Your Daily Dose of Financial News

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Anbang Insurance founder Wu Xiahoui’s fall from grace now includes an 18-year prison sentence for his conviction by a Shanghai court for using Anbang to “cheat investors out of more than $10 billion” – NYTimes and WSJ

The Times considers how the sentence is part of China’s larger strategy for tackling the mountain of debt that Chinese companies have built up as a result of a “decade-long borrowing binge” – NYTimes

Goldman Sachs and Apple are joining forces to launch a joint credit card—a first for Goldman and part of an increasing push from Apple “into its customers’ wallets.” The card will carry the Apple Pay brand and is likely to launch early next year – WSJ and Bloomberg and MarketWatch

UK regulators have fined Barclays CEO Jes Staley $850k over his internal efforts to unmask a whistleblower critical of one of his hires, finding Staley made “serious errors of judgment” – WSJ and Bloomberg

Dealbook looks at Walmart’s acquisitions over the past two years and sees a company girding itself for a battle with Amazon – NYTimes

A federal grand jury has indicted a former currency trader Akshay Aiyer of “engaging in a conspiracy to manipulate prices” for CEEMEA currencies between 2010 and 2013 – Law360

News of RBS’s nearly $5 billion RMBS-related settlement this week was something of an eye-popper. But not, perhaps for the reasons one might expect.  As impressive as that sum is, it’s around half of what many analysts were expecting the figure to be—yet another sign that a new enforcement sheriff is in town – Bloomberg

CFPB acting director Mick Mulvaney is closing the Bureau’s standalone Office of Students and Young Consumers, the division that’s been involved in investigating student loan abuses, and merging it with the Office of Financial Education.  Coming just days after the Fed reported that outstanding student loan debt reached a new high of $1.5 trillion, the reorg announcement was widely criticized by consumer advocates – Law360

Wells Fargo CEO Timothy Sloan unveiled yesterday at an investor day presentation that the bank expects the Fed-imposed asset cap to continue into at least the first part of 2019 – WSJ

Jay Alix, founder of consulting firm AlixPartners and “prominent restructuring specialist,” has filed a federal SDNY lawsuit accusing consulting powerhouse McKinsey & Co. of committing RICO violations by “misleading the bankruptcy courts about conflicts of interest” – NYTimes

Keith Hernandez, former Met and Seinfeld cameo-maker, finds himself in the middle of a rather improbable second act: social media star [thanks in no small part to Hadji, his cat]. What a time to be alive – NYTimes

Have a good weekend,

MDR

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