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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...
...Like Hammack, he had previously been talked about as a potential candidate for chief financial officer. Goldman and Millennium declined to comment on Berlinski’s move....
...There will also be an undisclosed amount of debt financing provided by a group of private lenders including Blackstone Credit, HPS Investment Partners and Blue Owl Capital....
...financial crisis....
...Discover is a combined credit card payment network and card-issuing bank. It ranks fourth as a network behind the titans Visa, Mastercard and American Express....
...An executive order in 2021 called for a “revitalisation of merger oversight” to “ensure Americans have choices among financial institutions and to guard against excessive market power”....
...As the name suggests, this is a “business development company”, a weird but fascinating and uniquely American construct....
...This included scrapping the investment management deal, which the Financial Times reported last year. At the time, Credit Suisse said a change to the contract would lead to a $600mn loss for the bank....
...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”....
...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....
...But for those in Miami for JPMorgan Chase’s annual credit conference this week, nothing was more enticing than a panel discussion on liability management exercises....
...Ant’s efforts to expand its financial empire have been slowed since then. It was hit by a regulatory crackdown in late 2020 when its $37bn initial public offering was derailed....
...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....
...Americans have gorged on billions of dollars of credit card debt over the past three years....
...“In China, the story is the unbelievable size the market has become, combined with innovation,” he said in an interview with the Financial Times in June....
...“Everyone is losing sight of the fact that this market is too big for just private credit or banks.” Additional reporting by Sun Yu...
...In his absence, we have a world-class line-up of Financial Times journos, including Katie Martin on the bull case for dividends....
...We hope our fellow American eclipse-watchers emerged with spirits high and without fried corneas....
...The deal “would lead to additional grocery price hikes for everyday goods, further exacerbating the financial strain consumers across the country face today”, he said....
...It has expanded into areas such as invoice financing and credit cards, and acquired a business that connects customers with professional contractors....
...It is traditional and sensible to exclude the financial sector when valuing the market, because financials generally and banks in particular cannot be sensibly valued on earnings....
...“For over a decade, credit card giants have been exploiting a loophole to harvest billions of dollars in junk fees from American consumers,” said Rohit Chopra, CFPB director....
...Edward Finley of Arrow Wealth Advisory LLC pointed out that from a certain point of view, the question “does private credit, as an asset class, generate excess return” is a sort of category mistake: An...
...North American private-credit funds have on aggregate called more capital from investors than they’ve distributed for several years now....
...This debt has been rising in the past year and recently topped $1tn for all Americans for the first time....
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