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...The combination of the two banks’ holding companies will mean the Credit Suisse management board will become obsolete, including the role of chief executive....
...“That includes a full and transparent account of what led to the idiosyncratic failure of Credit Suisse.”...
...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...
...Finma has argued that without writing down the AT1s, nationalising Credit Suisse would have been the only alternative....
...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...
...company....
...Speciality finance lending looks a promising new seam for private credit companies to mine....
...A deal would give Boehly’s Eldridge Industries a foothold in the fast-growing market for lending to private European companies, building on its investments spanning insurance, asset management, technology...
...Private credit alpha Unhedged went through a period last summer during which we obsessed over what expected returns for private credit might be, and where those returns come from....
...Some insurance and pension companies have significantly expanded their investments in private credit and other illiquid investments....
...These range from the sale of $2.3bn of loans from PacWest to Ares via Barclays in the regional bank crisis of March 2023, Blackstone Private Credit Fund’s 19 secured credit commitment facilities, REITs’...
...These should offer extra returns for holding complexity or illiquidity without adding credit risk....
...Traditional private equity firms in the past five years have however raised mega private credit funds that can go head-to-head with the bank-originated syndicated loans extended to companies of in effect...
...Rossi, who became chief executive in late 2022, highlighted the group’s investment performance across its funds and the contribution from the life insurance business as the reasons behind the company’s recent...
...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....
...Now the problem is customer complaints about its subprime credit card business, via the Financial Ombudsman Service....
...Here’s a fun prediction: The privacy of private credit markets could be eroded by their own success....
...US plans for shutting down a global bank call for removing top management, wiping out the shareholders and imposing losses on creditors of its holding company....
...Negotiations between highly indebted IT services company Atos and its lenders are hanging in the balance after one of its biggest creditors, Crédit Agricole, signalled it wanted to walk away....
...Major lenders like Nomura, Credit Suisse, Morgan Stanley and UBS all took big hits....
...Less than a year after UBS’s rescue of Credit Suisse, just a handful of Credit Suisse senior managers remain at the enlarged Swiss bank, including former chief executive Ulrich Körner....
...Last week, it announced it had made a new loan to executive networking company World 50 and while filings show it was already a lender to the company, a person close to Barings described it as a “net new...
...Another 50 cents is collected by the merchant acquirer, or companies such as Block or Stripe that provide the shop’s point-of-sale service system....
...Both companies are owned by US buyout firm Clayton, Dubilier & Rice....
...Banks and insurance companies have also created significant partnerships with private equity and credit groups such as Blackstone and Warburg Pincus, seeking their investment expertise....
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