🍋 Goldman Consumer Banking: #REF!

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Good Morning! Please find the updated results of the 2023 Wall Street compensation survey here.

A recent study revealed that while Europe is at almost 90% pre-pandemic office occupancy levels and Asia is surpassing pre-pandemic numbers with 110% occupancy, the United States is lagging behind at a measly 40-50%.

Elon Musk is back on top as the richest person in the world thanks to Tesla shares rallying 90% YTD. The former engineering director of FTX pleaded guilty to criminal charges yesterday, complicating SBF’s defense even further.

NYC finally experienced its first significant snowfall of the season yesterday. It’s been such a mild winter that even an escaped pet alligator was found wandering around a Brooklyn park a few weeks ago. And Amazon announced that employees can use the company’s stock as collateral for home loans.

1. Story of the Day: Goldman Consumer Banking: #REF!

Goldman Sachs announced yesterday the bank is considering some strategic maneuvers to regain its footing in the ever-competitive world of consumer banking. Its CEO, David Solomon, has acknowledged that the bank made a few missteps when it went all-in on consumer banking.

Solomon is mulling over some options for its consumer platforms business, which includes the likes of GreenSky and credit-card partnerships with big names like Apple Inc. and General Motors Co.

Goldman's possible moves could range from selling off GreenSky or its card partnerships to restructuring the card agreements to make them more lucrative for the firm. Alternatively, Goldman could even allow another bank to become an issuer alongside them - it's all up in the air.

Goldman's foray into Main Street banking hasn't gone as smoothly as planned, and its recent earnings report showed that the Platform Solutions unit had lost a whopping $3.8 billion since the start of 2020.

Takeaway: Goldman’s foray into consumer banking has led to some investor frustration, with many feeling that Goldman hasn't been clear enough about what it wants to achieve in this space. Some investors have even suggested that Goldman may have bitten off more than it can chew. While Goldman is trying to boost profitability for investors, the bank might have a long road to go.

2. Markets Rundown

Stocks closed February lower over concerns about Fed action.

Movers & Shakers

• (+) Hims & Her Health ($HIMS) +17% after the telehealth company announced record revenue.

• (–) Dish ($DISH) -6% after a ransomware data theft.

• (–) Norwegian Cruise Line ($NCLH) -10% after the cruise line missed earnings estimate.

Private Dealmaking

• Clayton Dubilier & Rice will buy Focus Financial Partners, a wealth management firm, for over $7 billion

• Paratus Sciences, a biotech focused on bat biology, raised $100 million 

• Bitwise Industries, a tech training company, raised $80 million

• Astroscale, a satellite company, raised $76 million

• Fulfil Solutions, a manufacturer of grocery fulfillment robots, raised $60 million

• Finch, a HR-like startup for companies, raised $40 million

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3. Top Reads

• Visa, Mastercard pause crypto push in wake of industry meltdown (Fox)

• Big clients give Zoom a boost (Reuters)

• Americans have changed the way they exercise - here’s how gyms are adapting (CNN)

• All the recessions that didn’t happen (YF)

• Microsoft bringing ChatGPT-powered Bing to Windows 11 in latest update (YF)

• Rivian lost $7 billion in 2022 (CNBC)

• How the US can stick the landing, beat inflation, and avoid a recession (Vox)

• Consumer confidence slips again (Fox)

• Tesla to build new factory in Mexico (BBC)

• How McDonald’s won over China (CNBC)

4. Book of the Day: Of Boys and Men

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Boys and men are struggling. Profound economic and social changes of recent decades have many losing ground in the classroom, the workplace, and in the family.

While the lives of women have changed, the lives of many men have remained the same or even worsened.

Our attitudes, our institutions, and our laws have failed to keep up. Conservative and progressive politicians, mired in their own ideological warfare, fail to provide thoughtful solutions.

The father of three sons, a journalist, and a Brookings Institution scholar, Richard V. Reeves has spent twenty-five years worrying about boys both at home and work. His new book, Of Boys and Men, tackles the complex and urgent crisis of boyhood and manhood.

Reeves looks at the structural challenges that face boys and men and offers fresh and innovative solutions that turn the page on the corrosive narrative that plagues this issue.

Of Boys and Men argues that helping the other half of society does not mean giving up on the ideal of gender equality.

“Young men are 4 times as likely to commit suicide than young women.”

5. Short Squeez Picks

• 7 timeless tips to instantly read anyone’s character

• 6 meal prep hacks from a cooking influencer

• 9 of the best but hidden features on the Notes app

• How to reframe your relationship with exercise

• Why do people learn less when they get older?

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6. Daily Visual: Countries with Paid Paternity Leave

_{Source: Axios}

7. Daily Acumen: Mental Health Workout

Stressed out? Grumpy? Tired all the time? You need a mental-fitness regimen.

A consistent sleep-wake schedule sends a powerful signal to the brain that the world is safe and secure, which can help to reduce anxiety and promote resilience.

Establish a routine. Get up at the same time every day. Put on your clothes. Make your morning ritual a ritual - you can write in a journal or set an intention for the day, but just waking up and having a cup of coffee works too.

Calm your mind. You will not be able to cope well with stress if your brain is always on high alert. Starting the day with 15-20 minutes of yoga or meditation then scheduling four "mini interventions" throughout the day - two-minute breathing exercises or other quick ways to let go of tension - is recommended.

8. Memes of the Day

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