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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...
...Within weeks, a US regional banking crisis spurred a panic that ultimately contributed to Credit Suisse’s weekend takeover by UBS....
...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...
...In 2021, he hired three former Goldman partners — Paul Russo, Scott Rofey and Jeffrey Verschleiser — to lead the risk management of the firm’s equity, macro and rates, and credit divisions respectively....
...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....
...Last week, the central bank put lenders on notice that they should stress test their exposure to the $8tn industry because of risks to the wider economy....
...that the departures would “create a range of issues” for Barings and attaching a term sheet offering to buy the credit business....
...The Fortress deal will propel Mubadala, which is run by chief executive Khaldoon al-Mubarak, into the ranks of the world’s largest credit investors....
...Wells Fargo and Wilmington Savings Fund Society are named in the suit having allegedly provided administration services to FCI. They have been contacted for comment. How big a deal might all this be?...
...The deal also included an agreement where Atlas would provide investment management services to some of the assets Credit Suisse retained....
...“Frequently, the weaknesses of new products, in this case private credit loans, may only be seen and exposed in bad markets, which private credit loans have not yet faced,” he warned in his annual shareholder...
...Still, buyers’ remorse often sets in when the credit card bill arrives....
...Capital One and Discover are two of the biggest credit card lenders, behind JPMorgan Chase and Citigroup....
...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....
...obliviousness offered by private BDCs and other nontraded private credit vehicles....
...Ant’s bid for Credit Suisse Securities (China) Ltd, which includes investment banking and brokerage services in mainland China, could complicate UBS’s plans to dispose of its stake in the unit....
...UBS put the unit, which includes investment banking and brokerage services, up for sale after taking control of Credit Suisse when it collapsed last year....
...Speaking at an event at Stanford University, he claimed credit for recognising years ago how significant AI would be for all of Google’s products....
...“Everyone is losing sight of the fact that this market is too big for just private credit or banks.” Additional reporting by Sun Yu...
...Moody’s has cut New York Community Bancorp’s credit rating to junk, citing “high governance risks” and the potential for commercial real estate losses to create “confidence sensitivity”....
...Between Miami and Vegas, celeb-studded races are central to the growth strategy of Formula 1 in the US....
...India’s central bank has banned Kotak Mahindra Bank from issuing credit cards or taking on new digital and mobile banking customers, marking the regulator’s latest crackdown on the country’s fast-growing...
...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....
...The increase in deals has been partly spurred by an anticipation of rate cuts from central banks, which investors think could come as early as June....
...What returns to expect from private credit Should M&A return, it could well energise an already frenetic corner of finance: private credit....
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