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...Finma has argued that without writing down the AT1s, nationalising Credit Suisse would have been the only alternative....
...IPO activity has also slumped in the domestic stock market, where state-backed brokerages such as Citic and CSC Financial dominate activity....
...JPMorgan’s emphasis below: How big really is the private credit asset class? Naturally the answer to this question depends upon your definition of what constitutes ‘private credit’....
...Put another way, banks have been able to claw back just over half of the $20bn that shifted in favour of private credit firms in 2023. So, have we reached peak private credit?...
...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....
...These should offer extra returns for holding complexity or illiquidity without adding credit risk....
...Private credit deals, in addition to generating interest income, also charge management fees to limited partners....
...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....
...The group, which is one of the world’s biggest insurers and offers broader financial services including banking, reported operating profits down a fifth at Rmb118bn ($16bn) last year, in results released...
...that the departures would “create a range of issues” for Barings and attaching a term sheet offering to buy the credit business....
...Here’s a fun prediction: The privacy of private credit markets could be eroded by their own success....
...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...
...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....
...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....
...Now the problem is customer complaints about its subprime credit card business, via the Financial Ombudsman Service....
...A post mortem by the Financial Stability Board found Swiss authorities would have been capable of shutting down Credit Suisse....
...An investigation by the FT found that the Austrian bank had posted 2,400 job advertisements in Russia since December, with some 1,500 for sales management and customer service roles....
...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....
...The bank is specifically focusing on private credit as one of its major engines of growth....
...In 2016 it invested in credit investment firm Owl Rock Capital. Now known as Blue Owl Capital, it is among the most prominent lenders in credit markets....
...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...
...Ermotti’s award comes as the bank’s bonus pool shrank 14 per cent compared with the combined pool at UBS and Credit Suisse in 2022....
...But it was not until about a decade later that the private credit business really took off....
...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....
...But the French asset manager, controlled by Crédit Agricole, is taking to their turf....
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