Stock market news today October 3

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A senior trading exec at Goldman Sachs explains why he’s
so worried about the coming turn in a $9 trillion market

If you’re one of the most senior trading executives on Wall
Street, what keeps you up at night?

For Justin Gmelich, the chief operating officer of Goldman
Sachs’s fixed-income trading unit,
it’s recent changes to the functioning of the US corporate bond
market. Gmelich, who spoke Tuesday on a panel at the
Securities Industry and Financial Markets Association’s
conference in Washington, said the recent proliferation of
products for investing
and trading corporate bonds have altered the market in ways that
haven’t been fully tested.

“The genie is out of the bottle, we’re not going back in any way,
shape or form,” Gmelich said. “The way we commit capital, provide
liquidity, has changed materially since, let’s call it 2008.”

Here’s how much the top Wall Street banks have earned in
dealmaking fees this year

While M&A volumes are exploding in 2018, Wall Street
dealmakers are still seeing a slight decline in overall fees.

Global M&A activity totaled $3.3 trillion in the first nine
months of the year, which is up 37%, according to Refinitiv,
which is the former Thomson Reuters Financial & Risk
business.

Yet worldwide fees from investment banking were down 5%, reaching
an estimated $76.6 billion during that time period.

That’s because most bankers don’t get paid until the deals
they’ve worked on actually close which happens once the companies
have achieved regulatory and shareholder approval for their
transactions.

Greg Fleming’s Rockefeller Capital has poached a senior
investment banker from Bank of America Merrill Lynch as it ramps
up dealmaking with rich clients

Wall Street rainmaker Greg Fleming
continues to poach talent away from top-tier investment banks
as he bolsters the roster at Rockefeller Capital Management, this
time landing a top industrials banker from Bank of America
Merrill Lynch.

Mitchell Theiss, previously chairman of global industrials at
Bank of America, is joining Rockefeller Capital as vice chairman
of the strategic advisory business and a member of the operating
committee, the firm announced Wednesday.

He spent 19 years at Bank of America and before that worked a
decade in investment banking at Goldman Sachs.

In markets news