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FILE PHOTO: Jamie Dimon, Chairman and CEO of JPMorgan Chase -amp; Co. speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. REUTERS/Mike Blake/File PhotoWelcome 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.


A new exchange-traded fund- from Goldman Sachs" asset management arm is fueling a Wall Street price war that could hurt the industry.


The new "smart-beta" product, which tracks an equal weight index of roughly 500 large cap equities, was announced Thursday. It will trade under the ticker GSEW and has an expense ratio of 0.09%. Most smart-beta products, like GSEW, have an expense ratio between 0.24% and 0.39%, according to Moody"s.-


"The ETF price war beyond vanilla ETFs is credit negative for traditional active equity players entering the smart-beta realm," Moody-rsquo;s analyst Stephen Tu- said.


In other Wall Street news,- Morgan Stanley is using Snapchat to recruit the next generation of bankers.- Startup lending company SoFi says a critical report in The New York Times "reflects a lack of understanding of our business."- The FTC says it"s investigating the Equifax hack.


And in an op-ed for Business Insider, JPMorgan chief Jamie Dimon said that businesses "must lead by example."- He said:


"The private sector has to step up and work with government and community leaders to offer solutions. We must use the best of our businesses -mdash; financial and human capital, data, and partnerships -mdash; to help more people share in the country"s economic prosperity."


JPMorgan"s global head of quantitative strategy has joined his boss in the growing legion of anti-cryptocurrency crusaders. In a client note on Wednesday, Marko Kolanovic said cryptocurrencies as a whole had "some parallels to fraudulent pyramid schemes."


The comments came a day after Dimon called bitcoin a- "fraud" that was "worse than tulip bulbs."- He even went as far as to say he"d fire any trader that transacted it for being stupid. Meanwhile, bitcoin is tumbling- after Chinese regulators said an exchange ban is certain.


In related news, the former CIO of UBS has joined the- non-profit behind IOTA, the ninth largest cryptocurrency.


In markets news, the stock market"s secret weapon may be vanishing, and crude oil hit $50 for the first time in five- weeks.


In deal news,- Nestl-eacute; is spending up to $500 million to buy a majority stake in trendy coffee chain Blue Bottle.- Saudi Aramco"s initial public offering may be pushed back.- President- Trump barred a- Chinese-backed private equity firm from buying US chipmaker Lattice Semiconductor. And Amazon is throwing a pile of cash at Whole Foods to turn a profit, according to UBS.-


Lastly, here"s how much income you have to earn to be considered middle class in every US state.

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