Stock market news today July 25

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Millennials are making what could be one of the costliest
investing mistakes in history

Cash is king for millennials who
are setting money aside for the future, according to a
new Bankrate.com report.

The problem is this is one of the worst ways to earn any returns.
And it doesn’t jibe with millennials’ expected longer lifespans,
rising medical costs, and uncertainty about Social Security.

“Millennials are going to have the biggest retirement-savings
burden in history,” Greg McBride, the chief financial analyst
for Bankrate.com, told Business
Insider.

“The nest egg that they’re going to have to accumulate on their
own is going to be bigger than any other generation.”

Action on crypto exchanges is heating up

Action on some of the largest trading venues in crypto is heating
up as the price of bitcoin, the largest digital currency,
approaches $8,500 a coin.

Bitcoin, which spent much of 2018 in the doldrums, has seen its
price soar by nearly $1,000 over the last week, reaching a
two-month high on Tuesday. At last check, the cryptocurrency was
trading at $8,217 a coin.

At the same time, crypto volumes — digital currencies changing
hands — on exchanges have seen a spike in activity.
And bitcoin bull Tom Lee, head of research
at Fundstrat , says it’s a
meaningful signal that the bitcoin bottom is behind us.

Deutsche Bank profits dive — but signs emerge that its
turnaround program is working

 Deutsche Bank on Wednesday
posted a 14% drop in net profit in the second quarter from a year
earlier, as Germany’s largest bank restructures under new
leadership.

Deutsche last week already flagged that net profit would be more
than double analysts’ forecasts in a rare piece of good news for
the bank, which is cutting costs to revive profitability.

Net profit in the second quarter was 401 million euros ($468.33
million), down from 466 million euros last year.

The bank halted a steep decline in revenue, which was 6.6 billion
euros. That is flat compared with the same quarter in 2017, when
revenue fell 10% from a year earlier.

The best CEOs on Wall Street — as ranked by their
employees

In the lavishly-compensated world of banking, job satisfaction
can often take a backseat to how much money one earns. Having a
good CEO, however, will always be a major draw for banks and
other financial institutions looking to recruit new staff.

But which major bank CEOs have the highest levels of approval
among their staff? Using data from jobs-ranking website
Glassdoor, the Evidence Lab at Swiss bank UBS compiled
satisfaction data for the CEOs of most recognizable brands in
global finance. The bank has collected more than 56,000 reviews
from Glassdoor.

The data, featured in a note about the fortunes of struggling
German lender Deutsche Bank, shows that bosses at big US banks
are much more likely to have the approval of their employees than
those at European lenders.

At the bottom of the pile were Tidjane Thiam of Credit Suisse
and Deutsche
Bank’s new boss Christian Sewing .
Meanwhile the three most-approved CEOs were Morgan Stanley’s
James Gorman, JPMorgan’s Jamie Dimon,
and Goldman
Sachs’ outgoing leader, Lloyd Blankfein.

In markets news