Good morning! JPMorgan fired an analyst for questioning Jamie Dimon’s RTO policy, then reversed course and rehired them. A Delta plane crashed and overturned at Toronto Airport on Monday (fortunately, no casualties).

Unemployment is rising in DC as DOGE slashes government jobs. South Korea banned DeepSeek over privacy concerns, and a JPM study found Trump’s posts no longer move markets like they used to.

Plus: Trader Joe’s has a strategy to keep eggs affordable despite price surges, and nearly 70% of New Yorkers over 20 are unmarried.

Can’t get enough D.O.G.E. talk? There’s a market for that.

_{SQUEEZ OF THE DAY}

Wall Street's DEI Bear Market

Just a few years ago, Wall Street’s biggest banks were among the most vocal advocates for diversity, equity, and inclusion (DEI). But in 2025? They’re quietly retreating—scaling back public commitments and scrubbing references to DEI from their platforms.

Morgan Stanley, JPMorgan, Citigroup, and others have been softening or removing DEI language from their websites amid mounting legal and political scrutiny. Banks are wary of lawsuits, regulatory probes, and increased federal oversight. Trump’s recent executive order directs federal agencies to investigate corporate DEI programs, and bank executives are moving to limit exposure.

But it’s not just political pressure. Activist groups and shareholder proposals have also pushed firms like Goldman Sachs and JPMorgan to scale back their DEI initiatives.

Across Wall Street, the shift is evident. Morgan Stanley recently revised its scholarship criteria, replacing race-based eligibility with economic need.

JPMorgan’s latest annual report no longer includes a dedicated "Diversity, Equity, and Inclusion" section, instead opting for the more neutral "Workforce Composition." HSBC went even further, slashing its DEI webpage from over 1,000 words to fewer than 100.

Takeaway: Wall Street is reassessing its DEI commitments, whether to continue them discreetly or abandon them altogether. Some banks worry that merely removing public references won’t be enough; they may need to dismantle DEI programs entirely to avoid legal challenges. For now, DEI on Wall Street isn’t dead but it’s certainly gone underground. The big question: Will firms quietly uphold their commitments, or is this the start of a full-scale retreat?

_{PRESENTED BY KALSHI}

All Aboard the D.O.G.E. Express

Trump and Elon’s Department of Government Efficiency (D.O.G.E.) has dominated the conversation in 2025, and this train isn’t slowing down.

From IRS audits to a D.C. real estate fire sale and even a rumored treasure hunt (gold audit) at Fort Knox, the newest government initiative is leaving no stone unturned. But the real question is: how much will they actually cut?

Oval Office clips show Elon floating a $1 trillion reduction in spending. But the markets? They’re giving it just a 10% chance of happening.

If you think you know where this is headed, Kalshi lets you put your money where your predictions are. As the only legal prediction market in the U.S., you can trade on D.O.G.E. initiatives, government policies, and more.

_HEADLINES

Top Reads

• JPMorgan analyst fired then rehired after publicly questioning RTO policy (NYP)

• Delta flight crashes in Toronto (NBC)

• DeepSeek ban gains steam (LinkedIn)

• Unemployment spikes in D.C. as DOGE begins efforts to shrink the government (CNBC)

• Bain Capital ends acquisition battle with KKR for Fuji Soft (YF)

• Fed says more inflation progress needed before further rate cuts (CNBC)

• Trump posts not moving markets like they used to, JPM study finds (YF)

• Wall Street’s diversity dilemma deepens as JPMorgan’s Dimon sounds off on DEI expenses (YF)

• BuzzFeed to launch new social media platform (Axios)

• Amazon secures win in its fight against organized labor at facilities (Fox)

• Meta keeps trying to invent the future. It hasn’t worked yet (CNN)

• How Trader Joe’s keeps eggs so cheap amid price surge (NYP)

• What companies are saying about the impact of MAGA policies (CNBC)

• Where unmarried Americans live (Axios)

_{CAPITAL PULSE}

Markets Rundown

Markets were closed for President’s Day.

Private Dealmaking

• Candid Health, a revenue cycle management platform, raised $52.5 million

• Latent Labs, a programmable biology startup, raised $50 million

• Endera, an electric bus maker, raised $49 million

• Justpoint, a dangerous drug identification startup, raised $45 million

• Voyantis, an LTV modeling platform, raised $41 million

• Via 313 Pizzaria, a Detroit-style pizza chain, raised $32.5 million

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

_{NEIGHBORHOOD WATCH}

Real Estate Digest

The 30-year fixed-rate mortgage inched down again this week, hitting the lowest level of the year thus far. Rate stability has been benefitting potential buyers, as purchase demand is stronger than this time last year. Continued momentum in this direction is an indication that buyer activity should continue to grow into the cyclical spring selling season.

Latest News

• Where Can You Identify Leverage In a Real Estate Transaction

• KKR Raises More Than $850 Million for Real Estate Credit Fund

• US Mortgage Rates Fall for a Fourth Straight Week

• Six Reasons Why It Makes Sense to Sell Your Home Right Now

• Mortgage Refinance Demand Jumps to Highest Levels Since October

New Listings

• Blackthorn House Gorelands Lane, Buckinghamshire United Kingdom: 5 Bed / 5.5 Bathrooms - $3,245,000

• 303 E 57th St Apt: 42D New York, NY: 1 Bed / 1.5 Bath -  $495,000 

• 5 Casey Ln Bridgehampton, NY: 7 Bed / 6.5 Bath -  $8,475,000

• 4527 Simpson Ave Los Angeles, CA: 4 Bed / 4.5 Bath -  $3,725,000 

• Vocabolo Borgo Nuovo Perugia, Italy: 15 Bed / 15 Bath -  $4,358,424

Fill out this form to get personalized support for buying, selling, renting, or investing in real estate.

_{BOOK OF THE DAY}

The Tragic Mind

Some books emerge from a lifetime of hard-won knowledge. Robert D. Kaplan has learned, from a career spent reporting on wars, revolutions, and international politics in Europe, the Middle East, and East Asia, that the essence of geopolitics is tragedy.

In The Tragic Mind, he employs the works of ancient Greek dramatists, Shakespeare, German philosophers, and the modern classics to explore the central subjects of international politics: order, disorder, rebellion, ambition, loyalty to family and state, violence, and the mistakes of power.

The great dilemmas of international politics, he argues, are not posed by good versus evil—a clear and easy choice—but by contests of good versus good, where the choices are often searing, incompatible, and fraught with consequences.

A deeply learned and deeply felt meditation on the importance of lived experience in conducting international relations, this is a book for everyone who wants a profound understanding of the tragic politics of our time.

“A moving meditation on recent geopolitical crises, viewed through the lens of ancient and modern tragedy.”

_{DAILY VISUAL}

In-Person Work Doubled Over the Past Year

_{PRESENTED BY BIGDATA.COM}

Wall Street’s Secret Weapon—Now Available to Everyone

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For over 20 years, the biggest asset managers and institutions have leveraged the analytics powering Bigdata.com to track markets, analyze risk, and stay ahead of trends. Now, you can too.

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_{DAILY ACUMEN}

C-Suite Skills

The skills required for success in the C-suite have shifted significantly over the past two decades.

Companies are no longer prioritizing technical expertise and financial savvy above all else.

Instead, they're seeking leaders with strong social skills, including self-awareness, effective communication, and the ability to work with diverse groups.

This shift is driven by the increasing complexity of large, technologically intensive organizations, which require leaders who can motivate and coordinate teams, interact with various stakeholders, and make decisions that balance competing interests.

As a result, companies must adapt their executive development programs, recruitment processes, and evaluation criteria to prioritize social skills, and boards of directors must also develop and assess the collective social skills of the C-suite.

_{ENLIGHTENMENT}

Short Squeez Picks

• How to actually burn off belly fat in 2025

• How to develop your confidence and self-esteem

• Can the 5am wake-up challenge transform your life?

• 5 ways to practice mindfulness in your every day life

• How to turn career luck into success

_{MEME-A-PALOOZA}

Memes of the Day