What you need to know on Wall Street today

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

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JPMorgan reported fourth-quarter earnings on Thursday that crushed expectations and set a high bar for the rest of Wall Street.

CEO Jamie Dimon brushed off questions about the state of the US economy, saying he isn’t that worried about the oil industry, and that when he looks at the firm’s credit-card, commercial-bank, middle-market-banking businesses, “it is as good as it’s ever been.”

Here is the memo Daniel Pinto, the CEO of JPMorgan’s corporate and investment bank, sent to staff.

Elsewhere, Goldman Sachs is reportedly cutting 10% of its fixed-income division, and there is something messed up in China’s latest data dump.

Last but not least, hedge fund manager Marc Lasry is playing in the NBA All-Star Celebrity Game on Kevin Hart’s team.

Here are the top Wall Street headlines at midday –

GOLDMAN SACHS: The US equity market has structural issues – Goldman Sachs filed a letter with the SEC letting it know that it has some deep concerns with the state of how US equity markets operate.

Bill Ackman is getting crushed, again – Hedge fund titan Bill Ackman’s Pershing Square Holdings, the fund’s publicly traded vehicle, has fallen 11.4% in 2016, according to a performance update.

Nomura just made a big change to its US investment banking business – The Japanese bank named Mike Hill head of mergers and acquisitions for the Americas, replacing Jonathan Rouner, according to a memo obtained by Business Insider.

These 7 big Internet companies are ripe to be acquired – 2016 will be a robust M&A market and there are several already public companies that might be ripe for picking, a new Merrill Lynch analyst note predicts.

Marc Andreessen predicted GoPro’s current problems back when the company filed to go public – The sports video camera maker warned of holiday sales that were lower than expected and announced plans to slash its headcount by 7%.

CREDIT SUISSE: Markets are in panic mode – Credit Suisse analyst Helen Haworth looked at investor appetite for risk and found that it fit the profile of a full-blown panic. The team looked at things such as global growth rates, economic policies, and asset valuation to come to that conclusion.