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...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...
...The business was viewed as one of the bank’s most successful units, but took up too much capital and was jettisoned as part of a final restructuring plan....
...Some of the 350 former partners entitled to retirement benefits from the firm reacted with anger after being told the payments would be replaced with a one-off lump sum when the deal with New Mountain Capital...
...As well as paying off obligations to retirees, the new structure involves repaying capital to current and former partners....
...The Capital One deal will relegate Jamie Dimon’s bank to second place....
...The US arm of accounting firm Grant Thornton has agreed to sell a majority stake to the investment group New Mountain Capital, in the largest of a wave of private equity deals that are reshaping the sector...
...Institutional Shareholder Services, another high-profile shareholder adviser, is recommending shareholders vote in favour of Abrdn’s proposals at its meeting....
...The US-based group will make its investment from a $24.4bn fund raised in 2021 that is one of the largest funds dedicated to private equity deals....
...Google this year added a new premium tier to its Google One consumer subscription service for users who wanted to use its most advanced Gemini chatbot....
...Citadel Securities is one of the world’s biggest high-speed trading firms, competing with rivals like Susquehanna, Jane Street and Virtu Financial and estimated it was involved in nearly one in every four...
...When the bill comes due, Capital One Financial will need to show it has the funds....
...Bank of America, Barclays, Citigroup, Jump Trading, JPMorgan Chase, Morgan Stanley, Tower Research Capital and Wells Fargo are also investing in FMX....
...“We are in a new era of realising that these partnerships have attractive alternatives,” said Peter Munzig, a partner at TPG, one of the most active dealmakers in professional services....
...In the hunt for an informational advantage, one of Barack’s first moves was to hire a 20-strong team of weather forecasters....
...issue a temporary restraining order against Millennium Management after Jane Street demanded the hedge fund stop using a secretive international options scheme that the high-speed trading firm counts as one...
...Capital One’s acquisition of Discover values its smaller rival’s stock 27 per cent above Friday’s closing price....
...Founded more than 40 years ago, Thoma Bravo has nearly $140bn in assets under management and is renowned as one of the world’s leading software investment groups....
...Tiger was one of the most prolific investors in private technology start-ups during a venture boom that peaked in 2021....
...Microsoft’s revenue in the quarter climbed 17 per cent to $61.9bn, driven by cloud computing sales and rampant demand for AI-related services on its Azure platform....
...He was a day-one investor in venture capital giant Sequoia Capital, as well as other leading private capital groups including Benchmark Capital and Hillhouse Investments....
...An OCC spokesperson said the agency had “not received a filing from Capital One regarding Discover Financial Services”....
...He had met the co-head of Barings’ private finance group Adam Wheeler years earlier, when Wheeler worked at Australian firm AMP Capital, although Weightman said that this brief encounter had no bearing on...
...The original Credit Suisse deal with Apollo led to the alternative investment manager taking on one of the Swiss bank’s most profitable divisions, but one that required a lot of capital....
...The evidence cited by the appeals court included testimony by one current and one former Apollo chief financial officer, as well as a high-level investor, that they believed Apollo, not the funds, was to...
...The figures suggest that top managers prioritise careful deployment of investors’ capital, rather than making the fund as large as possible....
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