☕️ Bankers clocked-out

Good morning.

JPMorgan and Bank of America are reportedly addressing the junior banker burnout epidemic, with the former capping hours at 80 per week, with live-deal exceptions, and the latter rolling out new time-tracking tools.

The tragic death in May of a 35-year-old BofA associate who clocked 100-hour weeks, along with a Wall Street Journal exposé, seem to have triggered the moves.

At JPM, HR will get involved when the cap is reached, while at BofA – where young bankers’ hours are already capped with mixed results – employees will now be required to log every deal they are working on and which senior bankers are overseeing them.

According to the WSJ, rivals Goldman Sachs and Morgan Stanley aren’t rushing to join the time management revolution for junior bankers chasing million-dollar dreams..

🏆 LOI Subscriber #TBD

Market movers

Paladin Energy shares surged after Russia’s Vladimir Putin signalled potential export caps on key commodities, including uranium, titanium and nickel, in response to Western sanctions.

That was even as Morgan Stanley cut its share price target on the uranium company due to rising costs at its Langer Heinrich mine in Namibia.

Russia dominates uranium enrichment through Rosatom, controlling nearly half of global capacity. Deep Yellow, Boss Energy and Nickel Industries also posted big gains.

The quick sync

• Most ASX-listed miners’ shares have followed the downward trajectory of Chinese lithium prices, but Vulcan Energy has bucked the trend. (Capital Brief)

• As advisor to an influential European parliamentarian, Kai Zenner helped shape the EU’s sweeping AI curbs. There are lessons for Australia. (Capital Brief)

• Former P&G exec Steve Meller commercialised asparagopsis, a seaweed proven to cut cattle methane emissions. His firm, CH4 Global, now plans global exports. (Capital Brief)

• ANZ boss Shayne Elliott dismisses trading floor scandal as ‘conspiracy theory’ (AFR)

• Brookfield-owned Healthscope gets insurers Medibank Private, NIB and HCF to pay more, a breakthrough in a bitter stoush over who should foot soaring medical costs. (AFR)

• China detains investment bankers, takes passports in corruption sweep. (Bloomberg)

Trading floor

M&A

• EQT's stake in Nexon Asia Pacific has hit five years, and investment bankers are eyeing it for deals as Australia's IT services sector sees increased M&A activity. (AFR)

• Final offers for Healius' $700m diagnostic imaging business are due next week, with TPG Capital and Pacific Equity Partners as the leading bidders. (The Australian)

• Naked Life Spirits has teamed up with Molson Coors to launch its non-alcoholic cocktails in the US after raising $3m through crowdfunding. (BNA)

• Australian investors are interested in New Zealand's $NZ1.5bn Auora Energy electricity network, with Dunedin Council set to appoint banks for the sale. (The Australian)

• Morrison & Co may sell its 15% stake in Perth Airport, potentially sparking further investor shifts, as infrastructure deals gain momentum with expected interest rate cuts. (AFR)

• Star Entertainment’s lenders lack a clear plan for handling the troubled casino operator, and there’s uncertainty about the company’s funding and regulatory challenges. (The Australian)

Capital Markets

• OpenAI is discussing raising $6.5bn at a $150bn valuation, led by Thrive Capital, with Microsoft, Apple, and Nvidia involved. (Capital Brief)

• Copenhagen Infrastructure Partners is looking for an equity co-investor for its Star of the South offshore wind project in Victoria, with Rothschild & Co selected to lead the search. (AFR)

• Cuscal is set to hold a management roadshow next week for its renewed IPO plans, after postponing its ASX listing in November due to market conditions. (The Australian)

VC

• None

People moves

• Nine Entertainment CEO Mike Sneesby will step down, with CFO Matt Stanton acting as interim CEO. (Capital Brief)

• Goldman Sachs' hiring spree continues, with head of equities Mark Davis now focusing on Victoria after recruiting Barrenjoey's Eugene Budovsky. (AFR)

• Ashleigh Greaves, formerly of JP Morgan, has joined Tribe Global Ventures in Queensland to manage investor relations. (Startup Daily)

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The watercooler