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   DealBook: “HARD TO MAKE A DEAL”
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   Also, the Musk-Trump bromance is on the rocks.
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             June 4, 2025
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          Good morning. Andrew here. Negotiations over tariffs with our trading partners were never going to be easy, despite President Trump’s insistence that the U.S. had the upper hand. This is becoming increasingly clear to Trump, who lashed out at China overnight, signaling just how complicated any talks will be (if they were ever happening in earnest at all).
         </span>
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          Also worth keeping an eye on: The Musk-Trump “bromance” is continuing to shatter before our eyes, with Elon Musk’s latest salvo on social media; and Wells Fargo is out of the doghouse in Washington, as the Fed finally removed restrictions it had imposed on the bank in 2018 over a string of scandals. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <span style="color:#666;font:normal 14px georgia,serif">
             President Trump shared his doubts about the future of China trade talks.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Haiyun Jiang for The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Uncertainty returns
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The global trade war is rumbling on with higher tariffs, and a social media post from President Trump that suggests that negotiations with Beijing are in trouble.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “I like President XI of China, always have, and always will,” Trump
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wrote on Truth Social
         </a>
         <span>
          early today. “But he is VERY TOUGH, AND EXTREMELY HARD TO MAKE A DEAL WITH!!!” (Trump has grown “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          obsessed
         </a>
         <span>
          ” with holding a call with Xi, an unnamed official told Politico.) All of this comes as Treasury Secretary Scott Bessent acknowledged that negotiations had become “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a bit stalled
         </a>
         <span>
          .”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The latest:
         </span>
         <span>
          Global markets are edging higher, despite a doubling of U.S. levies on steel and aluminum imports, to 50 percent, that went into effect today. Separately, China, which has a lock on rare earth metals, has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          stepped up export controls
         </a>
         <span>
          of the crucial resources.
         </span>
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         <span>
          Such limits are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a huge deal
         </a>
         <span>
          for industrial companies, and could
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          clobber advanced manufacturing
         </a>
         <span>
          in the U.S. American carmakers are desperately
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          seeking workarounds
         </a>
         <span>
          to the export controls — including potentially moving some production
         </span>
         <span style="font-style:italic">
          to China
         </span>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          U.S.-China talks appear troubled,
         </span>
         <span>
          even as a senior Trump official suggested that Trump and Xi would speak
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          as soon as this week
         </a>
         <span>
          , according to CNBC. Administration officials have accused Beijing of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          violating terms of an agreement
         </a>
         <span>
          reached last month in Geneva.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Just today, Beijing
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          rebuked Secretary of State Marco Rubio
         </a>
         <span>
          over his commemoration of the deaths of pro-democracy demonstrators involved in the Tiananmen Square protests in 1989.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Is China backing away from the U.S.?
         </span>
         <span>
          Beijing is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          weighing an order
         </a>
         <span>
          for hundreds of new Airbus aircraft, Bloomberg reports, a potential sign that it wants to strengthen business ties with Europe. Shares in the plane maker jumped more than 3 percent this morning.
         </span>
        </p>
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            </span>
           </td>
          </tr>
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           <td style="padding-bottom:15px;border-bottom:1px solid #dcdcdc">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Trump is still under pressure to cut deals.
         </span>
         <span>
          Markets and business leaders are anxious for some kind of resolution to his trade battle. “They’re not scared,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Jamie Dimon
         </a>
         <span>
          of JPMorgan Chase said of Chinese leaders late last week. “This notion that they’re going to come bow to America, I wouldn’t count on that.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The administration says it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          won’t be deterred from tariffs
         </a>
         <span>
          , despite legal challenges. Indeed, the newly increased metals duties show that the White House still has plenty of freedom to put in place and even raise tariffs.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Expect more instability.
         </span>
         <span>
          The Organization for Economic Cooperation and Development warned yesterday that the “global economic environment has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          become significantly more challenging
         </a>
         <span>
          ” in just the past few months, sapping growth worldwide, said Mathias Cormann, the organization’s secretary general.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
          </tr>
          <td style="padding:0;font-size:0;border-top:8px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The Fed finally lifts growth restrictions on Wells Fargo.
         </span>
         <span>
          The cap on assets
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          had been in force since 2018
         </a>
         <span>
          , after bank employees were caught creating fake customer accounts to meet their sales goals. That led to huge fines, a management shake-up and a stock price that underperformed peers. Shares in Wells Fargo were up sharply in premarket trading this morning.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053700%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250604%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDkwMzgzOTYuMDYzNTgyMn0:1uMmmi:MJK1On6K88P1T5wXmv-V-s5wLqMM_ob9IfbViM-64eg" style="max-width:96px;margin-bottom:7px"/>
            </div>
            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
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                <td style="line-height:0;font-size:0">
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                <td style="line-height:0;font-size:0">
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           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Texas and BlackRock appear to have resolved their E.S.G. battle.
         </span>
         <span>
          The giant fund manager
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          was removed from a state blacklist
         </a>
         <span>
          of companies deemed to be boycotting fossil fuels through their policies on social and environmental investment principals. The breakthrough, after three years of fighting, is a win for Larry Fink, BlackRock’s C.E.O., who has been working with red states to repair relations.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Citigroup drops a tough firearms policy under political pressure.
         </span>
         <span>
          The lender said yesterday that it would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          rescind its policy
         </a>
         <span>
          of refusing to bank businesses that sold guns to those under 21, which it adopted shortly after the 2018 Parkland, Fla., mass school shooting. It comes as President Trump and Republican leaders accuse lenders of discriminating against many of their supporters on political grounds.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Warner Bros. Discovery shareholders rebuke David Zaslav over pay.
         </span>
         <span>
          A vast majority
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          rejected the entertainment boss’s $51.9 million pay deal
         </a>
         <span>
          , along with compensation deals for his leadership team. But the vote is nonbinding, which comes as cold comfort to investors who have seen the company’s market capitalization plummet over the past three years.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
           </td>
          </tr>
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           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The costs of a broken bromance
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Elon Musk’s latest broadside
         </a>
         <span>
          against Republicans’ domestic policy bill — a “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          disgusting abomination
         </a>
         <span>
          ,” he declared on his X social network — has Washington speculating about whether his relationship with President Trump is on the rocks
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Beyond the gossip about friction between the president and his biggest backer in 2024, there’s more at stake, for Musk’s businesses and for lawmakers seeking re-election.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Musk had plenty to say yesterday about the bill:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Mammoth spending bills are bankrupting America!
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                ENOUGH
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ”
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “If the massive deficit spending continues, there will only be money for interest payments and nothing else! No social security, no medical, no defense …
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                nothing
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .”
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “This immense level of overspending will drive America
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                into debt slavery
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                !”
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Musk also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reiterated concerns
         </a>
         <span>
          that the higher government spending would overwhelm the (
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          inflated
         </a>
         <span>
          ) savings his cost-cutting initiative had made.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Whether the Musk-Trump bond is completely broken is unclear.
         </span>
         <span>
          Since Musk officially ended his government work last week, the two men have been cordial about each other in public. But his comments come at a delicate time for deliberations over the bill: Musk has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          emboldened
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          fiscal hawks
         </a>
         <span>
          in the Senate, even as Trump is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          turning the screws
         </a>
         <span>
          on holdouts.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          How much influence does Musk still have over the president?
         </span>
         <span>
          It may be waning: “The president already knows where Elon Musk stood on this bill,” Karoline Leavitt, the White House press secretary, said yesterday. “It doesn’t change the president’s opinion.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That could affect Musk’s business. The Times reports that the Tesla chief was disappointed that Republicans appear set to remove subsidies for electric vehicles, which would hurt the carmaker. Musk’s SpaceX is also heavily dependent on government contracts, and both it and other companies like xAI are benefiting from Trump-era deregulation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Could Musk retaliate against Republicans?
         </span>
         <span>
          He was among the most prolific Republican donors in 2024, and Trump officials are still
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          awaiting $100 million in pledges
         </a>
         <span>
          that Musk made this year.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yesterday’s social media blast also resurrects the possibility that Musk could seek to unseat Republican lawmakers who back the budget bill. “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Shame on those who voted for it
         </a>
         <span>
          : you know you did wrong,” he wrote on X yesterday. “You know it.”
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Shoppers’ pain, a discounter’s gain
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Dollar General’s stock has soared after the discount retailer reported strong quarterly earnings and raised its full-year financial outlook, bucking gloomy industry forecasts.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But good news for the dollar store’s investors signals financial strain for American households, Danielle Kaye reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          It’s the latest sign of consumer unease.
         </span>
         <span>
          Even wealthier shoppers are trading down to lower-cost options, the company said. “While our core customer remains financially constrained,” said Todd Vasos, Dollar General’s C.E.O., “we have seen increased trade-in activity from both middle- and higher-income customers.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The company beat revenue expectations for its most recent quarter and lifted its outlook for net sales growth this year. The results sent its shares up more than 15 percent.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          There are other signs of strain on consumers.
         </span>
         <span>
          Recent data shows a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          rising number of defaults
         </a>
         <span>
          for “buy now, pay later” loans;
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          ballooning household debt
         </a>
         <span>
          ; and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          slowing retail sales
         </a>
         <span>
          . Consumer sentiment has fallen in recent months, with tariff-fueled price increases and questions about the future of the labor market looming large.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Still, consumers “overall remain relatively strong,” David Silverman, a retail analyst at Fitch Ratings, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          All that is bolstering discounters.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Walmart
         </a>
         <span>
          , known for its low prices, reported another solid quarter and kept its full-year forecast unchanged. Costco and BJ’s Wholesale Club also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reported
         </a>
         <span>
          better-than-expected results. “Discounters will benefit from a more value-oriented pricing position” throughout the year, Silverman said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s in stark contrast to retailers that cater to more affluent shoppers or those that rely more heavily on discretionary categories like home and apparel. Target’s sales
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          fell short
         </a>
         <span>
          of expectations; Macy’s lowered its forecast.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Still, even Dollar General isn’t insulated from tariffs.
         </span>
         <span>
          It could see both higher costs (the chain relies on direct and indirect imports) and a broader pullback in spending among its customers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Vasos, the chain’s C.E.O., cautioned that price increases were on the horizon — but “as a last resort.”
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “I would take more pride if his clients were different people.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          — Rabbi Sheldon Engelmayer, on Juda Engelmayer, his son, who has become the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          crisis P.R. expert for clients many won’t touch
         </a>
         <span style="font-style:italic">
          — including Harvey Weinstein, the fake heiress fraudster Anna Sorokin and the meditation guru Nicole Daedone. (“I’m very, very cynical about the world,” the younger Engelmayer told The Times of his father’s remarks.)
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Reflections of a lending rainmaker
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Over four decades, Andy O’Brien became one of the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          top money men at JPMorgan Chase
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         <span>
          , responsible for some of the biggest corporate loans on record.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Yesterday, he announced his retirement at the end of the year, in part to focus on his role as
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          chair of the Michael J. Fox Foundation
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         <span>
          . He spoke with Michael de la Merced about how the multitrillion-dollar corporate loan market has changed — including the rise of nonbank rivals.
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          Corporate lending has come a long way.
         </span>
         <span>
          When O’Brien started, loan syndication — Wall Street-ese for selling off pieces of loans to reduce a lender’s default risk — was mainly done with other banks. Then mutual funds began buying pieces of loans to get higher interest rates than they could from bonds. Other investors, like collateralized loan obligations, followed.
         </span>
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          That helped make ever-bigger loans possible. O’Brien remembered when private equity firms looking to buy SunGard Data Systems in 2005 sought a $4 billion loan. “A lot of investors at the time said it was too big and couldn’t be raised,” O’Brien recalled — adding that many of them also said, “‘I want a piece of it.’”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          By 2013, his team at JPMorgan and other banks were confident in offering Verizon a $61 billion bridge loan, still the biggest such loan ever, to buy out Vodafone’s stake in Verizon Wireless. Verizon’s lenders were later able to sell off that debt.
         </span>
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          Lending is “a very competitive market now,”
         </span>
         <span>
          O’Brien said, as the so-called private credit industry has grown to an estimated $2 trillion in size, according to a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          new study by Moody’s Analytics
         </a>
         <span>
          .
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          O’Brien is more sanguine about his bank’s growing army of rivals. “Having more options is better” for clients, he said; JPMorgan itself offers private credit-like products such as
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          direct lending
         </a>
         <span>
          . (JPMorgan’s lending business is holding up: Corporate lending revenue in the first quarter hit $1.9 billion, up 11 percent year on year.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          “Banks are ready to lend,” he said. “I still see a very healthy market.”
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            <span>
             THE SPEED READ
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          Deals
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Cohere
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a prominent A.I. start-up, is said to be seeking $500 million in new funding to keep up with bigger rivals like OpenAI and Anthropic. (FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Is Trump Unveiling a Crypto Wallet?
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                His Associates Say Yes. His Sons Say No.
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (NYT)
               </span>
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          Politics, policy and regulation
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                President Trump is reportedly poised to
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                again delay a U.S. ban on TikTok
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as negotiations continue over an overhaul of the Chinese-owned app’s ownership structure. (N.Y. Post)
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Some of Trump’s Biggest Inaugural Donors
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Benefit From Early Government Actions
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WSJ)
               </span>
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          Best of the rest
         </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Trump Wants America to Make Things Again.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Does It Have What It Takes?
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Is the endgame of the artificial intelligence boom
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                a string of “everything apps”
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ? (The Atlantic)
               </span>
              </li>
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