Almost Friday! Dan DeFrancesco in NYC.
Today, we’ve got stories on the real reasons rents are staying so damn high, bankers are worried about the future of mega deals, and top picks at Trader Joe’s.
But first, what’s your OOTD? (That’s “outfit of the day” for you boomers.)
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1. Fit check.
“So, what are you wearing?”
As Wall Street internship season quickly approaches, that’s a question many soon-to-be summer analysts are asking each other.
Luckily for you, Insider’s Emmalyse Brownstein has you covered on what you should and, more importantly, shouldn’t wear for your first few days on the job.
One big trend Emmalyse notes in her story is the casualification, so to speak, of Wall Street. Ties and heels are basically relics of the past, and blazers seem to be not far behind.
The switch to a more business casual look can be attributed to two things. First, years of Zooming into meetings in sweatpants led to a real cultural shift in the way people think about dress codes. Suddenly, wearing a suit every day to the office didn’t seem like such a great idea.
But the Wall Street dress code was starting to change before 2020, thanks in large part to the tech community. If the new-age billionaires could conduct business in a T-shirt, it seemed reasonable to at least ditch the cufflinks. And away we went.
It’ll be interesting to see how far this trend goes. Gen Zers, for better or for worse, aren’t bashful when it comes to letting their voices be heard in the workplace. And they’re also not ones to back down from a good fight. So as boomers age out of the workplace, could we see an even more dressed-down banker?
You might scoff at the idea, but a revolution doesn’t happen overnight. It starts with some Lululemons and a pair of Allbirds, and the next thing you know you’ve got bankers in board shorts.
Read more about Wall Street’s new dress code for summer analysts.
And while were are at it, here are 45 of the best work dresses for wherever you work.
In other news:
2. Two old guys aren’t sold on the benefits of AI. OK, it’s not just any old guys; it’s famed investors Warren Buffett and Charlie Munger. Here’s why they aren’t buying in on the hype.
3. A prime San Francisco office building that houses Visa is facing some potential vacancies. The payments giant doesn’t plan on renewing its lease in One Market Plaza, considered the top office market in the city. Why that’s a bad sign for commercial real estate.
4. It’s our fault rents are so high. It turns out everybody is sick of having a roommate, and those solo renters are driving up prices. More on why we’re all to blame. (I still blame the landlords.)
5. Everyone at Morgan Stanley is freaking out about the upcoming layoffs. The bank, which plans to cut 3,000 jobs, has everyone on pins and needles waiting to find out who is on the chopping block, eFinancialCareers writes.
6. The regulators would like a word with Carl Icahn. Following a short-seller’s report alleging the billionaire investor’s Icahn Enterprises was a “Ponzi-like” scheme, federal prosecutors have opened an investigation. More here.
7. RIP to mega deals. Increased attention from US antitrust enforcers has bankers worried about the future of big-ticket M&A, Bloomberg reports.
8. Young people don’t want to work in Big Law. Wall Street’s litigious sibling is not an appealing career path to Gen Zers, the Financial Times reports. Here’s why youngsters are so down on Big Law.
9. A five-step plan to get fit for summer. Memorial Day, the unofficial start to summer, will be here before you know it. Follow this fool-proof guide to get back on track. Check it out here.
10. The best stuff Trader Joe’s has to offer. You can’t go wrong with these 16 foods, per one loyal Trader Joe’s shopper. Grab this on your next trip to the store.
Curated by Dan DeFrancesco in New York. Feedback or tips? Email email@example.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.