What you need to know on Wall Street right now

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Federal Reserve Chair Janet Yellen
source
Gary Cameron/Reuters

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Federal Reserve Chair Janet Yellen
source
Gary Cameron/Reuters

Welcome to Finance Insider, Business Insider’s summary of the top stories of the past 24 hours.

Goldman Sachs has named David Solomon and Harvey Schwartz the new co-chief operating officers for the bank, replacing longtime COO Gary Cohn.

Schwartz is CFO of the company and will stay in that role until the end of April, when he will be replaced by Martin Chavez. Richard Gnodde and Pablo Salame were also appointed vice chairmen of the bank.

“These five leaders have distinguished themselves in their respective areas of expertise and I look forward to working with them in formulating and executing our global strategy,” Lloyd Blankfein said.

Virtually all market watchers expect the Federal Reserve to raise its benchmark interest rate on Wednesday by 25 basis points to a range of 0.50% to 0.75% from the current range of 0.25% to 0.50%.

You can follow all of the Fed news as it unfolds here.

A staggering number of Americans aren’t making a living wage. And there’s really only one thing Americans want from corporations.

Silicon Valley’s most powerful executives are meeting with president-elect Donald Trump on Wednesday at Trump Tower. In related news, Elon Musk and Travis Kalanick, the chief executives of Tesla and Uber, are joining Trump’s new economic advisory board.

In other news, there’s crucial info about the market out there that most investors are missing, according to Manoj Narang of MANA Partners. DoubleLine Funds founder Jeff Gundlach said the stock market could sell-off around inauguration day. Money managers all agree one trade is really crowded, but they’re loading up on it anyway.

And it has been a hectic end-of-year for Bill Ackman and Valeant.

In deal news, Sanofi is reportedly in talks to buy Actelion Pharmaceuticals after Johnson & Johnson backed out of negotiations. And Salesforce just bought a startup called Twin Prime, adding to its $5 billion buying binge.

Lastly, 17 photos that show why the rich and famous flock to St. Barts in the winter.

Here are the top Wall Street headlines at midday

The head of the No. 1 investment bank in the world explains why Brexit, Trump, and everything else have been great for trading – A bunch of events in 2016 had the potential to send the market into a tailspin.

Wells Fargo failed its ‘living will’ test a second time and is on the brink of sanctions – Wells Fargo’s plan for how it would resolve its business in the event of a crisis was again rejected by regulators on Tuesday, putting it closer to serious sanctions under the Dodd-Frank Act.

The Feds just started charging drug company executives for price fixingThe Department of Justice has accused two executives of fixing prices of generic antibiotics, in the first charges to be leveled after a sweeping two-year investigation into the matter.

A massive shift is underway in the restaurant industry – Wednesday’s retail sales report was disappointing, missing economists expectations and raising concerns over the outlook for the holiday shopping season.

“It really does look like Vancouver’s housing bubble has burst” – Home prices in Vancouver dropped for the second month in a row, declining by 1.3% month-over-month in November, according to the Teranet-National Bank Composite House Price Index.

Silver isn’t getting the attention it deserves – Precious metals got off to a blistering start in 2016.