If you thought lockdown was boring, spare a thought for the M&A bankers.

What a dull year it’s been for them. We can only hope they’ve used the time when they’d usually be taking companies public to learn French, get a six pack, or make matchstick models of major European cathedrals.

Fortunately, Shein is coming to the rescue, ensuring there’ll be at least something to do in 2024.

The lowdown

• 🏦 Barclays explores ditching thousands of investment banking clients ($).

• 📉 Deutsche Bank sees the Fed cutting rates by 175 bps next year.

• 🤙 KPMG and Deloitte ask staff to use burner phones for Hong Kong visits.

Featured story

Shein files for US IPO

The Chinese fast-fashion company Shein has confidentially filed to go public in the US. The company has seen a meteoric rise over the last few years, offering clothes at rock bottom prices. Its latest funding round earlier this year valued it at $66 billion, which could make it one of the largest US listings of the last decade.

However, Shein has also faced several challenges, including accusations of forced labor, damaging the environment, and stealing designs from independent artists. JPMorgan Chase, Morgan Stanley, and Goldman Sachs are advising the company on its IPO.

Shein’s plans will spark hopes of a revival in the IPO market next year. Just $19 billion had been raised in the US by the end of last month, according to Dealogic. That compares to $154 billion in 2021.

The content we're consuming today

• The Verge: A strange, short journey through Shein’s world

• 404 Media: A tech conference collapsed after its female speakers turned out to be AI

• Bloomberg: Just how bad is the US cost-of-living squeeze? We did the math ($)

Off-balance sheet items

• How silly can a goose get?

The bottom line