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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...
...Switzerland’s financial regulator has attempted to block the release of key documents to investors who are suing it after $17bn of bonds were wiped out in the rescue of Credit Suisse....
...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...
...Danone, which owns bottled water brands Evian and Volvic, is one of the consumer groups that has explored the use of plastic credits to pay for the recovery of tens of thousands of tonnes of plastic in Indonesia...
...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....
...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....
...Third, financial product innovation is a vital enabler....
...But his financial woes create two novel headaches — one for him, and one for America. For Trump, it undermines his reputation for being rich, which he and his base value highly....
...A merger between Virginia-based Capital One and Illinois-based Discover would shake up the US credit card landscape and mark one of the industry’s biggest deals since the 2008 financial crisis....
...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....
...Assuming one turn of leverage on average and including dry powder but excluding ca $133bn of middle-market CLOs, here’s what JPMorgan came up with: Does this latest figure matter to anyone but financial...
...Discover Financial’s chief executive has resigned just weeks after the credit card company reached an agreement to be sold to rival Capital One....
...One good read Soumaya Keynes on the Jamaican debt miracle....
...balances and auto loans signalling “increased financial stress”....
...The Credit Suisse experience was one reason why “we do want to remind investors that [bank] debt is at risk and we do have a resolution process”, Gruenberg added....
...Poor risk controls were a big factor in the fall of Credit Suisse. Finma is rare among national financial regulators in its inability to fine the companies that it oversees....
...leading to the fall of Credit Suisse and saddened by the fact that the Swiss are not providing more transparency — Emmental is the one with holes....
...At the start of 2023, Credit Suisse’s financial strength appeared bullet-proof. Its common equity tier one capital ratio exceeded 14 per cent, far above US regional bank Truist....
...These should offer extra returns for holding complexity or illiquidity without adding credit risk....
...Like all financial firms, platforms and pension providers can go bust....
...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....
...“It was one of the most emotionally scarring days of my life.”...
...The European Central Bank has announced one of the biggest overhauls of its connections to the financial system for a decade, outlining plans to lend more to commercial banks while shrinking its vast bond...
...financial crisis....
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