It has been revealed that Australian Prime Minister Anthony Albanese arranged a PwC internship for his son. Incredibly harsh in my opinion. Makes me feel lucky that my dad only ever used his belt to punish me.

The lowdown

• 🇦🇺 Australian Prime Minister Anthony Albanese arranged a PwC internship for his son, further evidence of close ties between government and Big Four.

• 💸 Arby’s owner Roark Capital nears deal to buy Subway for $9.6 billion.

• ✍️ Chipmaker Arm files paperwork for IPO.

Featured story

Goldman Sachs revamps its strategy

Goldman Sachs is considering the sale of a section of its wealth business, as it pivots to primarily serve the ultra-rich and reduce service of high-net-worth clients in mass markets.

Goldman's private wealth branch manages $1 trillion for clients with $60 million or more in assets. The potential sale focuses on the business that serves individuals with assets ranging from $1 million to $10 million (“poor” rich people).

This strategic change follows CEO David Solomon's restructure of the company into three divisions the previous year and a reduction in plans for its consumer business, which saw a loss of $3 billion over three years. Solomon’s reign has been lackluster and it will not be surprising if he is dumped from the firm before the wealth business.

The content we're consuming today

• The New Yorker: Elon Musk’s Shadow Rule ($).

• Australian Financial Review: Anthony Albanese’s son in PwC internship ($).

• Bond Vigilantes: UK Government debt interest payments set to weigh heavy.

Off-balance sheet items

• The World Athletics Championships are on in Budapest at the moment. No records appear to have fallen just yet but the men’s and women’s 100m sprints have been pretty exciting all the same. I do kind of miss Usain Bolt though.

The bottom line