm filed an S-1 form with the Securities and Exchange Commission, a preliminary registration statement of the fund.
Fidelity confirmed that it submitted a brochure to sponsor a Bitcoin ETF, but said it could not comment due to the preliminary nature of the presentation.
Credit Suisse grants special bonuses of $ 20,000 to junior bankers, rises after Goldman analysts revolt
It is possible that a Wall Street company has found a solution to the unhappiness of young bankers with overwork amid a boom in deal activity: money.
Credit Suisse executives on Wednesday told mid- and entry-level investment bankers that they would receive $ 20,000 special bonds during the second quarter and that people below the CEO level can also expect salary increases, according to people who they know the changes.
The passage of Credit Suisse, one of the top ten merger advisers worldwide, is Wall Street’s latest attempt to address concerns that smaller bankers are overworked and undervalued during an increase in capital markets activity. Last week, a platform created by first-year analysts at Goldman Sachs detailed this year’s brutal working conditions, including 100-hour work weeks while working from home, prompting a response from CEO David Solomon.
The Suez Canal blockade delays approximately $ 400 million per hour in goods
The stranded mega-container ship, Ever given in the Suez Canal, maintains about $ 400 million per hour in trade, according to the approximate value of goods moving daily through Suez, according to shipping company Lloyd’s List .
Lloyd’s values westbound traffic at about $ 5.1 billion a day, and eastbound traffic at about $ 4.5 billion a day. The blockade further highlights an already tight supply chain, said Jon Gold, vice president of supply chain and customs policy at the National Retail Federation.
“Every day the ship remains minted across the canal 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 pandemic delays. There is no doubt that delays will spread across the supply chain and cause additional challenges.”