We knew it was bad on Wall Street ― now we're finding out just how bad

Thomson Reuters

Finance Insider is Business Insider's midday summary of the top stories of the past 24 hours.

To sign up, scroll to the bottom of this page and click "Get updates in your inbox," or click here.

It should come as no surprise that first-quarter results will be pretty horrendous for Wall Street.

A collapsed oil price, concerns around Chinese growth and negative rates combined to create "a perfect storm", according to Macquarie's banks analyst, David Konrad.

How bad is it? Well, it is shaping up to be the worst first quarter for investment banking fees since 2009. 

Industry-wide global investment banking fee revenue is down 36% from the first quarter of last year. You can see how much the top Wall Street banks have earned in fees this year here. 

In other news, Yahoo’s activist investor is making a bid to remove the company's entire board, and everyone is worried that a third China bubble is about to pop.

Donald Trump invested millions in hedge funds, and they're not doing very well.

Ford CEO Mark Fields stopped by the Business Insider office for a chat, and said he doesn't worry about Tesla, Apple, or Trump. 

He is worried about currency manipulation though, saying: "We can't compete with central banks."

Lastly, Wall Street rivals are going head-to-head in an epic relay race in New York.

Here are the top Wall Street headlines at midday:

The definitive ranking of Wall Street investment banks in every business line - We have new data on how Wall Street banks stack up in every business line, and there is one clear winner.

Deutsche Bank is hiring 100 people to boost its equities trading - Deutsche Bank is hiring about 100 people to boost its equities trading operations as it seeks to recover ground in an area seen as vital to its new strategy.

The CEO of one of Valeant's largest investors is retiring - Bob Goldfarb, CEO of Ruane, Cunniff & Goldfarb, and the co-manager of the company's flagship Sequoia Fund — which was at one time Valeant's largest investor — is retiring from his roles at the firm.

A short-seller you've never heard of has been quietly killing it - You've probably never heard of Ben Axler, a short-seller who's been building an impressive track record online for spotting corporate frauds.

Erin Callan, former CFO of Lehman Brothers, shares 3 of the most important lessons she's learned during her career - Callan is publishing a book titled "Full Circle: A Memoir of Leaning In Too Far and the Journey Back."

Maserati's SUV has finally arrived in the US - Maserati chose the New York Auto Show to introduce its long-awaited SUV, the Levante, to the US. 

Note: There will not be an edition of Finance Insider on Friday March 25.