Good Morning and Happy Valentine’s Day! If you are working from home today, Jamie Dimon may not be too pleased with you. In a leaked audio, Jamie Morgan blasted even WFH Fridays: "Don’t give me this sh*t that work from home on Friday works. I call a lot of people on Fridays, and there’s not a goddamn person you can get a hold of."

Morgan Stanley and six other banks have offloaded most of their $4.7 billion of X debt. Bezos’ Blue Origin is cutting 10% of its workforce. And Trump announced sweeping reciprocal tariffs on every country that taxes US goods.

Plus, GameStop is reportedly exploring investments in crypto, CBS set to go dark on YouTube TV, and 9 bad habits to break during virtual meetings.

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Jamie Dimon’s Epic Rant on Remote Work

JPMorgan CEO Jamie Dimon has never been one to mince words, but his latest town hall response to an employee’s question about remote work took things to a whole new level.

When an employee asked whether managers could have discretion over their teams’ in-office schedules—citing the impracticality of being in the office five days a week when working with colleagues across multiple time zones—Dimon shut it down immediately:

"There is no chance that I will leave it up to managers… Zero chance. The abuse that took place is extraordinary."

Dimon then launched into a full-throttle takedown of work-from-home culture, calling out inefficiencies, distractions, and straight-up laziness. He painted a picture of workers zoning out on Zoom, texting their colleagues about how annoying their boss is, and failing to actually get anything done.

"When I found out that people were doing that—you don’t do that in my goddamn meetings. If you’re going to meet with me, you’ve got my attention, you’ve got my focus, I don’t bring my goddamn phone, I’m not sending texts to people. It simply doesn’t work. It doesn’t work for creativity, it slows down decision-making."

He also made it clear that JPMorgan was always upfront about its in-office expectations:

"We always told people that we were going to be a work-from-the-office type of company… If you don’t like it, you don’t have to work here."

Dimon’s rant wasn’t just about remote work—it expanded into a full-on manifesto against corporate complacency. He slammed bureaucracy, bloated headcounts, and wasteful training programs, pointing out that too many big companies have fallen because they got slow and comfortable.

"What happened to GE, Sears, Kmart? What happened to Nokia, BlackBerry? And then you had Apple, Amazon… It’s even worse in financial services—what happened to Bear Stearns? Lehman Brothers? Travelers? Citibank? A hundred percent of mortgage brokerages—all bankrupt. Everyone fired, jobs lost, reputations lost."

The bottom line? JPMorgan employees are going to be coming into the office (at least) five days a week.

"We didn’t build this great company by doing the same semi-diseased s— that everyone else does."

Takeaway: Looks like Jamie Dimon isn’t messing around this time, and his leaked audio is bound to send shockwaves across Wall Street. Plenty of boomer CEOs share his stance, but in a competitive industry where firms are fighting for top talent, the real question is, will this keep JPMorgan ahead of the curve, or will it drive some of its best employees to firms offering more flexibility? What do you think? Is Dimon right, or is he completely out of touch?

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_HEADLINES

Top Reads

• Trump signs sweeping reciprocal tariff plan, says more coming (CNBC)

• Blue Origin cuts 10% of workforce (CNBC)

• JPMorgan sees investment banking fees rising by mid-teens in Q1 (YF)

• Investors switch from private equity to hedge funds (MSN)

• Morgan Stanley, banks shed bulk of X debt with $4.7 billion deal (YF)

• GameStop reportedly exploring investing in crypto, including bitcoin (YF)

• The best inflation hedges turn out to be the simplest (Axios)

• Birkin bag maker Hermes posts better-than-expected jump in fourth-quarter sales (CNBC)

• CBS set to go dark on YouTube TV (CNN)

• NYSE to launch stock exchange in Texas (Axios)

• Ben & Jerry's ice cream unit heads for triple listing (CNBC)

• KKR, Apollo tap $5.8 trillion in Japan life insurance for assets (YF)

• Producer prices report points to softer Fed inflation measure than feared (CNBC)

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Markets Rundown

Nasdaq Rises as Markets Shake Off Inflation Concerns

U.S. stocks closed higher on Thursday, led by gains in the Nasdaq, despite the producer price index (PPI) showing stronger-than-expected wholesale inflation. Materials and consumer discretionary sectors led the advance.

Bond yields fell, with the 10-year Treasury yield at 4.54%. In global markets, Europe’s STOXX Europe 600 reached a new all-time high on optimism over potential Ukraine peace talks.

PPI inflation held steady at 3.5% annualized in January, above forecasts of 3.2%, driven by higher energy prices. Core PPI, excluding food and energy, eased slightly to 3.6% year-over-year but remained above expectations. Combined with Wednesday's CPI report, elevated inflation is likely to keep the Fed cautious on rate cuts.

Jobless claims fell to 213,000, below expectations of 215,000, signaling continued labor market strength. With unemployment at 4.0% and job openings high, wage gains should stay above inflation, supporting consumer spending and economic momentum.

Movers & Shakers

• (+) Dutch Bros ($BROS) +29% after the coffee chain posted a 75% growth in profit.

• (+) Robinhood ($HOOD) +14% because revenue doubled thanks to a surge in crypto trading.

• (–) Barclays ($BCS) -6% after the bank offered disappointing 2025 guidance.

Private Dealmaking

• Apptronik, a humanoid robots developer, raised $350 million 

• Abcuro, an autoimmune disease treatment developer, raised $200 million 

• Chestnut Carbon, a carbon removal developer, raised $160 million 

• EnCharge AI, an AI computing chip developer, raised $100 million

• Newleos Therapeutics, an anti-anxiety drugs developer, raised $93.5 million

• ANA, a mobile generators maker, raised $50 million

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

_{BOOK OF THE DAY}

Why Nothing Works

America was once a country that did big things— built the world’s greatest rail network, a vast electrical grid, interstate highways, abundant housing, the Social Security system, the Tennessee Valley Authority, and more.

But today, even while facing a host of pressing challenges—a housing shortage, a climate crisis, a dilapidated infrastructure—everything feels stuck, unable to move the needle. Why?

America is today the victim of a vetocracy that allows nearly anyone to stifle progress.

A half-century ago, progressivism’s designs on getting stuff done were eclipsed by a desire to box in government. Reformers put speaking truth to power ahead of exercising that power for good. The ensuing gridlock has pummeled faith in public institutions of all sorts and stifled their ability to deliver on its promises.

“A provocative exploration about the architecture of power, the forces that stifle us from getting things done, and how we can restore confidence in democratically elected government.”

_{DAILY VISUAL}

The Soaring Growth of S&P 500 Dividends

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_{DAILY ACUMEN}

Career Confidence

Many grapple with career confidence, feeling unsure of their abilities and stuck in their professional lives.

Surprisingly, the secret to breaking free isn’t just about working harder or gaining more skills—it’s about thriving outside of work.

Research shows that embracing positive psychology elements like optimism, social support, and self-esteem can transform how you approach your career.

Dr. Martin Seligman, the pioneer of positive psychology, calls this “flourishing,” which includes Positive Emotions, Engagement, Relationships, Meaning, and Accomplishments (PERMA).

To truly boost career confidence, try silencing that inner critic with positive self-talk, keep a gratitude journal to shift your mindset, dive into activities that light you up, invest in meaningful relationships, reconnect with your “why,” and set goals that fuel personal growth.

When you flourish in life, career confidence follows, empowering you to make bold, fulfilling choices.

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Short Squeez Picks

• Upgrade your morning investing insights with Opening Bell Daily

• What office style looks like in 2025

• 10 habits to acquire for long-term health and happiness

• Don’t wait for promotion cycles to advocate for best employees

• 5 things you should do first thing in the morning

• 9 bad habits to break during virtual meetings

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Memes of the Day