Morning Brew Daily – Episode Summary

Episode: Big Banks Pushback Against Credit Card Cap & Beyond Meat Launches Protein Drink
Date: January 16, 2026
Hosts: Neal Freyman & Toby Howell

Overview

In this episode, Neal and Toby break down big recent stories in business and culture, including the shaky state of big bank earnings, President Trump’s controversial proposal to cap credit card interest rates, the banking sector’s move toward efficiency, and how Goldman Sachs is flirting with prediction markets. They also examine Ben Affleck and Matt Damon's new Netflix deal that shakes up Hollywood’s compensation model, and dig into Beyond Meat’s first jump beyond plant-based meats — a protein-and-fiber infused recovery drink. The hosts finish out with their Stock and Dog of the Week, discuss Spotify’s price hikes, global university rankings, and sprinkle in NFL playoff curiosities.

Key Discussion Points & Insights

1. 2016 Nostalgia Social Media Trend (00:22–01:47)

• The internet is abuzz with a "10-year challenge" trend, with people reminiscing about 2016—Pokemon Go, the Mannequin Challenge, and meme culture.
  • Notable quote:
    “2016 is when Instagram stories were first introduced, which is wild to think about.” — Toby (00:49)
• Toby admits he rocked a man bun in 2016 and went all-in on Pokemon Go, encapsulating the nostalgia that's hit social media.

2. Big Bank Earnings & U.S. Economic Health (02:49–07:48)

• Recent bank earnings disappoint:
  • Bank of America, Citi, JP Morgan, and Wells Fargo all saw share declines for various reasons; mergers slowing, high hiring costs, but Goldman Sachs bucks the trend with strong wealth management and trading revenues.
    • “One bank was able to emerge unscathed thanks to a focus on the 1%: Goldman Sachs had a particularly strong quarter.” — Neal (03:17)
• Dividends & buybacks remain strong:
  • The six biggest banks paid over $140 billion to shareholders in 2025, beating previous records.
• Bank layoffs pile up:
  • The largest US banks cut headcount by over 10,000 in 2026, the steepest reduction since 2016; Wells Fargo boasts of 22 straight quarters of headcount reductions.
    • “Wells Fargo has 22 consecutive quarter of headcount reductions.” — Neal (04:29)
• Consumer health solid according to banks:
  • No meaningful red flags for ordinary consumer finances; checking flows, deposits, and overdrafts are stable.
    • “In terms of how the canary in the coal mine is looking for the economy, bank earnings did not raise any red flags.” — Toby (05:33)
• Trump’s Credit Card Interest Rate Cap Proposal:
  • Trump proposes capping interest rates at 10%, causing industry uproar.
    Execs warn such a cap would restrict credit access and dramatically lower bank profits.
    • Notable quotes from CEOs (06:11):
      • Jeremy Barnum (JPMorgan CFO): “It would obviously be bad for us.”
      • Citigroup: “Interest rate cap is not something that we would or could support, frankly. It… would have a deleterious impact on the economy.”
      • Brian Moynihan (BofA CEO): “If you bring the caps down, you’re going to get restricted credit, meaning less people will get credit cards.”
• Investment banking and trading still strong:
  • Market volatility and dealmaking (like Netflix’s bidding war) buoy investment bank revenues, even if some divisions falter.

3. Goldman Sachs Eyes Prediction Markets (07:48–08:14)

• Goldman CEO David Solomon calls prediction markets “super interesting,” hinting at possible Goldman entry into the sector after recent meetings with major players.
  • “Some call it gambling, but it seems like traditional finance is looking into that market.” — Neal (08:14)

4. Ben Affleck, Matt Damon & Netflix Disrupt Hollywood Compensation (08:14–12:11)

• Netflix’s pay model shifts (for one movie):
  • Affleck & Damon’s new movie, The Rip, on Netflix, comes with an unprecedented deal: the entire cast and crew get bonuses tied to the film’s streaming success.
    • “Netflix…scrapped that compensation model. According to the New York Times, virtually all Netflix TV and movies pay cast and crew a bigger set fee upfront, but with no potential upside on the back end. … But they did change the model for Affleck and Damon.” — Neal (08:50)
• Implications and reactions:
  • Affleck argues for financial alignment: “You can motivate people with words. But you know what really motivates people? Financial alignment.” — Toby (09:40)
  • Difference vs. tech: in startups, it’s normal to get upside. Why not in streaming, too?
  • Structure is complex: Metrics like streaming hours replace traditional box office, making backend rewards more complicated.
  • All 1,200 cast & crew are eligible, not just stars.
  • Affleck praises Netflix co-CEO Ted Sarandos for openness, despite Sarandos’ growing negative reputation in Hollywood.

5. Stock of the Week: Beyond Meat (Beyond Immerse Launch) (12:11–16:28)

• Beyond Meat unveils Beyond Immerse:
  • First product not a meat substitute—a protein-fiber beverage driven by plant protein (mostly yellow peas).
  • Comes in 10g/20g protein options, also akin to three cups of spinach in fiber, under 100 calories, zero fat.
    • “It’s pea juice that CEO Ethan Brown thinks represents a noticeable breakthrough in recovery.” — Toby (13:15)
• Comparisons, nutrition trends, and tactical pivot:
  • Protein drinks as a category have surged by 122% from 2020 to 2024.
  • Brands like Starbucks, Dunkin, and others eyeing the protein drink trend.
  • Beyond Meat’s pivot comes as legacy plant-based “meat” sales sink (stock down 99% from peak $230, now a penny stock).
• Functional drinks, fiber as key selling point:
  • Tapioca fiber targets gut health and mimics hunger-regulation benefits similar to GLP-1 drugs (e.g., Ozempic).
    • “The fiber portion is kind of the ace in the hole here.” — Toby (15:01)
• Market headwinds:
  • Demand for “real” animal protein is surging.
    • “Maybe this is Beyond Meat saying actually our main business…is dead in the water right now. We're just going against all of the trends. Why don't we hop on a trend…and see how consumers respond?” — Neal (15:26)

6. Dog of the Week: Vail Resorts (No Snow, No Skiers) (18:09–21:15)

• Vail’s major problem — no snow:
  • Skier visits at Vail’s major western resorts fell 20% due to the worst snowpack in over three decades—especially devastating for the Rockies, where only 11% of terrain was open in December.
    • “Rob Katz, CEO of Vail, blamed the worst early season snowfalls in the west in over three decades. … Only 11% of terrain to be open in December.” — Neal (18:47)
  • Northeast fares far better (100+ inches at Vermont’s Jay Peak).
  • Weather quirks: Combo of a polar vortex and La Nina gave East Coast record snow but hammered usual Rockies powder.
• Business model strains:
  • Epic Pass softening; over $1,000 per season.
  • Difficulties of scaling — only so many peaks exist, and over-crowding diminishes guest experience.
    • “The more people who go to your ski mountain, the worse experience it is.” — Neal (21:15)

7. Rapid Headlines & Cultural Notes (21:15–27:56)

a. Spotify Price Hikes (21:15–23:43)

• Raises U.S. rates for all premium plans for the third time since 2023 (after holding them flat for 12 years).
  • “Streaming used to be the more affordable and flexible option…Now those prices are bumping up.” — Toby (22:30)
  • Analysts believe Spotify still under-prices its value beside Netflix/HBO.

b. Chinese & U.S. Global University Rankings (23:43–25:28)

• Harvard drops to #3 in Leiden rankings as seven of top ten now Chinese universities, showcasing China’s investment and global competition. U.S. sees 19% drop in international students.
  • “I’m sure in five to ten years, this list will look a lot more Chinese if the United States doesn't do anything about it.” — Neal (24:44)

c. NFL Playoffs and Quirky Facts (25:32–27:56)

• Notable playoff drama: “12 lead changes in the fourth quarter” in wildcard openers—a record (26:05).
• Sean McVay faces his 15th unique opponent in 15 playoff games.
• Fun, semi-conspiratorial theory: San Francisco 49ers’ chronic injuries blamed on electromagnetic fields from nearby electrical substation.
  • “He (Peter Cowan) blames it on…chronic exposure to these waves that he says has collagen damages the collagen integrity of players tendons and ligaments.” — Toby (26:21)
  • Even players and agents have referenced the “damn power plant,” though the team’s practiced there since 1988.

Notable Quotes & Timestamps

• On Trump Credit Card Cap:

  • “Interest rate cap is not something that we would or could support, frankly. It would restrict access to credit to those who need it most and would have a deleterious impact on the economy.” — Citi, as read by Neal (06:11)

• On Netflix Innovation:

  • “You can motivate people with words. But you know what really motivates people? Financial alignment.” — Ben Affleck, paraphrased by Toby (09:40)

• On Vail’s Woes:

  • “Only 11% of terrain in the Rocky Mountains was open last month. Those are really, really ugly numbers if you are a ski company and no one can ski.” — Toby (19:57)

• On Beyond Meat’s Strategy:

  • “Maybe this is Beyond Meat saying…we’re just going against all of the trends. Why don’t we hop on a trend and…see how it does?” — Neal (15:26)

Important Timestamps

• 2016 nostalgia: 00:22–01:47
• Bank earnings, layoffs, industry health: 02:49–07:48
• Goldman & prediction markets: 07:48–08:14
• Hollywood compensation (Netflix/Affleck deal): 08:14–12:11
• Beyond Meat’s drink launch: 12:11–16:28
• Vail Resorts & snow shortage: 18:09–21:15
• Spotify price hikes, university rankings: 21:15–25:28
• NFL playoff quirks & 49ers theory: 25:32–27:56

Tone and Style

The hosts maintain an upbeat, witty, and conversational tone, blending analysis with humor and timely cultural references.

For Listeners Who Haven’t Tuned In…

This episode is packed with insights on how business is battling shifting economic tides and popular culture trends, from Wall Street’s volatility to the latest in Hollywood deal-making, and even quirky debates about football injuries. Neal and Toby deliver crisp, accessible breakdowns of major stories you’ll want to have at your fingertips, plus fun banter that makes the news feel friendly and relevant.