☕️ Dimon’s decree

Good morning.

Bloomberg is reporting JPMorgan’s Jamie Dimon, a long-time critic of remote work, is the latest corporate boss moving to scrap hybrid work policies, planning to pull the bank’s 300,000 staff back to the office full-time.

The hardline stance from the US’ largest bank mirrors moves by Goldman Sachs and Amazon globally, and the likes of Coles and Tabcorp down under, to wind back flexible work policies.

Whether it boosts productivity or backfires as a recruitment headache remains the billion-dollar question—a cooling jobs market might help answer it though.

🏆 LOI Subscriber #TBD

Market movers

Nine Entertainment added 5.58% yesterday, continuing Monday’s momentum after news broke that Tanarra Capital has taken a stake, getting a few fund managers to re-check their models.

The quick sync

• Wise takes on Airwallex and Australian banks with its cross-border payments push, targeting SMEs and financial giants in a battle for the lucrative FX market. (Capital Brief)

• In its 50th year, Microsoft faces a high-stakes test as its AI push and partnership with OpenAI clash with growing doubts about real-world returns. (Capital Brief)

• Macquarie’s push into business banking falters as lending growth lags competitors, underscoring the challenges of breaking the big four’s dominance in a relationship-driven market. (AFR)

• Thames Water faces a critical funding deadline as it seeks fresh investor bids by 10 February to avoid insolvency, following Ofwat's ruling on limited returns and tariff increases. (Bloomberg)

• Magellan co-founder Chris Mackay warns of a dangerous bubble in private credit markets, blaming regulatory failures, inflated performance claims and PR story tellers fuelling its rise. (AFR)

Trading floor

M&A

• Blackstone acquires majority stake in Citrin Cooperman for $2bn. (Capital Brief)

• WiseTech Global is acquiring Sydney-based ImpexDocs pending regulatory approval. (Capital Brief)

• Aerologix and Soar join forces to launch a world-first 3D digital map of the planet. (BNA)

Capital Markets

• ASX tech stocks rally as Nvidia unveils new RTX GPUs. (Capital Brief)

• ASX new listings rise 50% in 2024 amid stronger IPO pipeline. (The Australian)

• The US has blacklisted Tencent Holdings and CATL over alleged links to the Chinese military. (Capital Brief)

• Metrics Credit Partners seizes a $750m Melbourne housing project after a loan default, exposing cracks in Australia’s booming private debt property market. (AFR)

VC

• Seer Medical has entered voluntary administration amid a product recall and legal issues with its ousted cofounder. (Startup Daily)

• Edtech startup HEX and Toyota launch free STEM training for 1,000 regional students. (Startup Daily)

People moves

• Bridgewater Associates has laid off 7% of its staff, or about 90 employees, as part of an effort to stay nimble and maintain flexibility for hiring top talent. (AFR)

• UFC CEO Dana White has been appointed to the Meta Platforms board, along with John Elkann and Charlie Songhurst. (Capital Brief)

The watercooler