Good Morning! Moelis’s new CEO pledged to eliminate “hazing” from banking culture. Meanwhile, Jamie Dimon is once again sounding the alarm on the U.S. economy, warning: “I think there’s a chance real numbers will deteriorate soon.”

Zuckerberg isn’t playing around with his new Superintelligence team, he’s reportedly offering $100M+ comp packages to lure top researchers from OpenAI and Google.

Plus: Japan is in the middle of a finance hiring boom, Airbnb is facing trouble in Spain, and Motorola’s latest defense acquisition.

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SQUEEZ OF THE DAY

Apollo Freezes PE Recruiting

Apollo just flipped the private equity recruiting circus on its head. The firm announced it won’t be interviewing or extending offers to the class of 2027, a move that could signal the beginning of the end for hyper-accelerated on-cycle recruiting.

The decision follows growing backlash from Wall Street banks, with none other than Jamie Dimon leading the charge. JPMorgan just last week warned incoming analysts they'd be fired if they accepted future-dated offers before starting, or within their first 18 months on the job.

For years, PE firms have raced to lock in talent before before their work email signature is set up. Apollo’s about-face is a direct response to this warped timeline. In a letter to candidates, the firm said it's rethinking the system and wants grads to “deepen their understanding of business” before jumping ship.

CEO Marc Rowan echoed Dimon's frustration: “When someone says something that is just plainly true, I feel compelled to agree with it… Bank CEOs, along with others, have said what many of us have been thinking: Recruiting has crept earlier and earlier every year, and asking students to make career decisions before they truly understand their options doesn’t serve them or our industry.”

“When great candidates make rushed decisions, it creates avoidable turnover—and that serves no one.”

Banks remain critical to private equity, as sources of talent, deal flow, and debt. And when your biggest partners start complaining you’re poaching their analysts too soon, it makes sense to pump the brakes. Apollo’s decision will also apply to roles across hybrid capital and financials, not just PE.

Takeaway: When one of private equity’s biggest names calls out a system that’s long benefited his own firm, you know something’s shifting. This could mark the beginning of the end for the on-cycle scramble. And for incoming IB analysts? It might finally mean a few months of peace before the job-hopping pressure kicks in.

HEADLINES

Top Reads

• Moelis new workaholic banker pledges less hazing as new CEO (BB)

• Jamie Dimon warns U.S. economy could soon deteriorate (CNBC)

• Trump says again he’ll set unilateral tariffs in two weeks (BB)

• 'I would like to stay' Treasury secretary until 2029: Bessent (YF)

• Japan finance jobs boom as global banks battle for top talent (BB)

• Meta offering 9-figure comp packages to lure AI talent (NYT)

• Ares seeks more than $2B for Asia special situations fund (BB)

• Richard Beattie, early engineer of private equity takeovers, passes away (NYT)

• Lutnick says U.S. tariffs on China won’t change (CNBC)

• Oil jumps 4% on report US embassy in Iraq is preparing to evacuate (YF)

• A ‘shadow’ Fed chair could be coming (CNBC)

• Bessent says Trump tariff pause extension 'highly likely' (YF)

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CAPITAL PULSE

Markets Rundown

Market Update

• U.S. stocks closed lower Wednesday despite softer-than-expected inflation data for May.

• Most S&P 500 sectors ended flat-to-lower, except energy, which rallied on rising U.S.-Iran tensions that sent oil prices up over 4%.

• Asian markets rose overnight on progress in U.S.–China trade talks, while European stocks closed mostly lower.

• Bond yields dipped, led by the short end, with the 10-year Treasury yield at 4.42% and the 2-year yield falling to 3.94%.

Economic Data Highlights

• CPI Inflation (May): Headline CPI rose +0.1% MoM / +2.4% YoY, below forecasts. Core CPI rose +0.1% MoM / +2.8% YoY, also soft.

• Core Services Inflation: Held steady at +3.6% YoY, the lowest since November 2021.

• Core Goods CPI: Flat on the month, up just +0.3% YoY, showing minimal tariff pass-through to prices.

• 10-year Treasury yield: Closed at 4.42%, down 5 bps on the day.

Reported Earnings

• Chewy (CHWY): Beat on revenue and earnings; strong active customer growth and improved profitability.

• Oracle (ORCL): Posted solid results led by cloud infrastructure momentum; guidance was in line with expectations.

Earnings Today

• Lovesac (LOVE) – Reporting June 12 (Before Market Open): Focus on order growth and gross margin recovery.

• Adobe (ADBE) – Reporting June 12 (After Market Close): Key watch on digital media ARR and AI-related product demand.

• RH (RH) – Reporting June 12 (After Market Close): Investors watching luxury furniture demand and outlook for high-end housing.

Movers & Shakers

• (+) Oklo ($OKLO) +29% after the nuclear technology company won an Air Force contract.

• (+) Dave and Busters ($PLAY) +18% because the restaurant and entertainment company’s revenue declined less than expected.

• (–) Chewy ($CHWY) -11% after the pet retailer missed on net income.

Private Dealmaking

• Cyera, a data security company, raised $540 million

• Glean, an AI enterprise search startup, raised $150 million

• SpliceBio, a gene therapy startup, raised $135 million

• Laurel, an AI timekeeping startup, raised $100 million

• Tastewise, a marketing platform, raised $50 million

• Speedata, a chip startup, raised $44 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

BOOK OF THE DAY

Shoveling Sh*t

Description: An unfiltered, often hilarious insider’s look at entrepreneurship—complete with brutal honesty, raw stories, and “entrepreneurial cheat codes” that come from shoveling through the chaos to build multimillion-dollar exits (Buddy Media sold to Salesforce, Golf.com to Time Warner).

Rating: 4.9 / 5 on Amazon (103 ratings)

Book Length: 240 pages (hardcover)

Audible Length: ~6–7 hours

Ideal For: Early-stage founders, bootstrappers, growth-seekers, startup executives, and anyone ready to embrace failure as part of the hustle.

“Packed with what they call 'entrepreneurial cheat codes,' it delivers a powerful mix of raw, real‑world stories and incredibly practical advice.”

DAILY VISUAL

Chinese Share of Exports to US Declining

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Flourishing

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Countries like Indonesia, Mexico, and the Philippines rank among the highest, driven by strong family bonds, spiritual communities, and social support, despite lower economic resources.

Wealthier nations like the U.S., Sweden, and Japan often report lower scores in areas of meaning, purpose, and relationships.

Surprisingly, younger adults today face unprecedented struggles in mental health and financial insecurity, challenging traditional views that well-being typically dips in middle age.

Ultimately, flourishing isn't one-size-fits-all. What helps one culture thrive might differ dramatically elsewhere.

The universal truth, however, is clear: the good life is about more than individual happiness—it's about becoming whole within your community, relationships, and sense of purpose.

ENLIGHTENMENT

Short Squeez Picks

• Why Airbnb is facing trouble in Spain

• The gut-friendly breakfast of a dietitian and microbiome researcher

• 5 ways great leaders give feedback that improves performance

• The process that lets managers get the best out of their team

• Jamie Dimon’s inner hamlet wrestles with JPMorgan retirement

MEME-A-PALOOZA

Memes of the Day

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