CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, Kate Rooney breaks down investment giant Fidelity's plans to launch a bitcoin ETF. Plus, Hugh Son walks through the debate on Wall Street's treatment of junior staff that has dominated the world of finance in the week since the Goldman Sachs analyst deck went viral.
Fidelity to launch bitcoin ETF as investment giant builds its digital asset business
Fidelity Investments is preparing to launch its own bitcoin exchange-traded fund as the investment giant works to cement its clout in the market for digital assets and virtual currency.
FD Funds Management, a subsidiary of Fidelity, said on Wednesday that it plans to provide financial backing for an exchange-traded fund called the Wise Origin Bitcoin Trust.
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The firm filed a Form S-1 with the Securities and Exchange Commission, a preliminary registration statement for the fund.
Fidelity confirmed that it filed a prospectus to sponsor a bitcoin ETF but said it could not offer further comment because of the preliminary nature of the filing.
Credit Suisse is giving junior bankers special $20,000 bonuses, raises after Goldman analyst revolt
Money Report
One Wall Street firm may have found a solution to the unhappiness of overworked junior bankers amid a boom in deal activity: Money.
Credit Suisse executives told mid- and entry-level investment bankers Wednesday that they were getting special $20,000 bonuses in the second quarter, and that people below the managing director level can expect salary increases as well, according to people with knowledge of the changes.
The move from Credit Suisse, a top-ten mergers advisor globally, is Wall Street's latest attempt to address concerns that junior bankers are overworked and underappreciated during a surge in capital markets activity. Last week, a deck created by first-year analysts at Goldman Sachs detailed brutal working conditions this year, including 100-hour work weeks while toiling from home, prompting a response from CEO David Solomon.
Suez Canal blockage is delaying an estimated $400 million an hour in goods
The stranded mega-container vessel, Ever Given in the Suez Canal, is holding up an estimated $400 million an hour in trade, based on the approximate value of goods that are moved through the Suez every day, according to shipping data and news company Lloyd's List.
Lloyd's values the canal's westbound traffic at roughly $5.1 billion a day, and eastbound traffic at around $4.5 billion a day. The blockage is further stressing an already strained supply chain, said Jon Gold, vice president of supply chain and customs policy for the National Retail Federation.
"Every day that the vessel remains wedged across the canal adds delays to normal cargo flows," he said, adding that the trade group's members 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 the delays will ripple through the supply chain and cause additional challenges."
