| Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Sign up here to get the best of Business Insider delivered direct to your inbox. Investors are underestimating how much worse Trump's trade war might get, UBS says A major further escalation in President Donald Trump's trade war could see the S&P 500drop more than 20% in value, and markets are not ready, according to new research from strategists at Swiss bank UBS. Writing in a major analysis of the president's growing trade battle with China, a team from the bank led by chief global economist Arend Kapteyn, argued on July 11 that markets are drastically underestimating how bad things could get if Trump antagonises China further and the conflict becomes a full-scale trade war. Trump has already threatened to place tariffs on $200 billion of Chinese goods, and things could get even worse. That's when the markets will suffer, UBS said. Goldman Sachs is about to name its next CEO — here are the execs who will be in and out according to a dozen insiders When Goldman Sachs CEO Lloyd Blankfein hands off to heir apparent David Solomon in the coming months, it will be the investment bank's first change in leadership since 2006. During the intervening years, Blankfein led the firm through the financial crisis and the subsequent fallout surrounded by a coterie of loyalists, some of whom worked shoulder-to-shoulder with the CEO at commodities trader J. Aron & Co. Solomon's management team will differ from his predecessor's. An investment banker who climbed the rough-and-tumble ranks at Bear Stearns before jumping to Goldman Sachs before it sold shares to the public in 1999, Solomon runs with a different crowd. Many of them worked for the Goldman president during the decade he ran the investment-banking division.
Here's our list of more than two dozen executives at Goldman Sachs, broken into four categories: Solomon's inner circle; some key members of his broader management team, but not all ("bench"); a collection of executives facing an uncertain future ("on the bubble"); and a few Blankfein loyalists who have a depth of institutional knowledge not easily replaced. Bank of America beats in second quarter earnings Bank of America Merrill Lynch announced second-quarter adjusted earnings of $0.63 a share Monday morning, a 43% jump from last year. Analysts had expected adjusted earnings of $0.57. Here are the key numbers. The president of $85 billion Qualcomm explains his master plan for growth Qualcomm makes the chips that power nearly every smartphone, but lately its name has been associated with a series of scandals — including a hostile take over attempt by its competitor Broadcom, which President Trump stopped with a presidential order. Now the company has to prove to shareholders and the world that it can overcome its corporate challenges and focus on growing as a company. In a conversation with Business Insider, Qualcomm President Cristiano Amon shared the company's plans to diversify its products away from just smartphones and mobile technologies. 10 pharmacy startups that could be M&A targets after Amazon's acquisition of PillPack Amazon's move to acquire digital pharmacy startup PillPack for a reported $1 billion marked its entrance into the online pharmacy space. Analysts at Bernstein estimated that 50 to 70% of prescriptions could shift online, and that Walmart, CVS and Walgreens could try to acquire their own digital pharmacy startups. Here are 10 emerging online pharmacies and related companies that could be the next targets, according to Bernstein. In markets news | 
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