Stock market news today September 24

Welcome to Finance Insider, Business Insider’s summary of
the top stories of the past 24 hours. Sign up here
to get
the best of Business Insider delivered direct to your
inbox.

Ray Dalio, who predicted the financial crisis, outlines
his scenario for the next recession

Ray Dalio literally wrote the
book on financial crises.
So when he has something to say on the future of the market,
investors of all shapes and sizes should listen.

After all, it was Dalio who repeatedly cried foul on the mounting
credit collapse more than a decade ago that triggered the worst
economic meltdown in modern history — even if his cries fell
mostly on deaf ears.

Dalio — the founder and cochief investment officer of Bridgewater
Associates — recently sat down with Business Insider CEO
Henry Blodget to discuss his new book,
which breaks down the anatomy of credit crises throughout
history.

JPMorgan says Trump’s trade war is ‘dimming the prospects
for large scale M&A’

Rising geopolitical tensions and the escalating trade war between
the US and China are putting management teams off big deals,
according to a senior JPMorgan banker.

“Anything that points to uncertainty and a lack of confidence is
not good for M&A,” Hernan Cristerna, JPMorgan’s Global
Co-head of M&A,
told Business Insider, referring to US President Donald
Trump’s ongoing
tit-for-tat with China on trade tariffs.

Global M&A in the first half of the year reached its
highest levels since 2007, 
according
to Dealogic
, with over 17,500 deals worth almost $2.5
trillion announced. However, a report from Mergermarket in July
showed a marked slowdown in cross-border M&A. There were
just 
2,834
cross-border deals in the first half of the year, compared with
3,346 last year.

A tiny firm led by rockstar banker Michael Klein may make
a killing on the $18.3 billion gold merger

A tiny and secretive boutique investment bank founded by star
dealmaker and former Citigroup executive Michael Klein will split
tens of millions of dollars in advisory
fees in
an $18.3 billion gold merger announced on Monday.

M. Klein & Co.
will split as much as $35 million in fees with Morgan Stanley
for advising Barrick Gold Corporation on its merger with UK-rival
Randgold Resources Ltd., according to estimates from consulting
firm Freeman & Co.

Randgold’s advisors, Barclays and CIBC, might earn as much as $45
million, Freeman said.

This is not the first time Klein’s firm has provided advice to
the Canadian gold miner. In 2015, M. Klein &
Co. advised Barrick
on the sale of its 50% interest in a copper mine in Chile.

Goldman Sachs is shaking up the way it selects members
for one of the most elite clubs on Wall Street

Goldman Sachs
is making changes to how it selects its partners, one of the
most elite clubs on Wall Street, as incoming CEO David Solomon
remakes the firm in his vision.

This summer, as company leaders began to identify potential
candidates, Solomon told them they should consider at least three
characteristics: lean toward execs who hold revenue-producing
roles, place people on the list only if they have a real shot of
making the cut and ensure women execs get a fair shot at making
the final list, according to people with knowledge of his
guidance.

Goldman selects partners every two years, a throwback to
its history as a private partnership and an attempt to preserve a
culture that officially ended when the bank went public in 1999.
The rank of Goldman Sachs partner is still one of the most sought
after titles on Wall Street, largely for the wealth it can bring.
Those who get called up are given a raise, a sizable chunk of the
bonus pool and investment opportunities not available to other
employees.

In markets news