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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...
...But regulators are studying the liquidity risks being stored up in these strategies, and the potential spillover effects for the wider financial sector....
...The approach underlines private equity interest in the sector and comes after several firms made investments in professional services businesses in the US and Europe....
...services industry has swung to historic lows....
...“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....
...This is a critical challenge in financial services....
...Their ability to do business in the country is in large part owing to an exemption for companies being allowed to offer professional services to their own subsidiaries in Russia, while being banned from...
...Third, financial product innovation is a vital enabler....
...Two years ago, the City’s professional services firms couldn’t hold on to their staff. Now, they can’t get rid of them....
...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....
...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”....
...Now the problem is customer complaints about its subprime credit card business, via the Financial Ombudsman Service....
...Private credit is booming, nearing $2tn in assets globally. Most of that debt is being traded out of the public eye, a fact highlighted in the latest Global Financial Stability report from the IMF....
...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....
...financial information and maintain trust in banking services,” he predicts....
...US lender Capital One has agreed to buy rival Discover Financial for $35.3bn, in an all-stock tie-up that is set to unite two of America’s largest credit card companies....
...Home Depot has struck one of its biggest-ever deals to acquire speciality building products supplier SRS Distribution in a move that could boost its faster-growing professional services business....
...willingly underwrote before the financial crisis....
...Large financial services companies often operate their Middle East businesses under a broader geographical area that includes Europe and Africa, and bankers have told the Financial Times that several lenders...
...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....
...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...
...These should offer extra returns for holding complexity or illiquidity without adding credit risk....
...pilita.clark@ft.com Letter in response to this column: Financial services has a class ceiling problem / From Sophie Hulm, Chief Executive, Progress Together, London BR1, UK...
...It follows a broader trend in professional services....
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