Good morning! Lehman Brothers’ London arm finally closed… 17 years and $28 billion later. Cristiano Ronaldo becomes soccer’s (or fútbol’s) first billionaire following a contract he signed with Al Nassr earlier this year. Roundhill Investments relaunched its Meme Stock ETF amid a retail trading revival.

Ozempic is officially a household item after Novo Nordisk announced that Costco will sell Ozempic and Wegovy for $499 a month. Investors are pouring into dollar alternatives like bitcoin and precious metals amid gold’s historic rally. And Jamie Dimon said he’d welcome an end to quarterly earnings reporting.

Plus: Google tightens its post-Covid “work from anywhere” policy, KKR Real Estate co-heads share how they scaled their business, and Stanford’s football program lands a $50 million gift from a former player.

When structure meets strategy, taxes become a source of returns. Try the tax platform built for investors and investment teams.

SQUEEZ OF THE DAY

JPM Building Its Own Neighborhood

Jamie Dimon isn’t just cutting the ribbon on a skyscraper, he’s crowning an empire.

Later this month, Dimon will officially open the doors to the new 60-story tower at 270 Park Avenue, capping one of the most expensive construction projects in New York history. But that’s just the start.

The building anchors what’s becoming an entire JPMorgan district, a multi-block campus in Midtown Manhattan.

The bank has quietly pieced together nearly 6 million square feet of office space across six buildings (four owned and two leased) forming a mini financial ecosystem in the heart of the city. See picture above.

There’s the new HQ for 10,000 employees, a $1 billion renovation of the old Bear Stearns tower at 383 Madison, and the recently acquired 250 Park Avenue, which could become a hotel for visiting bankers. Together, it’s about as much space as Goldman Sachs has across the entire Western Hemisphere.

While other firms shrink their footprints or flirt with remote work, Dimon is doubling down on Manhattan and on the belief that Wall Street’s heart still beats in the city.

The project, rumored to cost around $5 billion, is a physical reminder of JPMorgan’s dominance and Dimon’s obsession with legacy.

The details are pure Dimon. He personally oversaw everything from a rooftop client center to a 13th-floor pub that serves a proper pint of Guinness. There’s even a wellness floor, a rare concession from a CEO known for his no-nonsense approach to office perks.

Takeaway: At 69, Dimon is considered as important to the Wall Street of his era as J. Pierpont Morgan was a century ago. Under his watch, JPMorgan’s balance sheet has quadrupled to $4.6 trillion, and its market cap has climbed to $870 billion, more than double its closest competitor (BofA at $370 billion). While rivals chase efficiency, Dimon’s chasing immortality, one Midtown block (and Guinness pour) at a time.

PRESENTED BY GELT

Tax Strategy For Capital Managers and Creators

In venture, private equity, and high-net-worth investing, structure dictates outcomes. Gelt is a specialist tax firm built for fund managers, investors, and business owners, with a dedicated team of CPAs and tax strategists supported by proprietary AI tools.

Gelt designs, models, and executes custom tax strategies that adapt as your income, entity structure, and partner needs evolve.

Clients rely on Gelt for:

• Tailored tax planning and structuring led by expert CPAs

• AI-powered scenario modeling to identify optimization opportunities

• Full-service compliance and filings across personal, business, and multi-jurisdiction returns

Every decision is guided by experienced professionals and built to compound your after-tax returns.

HEADLINES

Top Reads

• Lehman Brothers’ London arm finally closes after 17 years and $28 billion unwind (BB)

• Cristiano Ronaldo becomes football’s first billionaire after Saudi Al-Nassr deal (BB)

• Roundhill Investments relaunches Meme Stock ETF amid retail trading revival (CNBC)

• Jamie Dimon is building a $5 billion “JPMorgan neighborhood” in NYC (BB)

• Jefferies reveals $715M fund exposure to First Brands invoices (BB)

• Borrowers flock back to riskier mortgages seeking savings amid rate cuts (CNBC)

• A new Wall Street trade is powering gold and hitting global currencies (WSJ)

• Google tightens “work from anywhere” policy that began during Covid (CNBC)

• Central banks drive gold to record highs as reserves race intensifies (WSJ)

• A private equity investor who played football at Stanford is donating $50M (BB)

• Nvidia’s Huang says global demand for computing power “has no precedent” (CNBC)

• Private equity eyes a new market in Japan (BB)

• Michael Dell warns “too many AI data centers” will be built (CNBC)

• Wall Street calls markets “very speculative, very frothy, very greedy” as stocks hit records (YF)

• SoftBank buys ABB’s robotics unit for $5.4 billion in latest AI push (CNBC)

• Cocoa prices plunge as investment banks warn of “extreme” sell-off (CNBC)

• Dimon says he’d welcome an end to quarterly earnings requirements (BB)

• KKR Real Estate co-heads on how they scaled their business (CO)

CAPITAL PULSE

Markets Rundown

Market Update

• Markets hit new highs as the S&P 500 and Nasdaq both closed at record levels

• AI momentum continued to drive gains, while the small-cap Russell 2000 finished just below its highs

• Gold surged 1.4% to above $4,000/oz for the first time ever, extending its year-to-date rally to roughly 54%

• U.S. bonds ended little changed, after giving back early-session gains

• WTI oil rose about 1%, as markets digested smaller-than-expected OPEC+ output hikes

• Dollar strengthened 0.8%, while investors continued rotating toward safe-haven assets amid fiscal and political uncertainty

Economic Data Highlights

• Fed expected to cut rates again, with futures pricing a 93% chance of a 25 bps (0.25%) move at the October meeting

• Lack of government data due to the shutdown complicates decision-making for the Fed, with payroll, CPI, and retail-sales reports delayed

• FOMC minutes released today reflected members’ divisions: some push for continued easing, others warn about inflation risks

• Fed may cut rates again during the data blackout, but prolonged uncertainty could limit its comfort in further easing policy

Movers & Shakers

• (+) Dell ($DELL) +9% after the company increased its long-term guidance.

• (–) Joby ($JOBY) -8% because of a $513M stock offering after air taxi demos.

• (–) Jefferies Financial Group ($JEF) -8% after the firm announced nine-figure exposure to the First Brands bankruptcy.

Private Dealmaking

• SoftBank bought the robotics unit of ABB for $5.4 billion 

• Platinum Equity bought Owens & Minor’s healthcare service unit for $375 million 

• Soufflé Therapeutics, an RNA biotech, raised $200 million

• Cyted Health, a gastrointestinal diagnostics startup, raised $44 million

• Ketryx, a safety compliance platform for life sciences, raised $39 million

• aPriori, an execution layer for on-chain markets, raised $20 million

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

BOOK OF THE DAY

A Trick of the Mind

Description:
A fascinating dive into how our brains don’t just receive reality—they construct it. Daniel Yon argues that our perceptions, beliefs, and interpretations are shaped by internal models built from past experiences, biases, and uncertainty. What we "see" is always a blend of what’s outside and what’s inside us. The book unpacks how these invisible processes influence mental health, decision making, and how we engage with the world.

Book Length: 288 pages
Release Date: June 26, 2025

Ideal For:
Readers of neuroscience, psychology, philosophy, and anyone intrigued by how the brain shapes—not simply reflects—our experience and beliefs.

“Perception is not passive. Your brain is actively predicting, filling gaps, and shaping what you call reality.”

DAILY VISUAL

US Now accounts for 20 of the World’s 25 Most Valuable Companies

PRESENTED BY MODE MOBILE

Apple’s Starlink Update Sparks Huge Earning Opportunity

Apple just secretly added Starlink satellite support to new iPhones.

One of the biggest potential winners? Mode Mobile.

Mode’s EarnPhone already reaches 50M+ users that have earned over $325M, and that’s before global satellite coverage. With SpaceX eliminating "dead zones," Mode's earning technology can now reach billions more in unbanked and rural populations worldwide.

Their global expansion is perfectly timed, and accredited investors still have a chance to invest in their pre-IPO offering at $0.50/share.

With their recent 32,481% revenue growth and newly reserved Nasdaq ticker, Mode is one step closer to a potential IPO.

Invest now at just $0.50/share and get up to 120% bonus.*

DAILY ACUMEN

Silent Compounding

Some gains don’t announce themselves until they explode.

Like Buffett’s fortune. $81 billion of his $84 billion came after his 65th birthday.

Or fitness, months of invisible sweat, then one day your body feels new.

The same with reputation: years of quiet reliability before one big promotion looks “overnight.”

Silent compounding tempts people to quit too early, mistaking boredom for failure.

The trick is trusting the slope even when the curve hasn’t bent yet.

Overnight success usually spends a decade in stealth mode.

ENLIGHTENMENT

Short Squeez Picks

• The five big decisions you’ll need to make about money

• Five steps to protect your time without hurting

• The best men’s backpacks

• How to take your leadership from good to great

• 5 phrases to shut down unsolicited advice

MEME-A-PALOOZA

Memes of the Day

📣 Partner With Us: Get in front of an audience of over 1 million finance professionals, business leaders, and policy influencers. Submit a partnership inquiry.

📈 Grow With Us: Work directly with the Overheard on Wall Street team to scale your finance brand. Schedule your free consult.

🔒 Short Squeez Premium – Insiders: Access exclusive content, including investment analysis, wellness features, career tools, and our full recruiting resource library. Upgrade to Premium. 

🧢 Wall Street Shop: Explore our collection of finance-themed apparel and merchandise. Visit the shop.

📬 Deals Newsletter – Buysiders: A curated roundup of major M&A, private equity, and VC activity. Plus access to private deal flow. Subscribe here.

🏠 Real Estate Newsletter – City Squeez: Latest news and exclusive listings for those looking to buy, rent, or invest in real estate around the world. Sign up here.

📚 Courses: Level up with our excel, modeling, and private equity courses. View offerings.