What you need to know on Wall Street right now

Hersheypark/Facebook

Finance Insider is Business Insider's 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.

The bit of Kraft Foods that bought Cadbury and then became Mondelez now wants to become Hershey.

Snack-food giant Mondelez has reportedly made an offer to acquire Hershey, sending the target's shares rocketing.

Elsewhere in deals news, two boutique banks landed key roles on Lionsgate's $4.4 billion deal to buy the cable and satellite TV network Starz. And it has been a "tough year" to be an equity capital markets banker. 

One of the most anticipated hedge fund launches has made a big hire. Samantha Greenberg's Margate Capital hired Jared Weisfeld as a partner and technology sector head.

The Federal Reserve failed Deutsche Bank Trust Corp. and Santander Holdings in its annual stress test exercise. Now that the Fed exam is over, Wall Street is going on a huge buying binge. That is, it is buying itself.

Senior Goldman Sachs managers encouraged a former salesman to "own" the Libyan Investment Authority as a client because of the potential for large profit margins on complex trades, a London court heard on Thursday.

JPMorgan is taking a new approach to working with tech startups.

And there's a parasite in China sucking up money faster than the country can print it. 

Here's the best of the rest in Wall Street headlines today:

GEORGE SOROS: Brexit has 'unleashed a crisis' as bad as 2008 - Hedge fund legend George Soros thinks the vote for a British exit from the European Union is bringing calamity to the world's financial markets.

WARREN: Companies like Apple 'snuff out competition,' and that 'threatens our democracy' - Elizabeth Warren has hit out at the tech industry in a new speech railing against consolidation and concentration in the American economy.

This is the bank that poses the biggest risk to the global financial system - Deutsche Bank's links to the world's largest lenders make it a bigger potential risk to the wider financial system than any other global bank, the International Monetary Fund (IMF) said on Thursday.

Credit Suisse CEO Tidjane Thiam is 'struggling to swim' - Credit Suisse chief executive Tidjane Thiam likes to joke he has a predilection for being under pressure. A year into the job he may have gotten more than he bargained for.

We're stuck with an 'adult swim only' trading environment - You may not want to hear this but we've got to say it again: don't expect to get outsized returns given today's macro backdrop.

BREXIT FALLOUT: JPMorgan and UBS both think London will lose its crown as the financial center of Europe - They join US rating agency Fitch and the co-head of Goldman Sachs' investment bank in warning that the city could see significant downsizing in the year's ahead.

One of the biggest VC firms in the world just raised a $1.4 billion war chest to back the next Google - Silicon Valley venture-capital firm Kleiner Perkins has raised $1.4 billion (£1 billion) to invest in technology startups.

NOW WE'VE SEEN IT ALL: Analyst compares Brexit to a sheepdog voting itself out of the herding group - This might be the best piece of Brexit analysis yet.

A strange phenomenon is making the 'new housing crisis' even worse - There aren't enough homes in America.