| 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 | 
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