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...When asked about job losses last year, Ermotti said: “We are committed to minimising the impact on employees by treating them fairly, providing them with financial support, outplacement services and retraining...
...The top US consumer finance watchdog has raised doubts about megamergers in the credit card industry, just as Capital One attempts to close its $35.3bn takeover of card issuer Discover Financial Services...
...Switzerland’s financial regulator has attempted to block the release of key documents to investors who are suing it after $17bn of bonds were wiped out in the rescue of Credit Suisse....
...JPMorgan Chase spent about a year discussing a possible deal with Discover Financial before Capital One agreed a $35bn bid for the credit card company, as the largest US bank pursued ways to get control...
...I think that the overall leverage level today in the market is a lot lower than it was before the great financial crisis....
...Once upon a time, banks were bigger than non-bank financial institutions (NBFIs). Those days are now a dim and distant memory. The blame (or credit) for this is usually laid at the door of regulators....
...Third, financial product innovation is a vital enabler....
...Much debated at the Financial Times’ New York office yesterday: was the eclipse an economic boost or a drag?...
...Private credit is now so big that the IMF dedicated an entire chapter in its latest Global Financial Stability Report to its “rise and risks”....
...These should offer extra returns for holding complexity or illiquidity without adding credit risk....
...The private credit market has taken off in recent years after some banks shied away from lending in the wake of the global financial crisis....
...When traditional financial institutions seized up amid monetary tightening and Silicon Valley Bank’s implosion in 2023, private credit funds were the only game in town to fund most deals....
...Here’s a fun prediction: The privacy of private credit markets could be eroded by their own success....
...Capital One Financial, which is buying rival Discover Financial Services, is up 50 per cent. Americans held more than $1.1tn on their credit cards at the end of 2023, an all-time high....
...A post mortem by the Financial Stability Board found Swiss authorities would have been capable of shutting down Credit Suisse....
...Major lenders like Nomura, Credit Suisse, Morgan Stanley and UBS all took big hits....
...financial crisis....
...The Financial Times first reported that Cfius was scrutinising the transaction last July, amid concerns in Washington over the UAE’s ties to China....
...A who’s who of private equity and private credit billionaires were onsite to charm what has become a vital pool of capital....
...Now the problem is customer complaints about its subprime credit card business, via the Financial Ombudsman Service....
...Data published by the Financial Ombudsman Service, an independent public body, on Friday showed that 5,660 complaints about credit cards were lodged from October to December last year, a 76 per cent increase...
...Job moves Credit Suisse’s final chief executive Ulrich Körner is set to leave UBS in the coming weeks....
...Swiss financial news outlet Tippinpoint was first to report his departure....
...Capital One’s $35.3bn proposed takeover of Discover Financial Services would fuse two leading credit card lenders and give it control of a network that connects consumers, merchants and banks....
...The fallout also led to billions of dollars of losses at Credit Suisse and Nomura, who had lent the money with which Hwang made his bets....
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