Stock market news today July 24

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Goldman Sachs breaks down the damage a trade war could
cause in the stock market and 2 ways investors can protect
themselves

So far, trade
disputes between the US and China have
resulted in only brief episodes of volatility in the stock
market.

Some investors aren’t even going as far as calling the conflict a
full-blown trade
war yet. But with neither country showing
any signs of backing down, Goldman Sachs’ equity strategists have
laid out the impact that escalating tensions could have on the
market.

The Trump administration has imposed a 25% import tax on $34
billion worth of Chinese goods this year and has
also threatened
to hit another $400 billion worth of
products with tariffs because of China’s retaliation. It has also
imposed and threatened tariffs on Canada, the European Union, and
Mexico in its quest for what the administration considers fairer
trade.

There are
two ways trade disputes could hurt the earnings of S&P 500
companies, according to David Kostin, Goldman’s chief US equity
strategist.

Bitcoin king Mike Novogratz leads $52 million investment
in crypto-lending startup

Mike Novogratz’s merchant bank Galaxy Digital
has led a $52.5 million fundraising round for crypto-lending
startup BlockFi, the firm announced on Tuesday.

The New York-based firm offers corporate and retail clients loans
on their crypto holdings, with a loan book in the millions.

Founded by former Cognical senior vice president Zac Prince, the
firm has raised money in two rounds this year. In February, it
raised $1.55 million from ConsenSys Ventures, SoFi, and Kenetic
Capital, as
CoinDesk previously reported.

The most recent round comes as BlockFi eyes expansion in new
states and international markets, and the addition of new
products. It is also looking to support more cryptocurrencies.

Citi has poached a Chase executive to run its ‘Shark
Tank’-type program

Citigroup has
poached a senior leader from JPMorgan Chase to run an internal
start-up incubator within its consumer banking division whose
vetting process has been compared to the TV show “Shark Tank.”

Alex Sion, formerly the GM of JPMorgan Chase’s mobile channel, is
joining the bank as head of D10X for Citi’s Global Consumer Bank,
according to a memo seen by Business Insider.

D10x — which stands for Discover 10 times — is a unit within the
bank dedicated to taking start-up ideas from employees and
building innovative products and services out of them.

Deutsche Bank is hiring 25% more new analysts this year —
and they provide a window into the bank’s strategy

Deutsche Bank,
which has been battling bad news for months, is now in hiring
mode.

The German lender has hired almost 800 new university graduates
globally this year, its second highest number ever and 25% more
than last year, according to internal figures seen by Business
Insider and confirmed by a bank spokesman. The bank held
orientation for the class last week.

The hiring comes as Deutsche surprised investors last week
with news
that it plans to report a higher-than-expected profit for the
second quarter under new CEO Christian Sewing.
Deutsche has
seen key traders leave in the last few
months amid plans to cut up to 7,000 jobs
at the bank by the end of 2019.

Roughly 27% of Deutsche’s incoming class is made up of bankers,
compared to 16% of traders, providing a window into how the
bank’s strategy is developing. Deutsche’s revenue from stock and
bond trading is down 15% for the second
quarter, compared
to big gains from US banks.

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