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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 domestic car market — the world’s biggest — has been extremely competitive since Tesla boss Elon Musk sparked a price war last year in a bid to chase market share....
...The split between the prosperous economy and the stresses on lower-income consumers is visible in the New York Fed’s chart of auto loan delinquency rates, split out by age: Borrowers under 40, who are likely...
...“Xiaomi Auto is striving for the ascendancy of China’s auto industry,” Lei said....
...Investors in auto lenders and low-rated bonds backed by car loans should buckle up. High inflation and interest rates are squeezing the finances of American households, particularly lower-income ones....
...“Auto businesses share a sense of crisis,” said chief executive Shuji Ogawa, that EVs have put engine parts makers in a plight....
...“They think as a tech company, not a traditional auto company,” he said. Additional reporting by Wenjie Ding in Beijing and Edward White in Shanghai...
...But clearly, Toyota is now in a sweet spot,” said James Hong, auto analyst at Macquarie “Many [original equipment manufacturers], such as GM, are making the same kind of bet on hybrids now, as BEV growth...
...Capital One and Discover are two of the biggest credit card lenders, behind JPMorgan Chase and Citigroup....
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...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....
...“Carmakers who are reaping profits now from their existing hybrid models had better use this time and money wisely as BEVs are coming, sooner or later,” said James Hong, autos analyst at Macquarie....
...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....
...But banks led by JPMorgan Chase lobbied hard to underwrite a financing over the past four months as a new deal moved closer to the finish line....
...JPMorgan Chase, the largest US bank by assets, last April began requiring all senior managers to be in the office five days a week, up from three. The bank declined to comment....
...Also we go long Jay Powell and long auto workers....
...The corporate finance departments were using analysts to bring in corporate finance business....
...Zurich’s finance sector — and the final working week of 2023 is proving no exception....
...“There are too few opportunities to chase,” said a capital markets executive at a private equity firm, who helps decide how his company bankrolls its acquisitions....
...in and creatively call it green finance”....
South Asian powerhouse has become a target for expansion as business dries up in China
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...The bank plans to securitise and sell loans from its Chase retail business, including mortgages, auto lending and credit card loans, these people said....
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