Good Morning! Congrats to the Chiefs on winning the Superbowl. Barclays handed out $0 bonuses to some of its underperforming bankers. Inflation in December was even lower than first reported, sending stocks soaring. Nvidia is chasing a $30 billion opportunity in the custom chip market. One of Wall Street’s favorite employee control tactics is under attack. Plus the S&P 500 closed above 5,000 for the first time, and why confidence operates on a thin line.

2024 Comp Survey: Please fill out our compensation survey here. Every response makes the overall results more accurate, so please submit a response if you can.

_{SQUEEZ OF THE DAY}

Citi Bankers Can’t Hang

It’s been a rough start to 2024 for investment bankers. First, Bank of America and Barclays handed out $0 bonuses like it’s a compliment to some of their underperforming bankers.

And now, Jane Fraser is dropping the hammer on your MD who might have had one too many beers at a client dinner.

Citi held an internal call late last week asking all employees to keep the firm’s reputation in mind when drinking. Management got complaints about unruly behavior - it sounds like some Citi bankers just can’t hang.

The banking industry has always had a reputation for having a work-hard, play-hard culture - and that often comes with widespread cultural acceptance of drinking. Banks were able to overlook the rainmakers who loved to black out with clients - but it’s a different era now, and it doesn’t help that investment banking revenue is drying up. 

Takeaway: Citi just announced 20,000 job cuts a few months ago. So while the bank can’t ban alcohol consumption outright, the news is probably going to scare Citi bankers into ordering the Panera lemonade at their next client lunch. 

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_HEADLINES

Top Reads

• One of Wall Street’s favorite employee control tactics is under attack (CNBC)

• The race to succeed Goldman’s CEO just got more complicated (WSJ)

• S&P 500 closed above 5,000 for the first time ever (CNN)

• Barclays hands dozens of bankers no bonus (BB)

• Inflation in December was even lower than first reported (CNBC)

• Big Tech is taking the spoils of the ad resurgence (YF)

• Can dividend investing rise from the dead? (WSJ)

• Millennials’ retirement outlook may be worse than older generations (CNBC)

• Nvidia is chasing $30 billion custom chip opportunity with new unit (Reuters)

• How the NFL is transforming the media business with streaming (CNBC)

_{CAPITAL PULSE}

Markets Rundown

Stocks closed higher and the S&P 500 hit 5,000 for the first time.

Movers & Shakers

• (+) CleanSpark ($CLSK) +33% after soaring Bitcoin price boosted the crypto miner’s revenue.

• (+) Cloudflare ($NET) +20% because the cybersecurity company beat earnings.

• (–) Expedia ($EXPE) -18% after missing on earnings, announcing a new CEO.

Private Dealmaking

• Owens Corning bought Masonite, a door maker, for $3.9 billion

• CVC Capital Partners and Haveli acquired Jagex, a video game maker, for $1.1 billion

• Tesco sold its British banking business to Barclays for around $757 million

• Koloma, a geologic hydrogen startup, raised $245 million

• Neurona Therapeutics, a biotech focused on neural circuits, raised $120 million

• Unlearn, a digital platform for clinical trials, raised $50 million

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

_{BOOK OF THE DAY}

The Economics Of Integrity

In The Economics of Integrity, acclaimed financial journalist Anna Bernasek presents a deceptively straightforward argument: that the attributes of trust and integrity, beyond being simply virtuous ideals, are actually the bedrocks of a successful economy and culture.

Bernasek has written a big-idea book with the readability of Predictably Irrational, and presents a compelling hypothesis that most of the things we take for granted in our lives depend on integrity.

In the words of Dan Gross (Senior Editor, Newsweek, and author of Dumb Money: How Our Greatest Financial Minds Bankrupted the Nation), “in an era of structured finance, nano-technology, and complex business models, Anna Bernasek’s timely, valuable, and highly readable book reminds us that the economy runs on something much more simple: trust.”

“Anyone interested in understanding what makes our economy work must have this on their bookshelf.”

_{DAILY VISUAL}

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_{DAILY ACUMEN}

Worldview

Our individual experiences, though they represent a mere fraction of the world's history, disproportionately shape our perception of how the world operates.

This personal bias towards our own experiences, whether it's living through economic turmoil, enjoying wealth, facing discrimination, or enduring market crashes, profoundly influences our worldview.

Such experiences not only grant us unique insights but also predispose us to overestimate the likelihood of these events recurring or affecting others.

Recognizing that we are all, to some extent, naively out of touch with the broader spectrum of human experience encourages a more empathetic approach to understanding diverse perspectives.

By starting with the assumption of our own innocence in our limited perspectives, we open ourselves up to exploring the multitude of narratives that exist beyond our own.

This shift towards seeking understanding from multiple viewpoints, though challenging and often uncomfortable, is essential for truly grasping the complexities of human behavior and the world at large.

_{ENLIGHTENMENT}

Short Squeez Picks

• Why confidence operates on a thin line

• How to identify and fix workplace vertigo

• 4 simple software engineering habits that anyone can use

• Why you don’t need to optimize your life

• 10 insights from the science of a meaningful life

_PARNTERSHIPS

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_{MEME-A-PALOOZA}

Memes of the Day