CNBC.com’s MacKenzie Sigalos brings you the top trade news headlines of the day. On today’s show, Kate Rooney discusses investment giant Fidelity’s plans to launch a bitcoin ETF. Additionally, Hugh Son walks the debate over Wall Street’s treatment of the junior staff that has dominated the finance world in the week since the Goldman Sachs analyst platform went viral.
Fidelity to launch bitcoin ETFs as investment giant builds its digital asset business
Fidelity Investments is preparing to launch its own exchange-traded bitcoin fund as the investment giant works to cement its influence in the digital asset and virtual currency market.
FD Funds Management, a subsidiary of Fidelity, said Wednesday that it plans to provide financial backing for an exchange-traded fund called the Wise Origin Bitcoin Trust.
The firm filed a Form S-1 with the Securities and Exchange Commission, a preliminary registration statement for the fund.
Fidelity confirmed that it submitted a prospectus to sponsor a bitcoin ETF, but said it could not offer further comment due to the preliminary nature of the submission.
Credit Suisse is giving junior bankers special $ 20,000 bonuses, raises after revolt by Goldman analysts
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 entry-level and mid-level investment bankers on Wednesday that they would receive special bonuses of $ 20,000 in the second quarter, and that people below the level of managing director can also expect pay increases, according to people with knowledge of changes.
The move by Credit Suisse, one of the top ten merger advisers globally, is Wall Street’s latest attempt to address concerns that junior bankers are overworked and underestimated during a surge in activity in the credit markets. capitals. Last week, a platform created by first-year analysts at Goldman Sachs detailed this year’s brutal working conditions, including 100-hour workweeks while working from home, prompting a response from CEO David Solomon.
The blockade of the Suez Canal is delaying an estimated $ 400 million an hour in goods
The stranded mega-container, Ever Given in the Suez Canal, is holding an estimated $ 400 million per hour of trade, based on the approximate value of goods moving through Suez every day, according to shipping data and the company’s Lloyd’s news. Ready.
Lloyd’s values westbound canal traffic at approximately $ 5.1 billion per day and eastbound traffic at about $ 4.5 billion per day. The lockdown is putting more emphasis on an already strained supply chain, said Jon Gold, vice president of supply chain and customs policy at the National Retail Federation.
“Every day the ship remains trapped in 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 delays stemming from the pandemic. There is no doubt that the delays will affect the supply chain and cause additional challenges.”