Good Morning! Another bank failure just dropped. Republic First Bank became 2024’s first bank to fail after getting seized by regulators on Friday. Paramount and Skydance are inching closer to a merger with Paramount expected to fire its CEO as soon as today. The IPO market is coming back with private equity firm CVC making a successful debut. Over in New York, Central Park looked more like Times Square yesterday, thanks to temperatures soaring into the 70s (Exhibit A). And NYC is finally getting the street life it deserves, just in time for the summer. 

_{SQUEEZ OF THE DAY}

Goldman Says No to Olympics

One of the perks of being a senior investment banker? Traveling for work and just so happening to be in town for major sporting events. And, if you can somehow throw in a client meeting or outing, you might be able to scheme an all-inclusive trip on your bank’s dime. 

From the managing directors who booked trips to Vegas to line up with the Super Bowl, or the private equity partners who happened to explore HVAC rollups in the Phoenix metro for the Final Four, it’s safe to say these events draw in many Wall Street movers and shakers trying to blend business and pleasure.

But Goldman is trying to stay one step ahead of its bankers booking sneaky trips to Paris during the Olympics this summer. They dropped an internal memo - saying that any trips to Paris between July 24th and August 14th must get approval from its internal finance department. 

High-profile events like the Olympics are often great events for companies like Goldman to host clients. But these events can often get extravagant - and Goldman doesn’t want to be on the hook for the tab for bankers trying to game the system. 

Takeaway: The Paris Olympics are expected to draw in more than 15 million visitors - and there’s a ton of excitement with this being the first major Summer Olympics since the pandemic. And while we can expect banks like Goldman to give the thumbs up to entertaining big-ticket clients - they’ll probably axe the bankers trying to scheme a free trip to the Olympics while sprinkling some coffee chats or “prospecting” along the way.

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Don’t miss out–RAD AI’s investment round closes soon.

_HEADLINES

Top Reads

• FDIC says Republic First Bank is closed by Pennsylvania regulators (CNN)

• Paramount and Skydance inch closer to a merger as key hurdle looms (CNBC)

• Private equity group CVC shares soar on Amsterdam debut (Reuters)

• The Fed’s preferred inflation gauge just moved in the wrong direction (CNN)

• New York City is finally getting the street life it deserves (FC)

• Elliott takes $1 billion stake in Anglo American amidst takeover interest (CNBC)

• Fake engine noises coming to EVs (Axios)

• KKR shelves $10 billion Upfield sale after ADQ talks fall apart (YF)

• Private credit paints a new scream for banks (Reuters)

• Microsoft beats top and bottom line earnings on cloud strength (YF)

• US ban on worker non-competes faces uphill legal battle (Reuters)

• FDA approves Pfizer’s first gene therapy for rare bleeding disorder (CNBC)

_{CAPITAL PULSE}

Markets Rundown

S&P 500 posts best week since November, Nasdaq surged 2% Friday as Alphabet soared.

Movers & Shakers

• (+) Snap, Inc. ($SNAP) +28% after the company reported an unexpected profit, and better-than-expected revenue.

• (+) Alphabet ($GOOGL) +10% after an earnings beat and announcing a first-ever dividend.

• (–) Roku ($ROKU) -10% because the company warned of “difficult year-over-year growth rate comparisons”.

Private Dealmaking

• Thoma Bravo bought Darktrace, a cybersecurity firm, for $5.3 billion

• Apollo Global Management bought US Silica, a frack-sand provider, for $1.21 billion

• ThreatLocker, an endpoint security company, raised $115 million

• Tines, a security automation platform, raised $50 million

• Cerevance, a Parkinson’s disease therapies developer, rasied $47 million

• Pomelo, a money transfer startup, raised $35 million

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

_{BOOK OF THE DAY}

Be The Unicorn

How do I stand out? How do I become irreplaceable? With a crowded workforce, an unstable job landscape, and the rise of AI, these questions are the ones that everyone either is or should be asking.

William Vanderbloemen has asked these questions over the past 15 years while running one of the world’s top executive search firms. Through extensive research of over 30,000 top leaders and proprietary data, Vanderbloemen has identified the 12 habits that the best of the best have in common. Traits such as authenticity, responsiveness, agility, and the ability to problem solve, among others.

Each habit includes information on What We Know (the hard data behind why the habit is so transformative), What We’ve Seen (first-hand accounts by high-achieving professionals on how they live the habit), and What We Do (simple ways to build this habit into your daily routine).

“Want to stand out from the crowd? Learn these habits, and you’ll be one of the best at whatever you do!”

_{DAILY VISUAL}

Less Than Half of Americans Have Passports

48% of Americans have a passport

_{DAILY ACUMEN}

Awe Walks

Walking isn't just about getting from point A to point B; it can be a journey of wonder and awe.

Scientists, led by Dacher Keltner, discovered something remarkable when they asked a group of people to take what they termed "awe walks."

Simply by encouraging them to find moments of childlike wonder during their strolls, the researchers observed astounding results.

Over eight weeks, the participants not only reported feeling more awe but also experienced a significant reduction in pain and distress.

What's more, their sense of self seemed to fade away, as if they became part of the vast scenes surrounding them.

Keltner's research suggests that incorporating awe into our lives can lead to profound physiological changes, offering us a daily dose of wonder and well-being.

_{ENLIGHTENMENT}

Short Squeez Picks

• 11 tips to create slides that suit your superiors

• A haters’ guide to loving the office

• The busiest summer travel destinations for 2024

• How to gossip strategically to get ahead at work

• 30 areas of life where subtracting can add more

_{MEME-A-PALOOZA}

Memes of the Day