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Hi there,

Here is a recap from this week’s highlights in global markets and finance:

The Fed, ECB, BoE, SNB and BOJ are all keeping rates unchanged, reinforcing a global wait and see stance. At the same time, US regulators moved to cut bank capital requirements. In credit markets, JPMorgan is pushing to offload large LBO debt positions, and banks are increasingly offering ways to short private credit.

In private markets, Goldman is urging clients to move ahead with M&A despite imperfect conditions, while mega IPO candidates like SpaceX, OpenAI, and Anthropic could dominate capital markets. Elsewhere, HSBC is considering deep job cuts, Microsoft is weighing legal action over a major AI cloud deal, and Kirkland & Ellis crossed $10 million in partner pay.

Let’s dive in.

US regulators slashed Wall Street capital rules: Capital requirements for banks such as Goldman Sachs and JPMorgan Chase could reduce by 4.8% (TG)

Fed held rates steady at 3.5%-3.75%: Central bank pauses amid persistent price pressures and geopolitical uncertainty (CNBC)

ECB, BoE, SNB, and BOJ held rates steady following the Fed: Major central banks stayed on hold, reinforcing a global wait and see stance on policy (CNBC)

Big banks are offering hedge funds ways to short private credit: The firms have assembled baskets of listed companies with exposure to the space (Inv.)

HSBC weighs 10% job cuts as part of an AI overhaul: The bank is considering a major workforce reset as automation expands across operations (YF)

SEC will create a new team to target bad actors in auditing: The move increases pressure on audit quality and governance across public markets (RT)

JPMorgan pushes to offload huge LBO debt: Shows syndication efforts to clear backlog from leveraged buyouts before further market shifts (YF)

Giant IPOs could shut out the rest of VC: SpaceX, OpenAI and Anthropic would shatter the record for the largest US VC-backed tech IPO in history (PB)

Goldman tells dealmakers not to wait for perfection in M&A chase: Bank urges clients to act decisively as recovery signs emerge in the deals market (FP)

Microsoft weighs lawsuit over $50B Amazon-OpenAI cloud deal: Tech giant considers legal action over exclusive cloud agreement with AI partner (Inv.)

Private credit exodus spreads from BDCs to consumer loan funds: Withdrawals accelerate as retail investors sour on the asset class (MSN)

K&E defies PE downturn with $11M partner pay: Kirkland & Ellis becomes the first law firm to surpass the $10M mark for profits per equity partner (LB)

Tariff refund lawsuits surge amid uncertainty about US plans: Importers flock to court to recover duties paid, seeking protection from shifting trade policy (IJ)

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IBM completed its acquisition of data-streaming company Confluent (YF)
Deal Value: $11B

Ecolab nears acquisition of CoolIT Systems from KKR (Inv.)
Potential Deal Value: $4.5B–$5B

CVC and Nordic Capital explore exit of Cary Group (PEI)
Potential Deal Value: $3.5B

3M and Bain Capital agreed to buy Madison Fire & Rescue (K&E)
Deal Value: $2B

Mastercard will acquire crypto payments firm BVNK (YF)
Deal Value: $1.8B

Uber to invest in EV maker Rivian (CNBC)
Deal Value: $1.3B

Petrobras will acquire Petronas’ stake in offshore fields (YF)
Deal Value: $450M

Kraft Heinz and Unilever held talks on potential merger of food brands (YF)
Deal Value: Undisclosed

Crédit Mutuel Arkéa agreed to acquire SocGen’s custody business (SG)
Deal Value: Undisclosed

Canadian billionaire Stephen Smith buys stake in The Economist (TG)
Deal Value: Undisclosed

Ferrero agreed to acquire protein snack maker Bold Snacks (PRN)
Deal Value: Undisclosed