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...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...
...To get the merger approved, Capital One is making a case that there is little overlap between the two banks’ credit card businesses....
...JPMorgan Chase and Bank of America were at 2.1 per cent and 2.3 per cent. At Capital One and Discover this was nearly 4 per cent. Cutting late fees also won’t affect companies equally....
...Chase cardholders will see offers when they log on to their app and can choose to activate the ones they like. Advertisers will not have direct access to Chase customer data....
...Credit card lending is a concentrated business: about half of the loans are made by four big banks, led by JPMorgan Chase, with the next two dozen largest banks accounting for the majority of the rest....
...Revenue from the bank’s huge bond and commodities trading unit, one of its biggest money generators, fell 10 per cent in the quarter....
...In the first three months of this year, interest revenue at the same four banks rose on average less than one half of one per cent, up about $500mn, from the quarter before....
...Capital One and Discover are two of the biggest credit card lenders, behind JPMorgan Chase and Citigroup....
...A Russian court has ordered the seizure of JPMorgan Chase funds totalling $439.5mn a week after Kremlin-run lender VTB launched legal action against the largest US bank to recoup money stuck under Washington...
...Listening to a recent FT Behind the Money podcast about JPMorgan Chase, however, made me wonder if banks might not be the most interesting and perhaps even the most extreme example of that dynamic....
...This may be one of those set-ups.”...
...The bank said much of the jump in loan losses was tied to credit cards and commercial real estate. The bank said it took losses on 16 different office loans in the quarter....
...One reason the profits are gushing at JPMorgan, compared with many of its peers, is that the bank has a much lower cost of capital....
...The bank’s Chase UK retail arm would break even in the next 12 to 18 months, JPMorgan president Daniel Pinto told the FT’s Global Banking Summit on Tuesday....
...Kotak, one of India’s most influential financial figures....
...JPMorgan Chase chief executive Jamie Dimon hit out again at a variety of proposed new US bank regulations, telling lawmakers that the rules risked hurting low-income customers and would add more risks to...
...Banks complain that local, politically driven measures are not assessed in terms of their competitive effects. One illustration is how the market perceives Europe’s banks: not well....
...They end up paying for all those card points, miles and cashback — one way or another. pan.yuk@ft.com...
...But the bank’s guidance for net interest income disappointed investors, and its shares closed down 6.5 per cent, their biggest one-day drop since June 2020....
...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....
...Some 33.8mn adults in the UK, or 64 per cent, have at least one credit card, according to price comparison website Money.co.uk....
...“Wild how my dad is the one holding $HOOD and not me. I just reserved my spot for their credit card....
...Despite being the number six US bank by size, it only has a sixth of JPMs assets. It is still basically a regional bank, albeit a big one....
...In 2019, Dimon tapped Piepszak to become chief financial officer of the whole bank before promoting her to run the Chase business alongside Lake. Internally, they’ve tried to present a united front....
...In today’s newsletter: Trump’s Spac for Truth Social Altice vs creditors Carvana used car miracle DWAC: the Spac that could save Trump There is one person who holds a trump card in the deal between...
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