Are you looking for a new way to leave work early? Have you considered “accidentally” opening the lunchroom dishwasher mid-cycle and setting off the fire alarm? This is what occurred at Deutsche Bank’s offices on the final weekend of its 13-year integration of Postbank.

The lowdown

• ⌛️ Deutsche Bank successfully integrates Postbank after acquiring the bank 13 years ago ($), giving UBS an idea of what it may be in for.

• 🏦 UBS fined $387 million for Credit Suisse risk management failings in Archegos Capital dealings.

• 🔊 Spotify raises the price of premium subscriptions, the latest streamer to face financial pressure.

Featured story

Carvana restructures its outstanding debt

Last week, used car retailer Carvana’s shares surged more than 40% following the announcement of a deal to reduce its outstanding debt of nearly $6 billion.

The deal involved most of Carvana's bondholders, with PE firm Apollo a key participant. Bondholders agreed to take a 24 cent on the dollar haircut on their previously unsecured debt ($). In return, Carvana would issue new bonds secured with the company's assets as collateral. Carvana also plans to raise $350 million through a stock sale to pay off some of its debt, with $125 million of that coming from CEO Ernest Garcia's family and related entities.

Known for its car vending machines, Carvana took off during the pandemic as consumers turned to used cars due to a shortage of new vehicles caused by the global chip shortage. Nothing like a lack of chips to make you buy something from the vending machine.

The content we're consuming today

• Insider: The dirty little secret that could bring down Big Tech.

• NY Times: Inside the Private Writings of Caroline Ellison, Star Witness in the FTX Case ($).

• Money Talks from The Economist podcast: How to build a sports business.

Off-balance sheet items

• The CrossFit Games are supposedly the answer to the question, who is the fittest person on earth? A very niche sport if you can even call it that but very impressive all the same. The 2023 games start next week and can be streamed free on YouTube.

The bottom line