☕️ Burnout boss

Good morning.

JPMorgan is stepping up efforts to prevent junior banker burnout and has appointed HR executive and 14-year company veteran Ryland McClendon to oversee their wellbeing. The move follows the introduction of an 80-hour workweek cap for those not working on live deals.

While the brutal — yet well-paid — reality of investment banking remains that client expectations are that bankers should earn their sky-high fees by being at their beck and call, McClendon’s new role will focus on the "well-being and success" of associates and analysts globally, according to a memo to employees.”

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Market movers

New Hope’s shares seem to be on the comeback trail after being ‘unfairly dumped’, with Morgans swooping in to upgrade the stock, sending its shares 4.6% higher.

The quick sync

• US Federal Reserve slashes rates by 50bps, as Jay Powell declares "we have begun the cutting cycle”. (Capital Brief)

• Ooh!media's Cathy O’Connor emerges as wildcard contender for the CEO job at Nine, a process to be ultimately decided by top shareholder Bruce Gordon. (Capital Brief)

• Woolworths new CEO Amanda Bardwell faces investor calls to ditch Big W and NZ division to focus on its core business, which is losing ground to Coles. (AFR)

• The Future Fund revealed it was among investors voting against Woodside Energy’s climate strategy earlier this year. (AFR)

• Canberra-based startup Quantum Brilliance reports 'tens of millions' in revenue, wins $15m contract with Germany's top cyber agency. (Capital Brief)

• Former Citadel and Millennium traders raise record US$14b ($21b) in hedge fund startup boom. (Bloomberg)

Trading floor

M&A

• Anglo American’s Australian coal auction has six credible bidders. (AFR)

• JPMorgan is in talks to take over Apple's credit card program from Goldman Sachs, which seeks to exit after facing losses and regulatory scrutiny. (Capital Brief)

• BlackRock, GIP, MGX, and Microsoft have partnered to invest in data centers and energy infrastructure, with Nvidia supporting AI-related efforts. (Capital Brief)

• Mitsui’s low offer for Mineral Resources' Perth Basin assets has prompted an auction, managed by JPMorgan. (The Australian)

• J-Power plans to sell its 50% stake in Bulli Creek solar farm, following its recent acquisition of Genex Power. (AFR)

• Woodside Energy signed a long-term LNG supply deal with Japan's JERA, after selling a 15.1% stake in its Scarborough project for $2.1bn. (Capital Brief)

• Affinity Equity Partners made a $700m bid for Healius’ diagnostic imaging unit, despite earlier doubts about their involvement. (The Australian)

• Analysts were optimistic about New Hope Corporation's earnings and dividend beat, with reports suggesting the miner is exploring coal sector acquisitions, including a bid for Anglo American's assets in Queensland. (Capital Brief)

• Potentia Capital, led by Tim Reed, has acquired Japanese HR software start-up Jinjer for around $500m and is seeking more deals in Japan. (AFR)

• Macquarie Group is exploring a stake sale in UK IT provider Wavenet, which has recently merged with Daisy Corporate Services. (Capital Brief)

• Regal’s bid for Platinum Asset Management is complicated by tensions between Kerr Neilson, a major shareholder, and the board. (The Australian)

• Life360 will be added to the Russell 2000 and 3000 indices following its Nasdaq listing, boosting its profile with investment managers and institutional investors. (Capital Brief)

Capital Markets

• Regen Farmers Mutual is raising $51m from energy and mining firms for regenerative farming projects, starting with $6m by December and the rest by June. (AFR)

• Synlait Milk has gained shareholder approval for its recapitalisation plan, days after securing NZ$450m in refinancing. (Capital Brief)

• UBS is seeking first-round bids for K1 Investment Management’s Elmo Software, with a deadline in early October. (AFR)

• Mosaic Brands, facing financial difficulties and under safe harbour protection, is seeking rent cuts from landlords while working on refinancing with Deloitte. (The Australian)

VC

• Primary raised $3.5m in seed funding led by Carthona Capital. (Capital Brief)

• Brisbane’s East Forged secured $1.5m from a Vietnamese VC to expand its cold brew nitro tea globally. (Smart Company)

People moves

• Rod Hamilton, co-founder of Culture Amp, joins Rampersand as a venture partner. (Capital Brief)

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The watercooler