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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...
...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...
...JPMorgan Chase has recorded a gain of about $8bn after restructuring its stake in credit card network Visa in preparation for a potential sale of some of its shares....
...Several of the bank’s businesses — including credit cards and corporate transaction services — did better than expected in a quarter that many thought would be marred by the upheaval of the restructuring...
...The odds are it will be coming from card-issuing banks such as JPMorgan, Citigroup or Bank of America rather than Visa or Mastercard. Banks have plenty of ways to offset lower interchange fees....
...JPMorgan Chase and Bank of America were at 2.1 per cent and 2.3 per cent. At Capital One and Discover this was nearly 4 per cent. Cutting late fees also won’t affect companies equally....
...and small banks as merchants gained the ability to steer customers to preferred credit cards....
...Analysts at Bank of America think late fees represent between 14 per cent and 30 per cent of the companies’ credit card revenue....
...But banks led by JPMorgan Chase lobbied hard to underwrite a financing over the past four months....
...Midway through May 2023, the group signed a $200mn four-year credit facility with a group of banks....
...Capital One and Discover are two of the biggest credit card lenders, behind JPMorgan Chase and Citigroup....
...Credit card lending is a concentrated business: about half of the loans are made by four big banks, led by JPMorgan Chase, with the next two dozen largest banks accounting for the majority of the rest....
...The bank said much of the jump in loan losses was tied to credit cards and commercial real estate. The bank said it took losses on 16 different office loans in the quarter....
...As the country’s biggest credit card issuer and consumer bank, JPMorgan’s main selling point to advertisers is the sheer scale of its customer data....
...A huge play on, say, JPMorgan Chase? Costco? Nestlé? It’s conceivable. Get rid of something big....
...JPMorgan Chase, Bank of America, Wells Fargo and Citigroup collectively made $253bn in net interest income (NII) for the whole of 2023 — a 19 per cent jump from 2022’s total....
...Raghavan, 57, is a 23-year veteran of JPMorgan Chase, the largest investment bank globally, and had been promoted to sole head of investment banking last month....
...Despite this, in recent days executives from the country’s four largest banks — JPMorgan Chase, Bank of America, Citigroup and Wells Fargo — said during earnings calls that consumers were resilient....
...JPMorgan Chase chief executive Jamie Dimon hit out again at a variety of proposed new US bank regulations, telling lawmakers that the rules risked hurting low-income customers and would add more risks to...
...“People could also be applying for cards and being turned down, if in the credit crisis their record has got worse and banks are tightening their criteria.”...
...“When they sprung to life, there was no online banking in China and many, many people didn’t have a bank account,” he said....
...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....
...Bank of America, Barclays, Citigroup, Jump Trading, JPMorgan Chase, Morgan Stanley, Tower Research Capital and Wells Fargo are also investing in FMX....
...“Ultimately, banks rely on cloud service providers to deliver secure and reliable infrastructure and services,” he says....
...Over the past two years, big banks such as JPMorgan Chase, Bank of America, Citigroup and Wells Fargo charged more for loans in lockstep with the Fed lifting interest rates, without passing on the increase...
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