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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...
...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...
...Seattle-headquartered Microsoft is OpenAI’s main partner, having invested $13bn in the start-up, much of it in the form of credits for Microsoft’s cloud....
...By comparison, loan loss provisions dropped at Citi, JPMorgan and Wells Fargo, by 33 per cent, 32 per cent and 29 per cent, respectively, from their previous quarters....
...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...
...We est. that Citi’s market value implies an ROTCE of only about 5-6%, or about half Citi’s target of 11-12% in 2025E-2026E. (c) 1 LOB (“Services”) = almost all of Citi’s market cap....
...“A very strong labour market means, all else equal, strong consumer credit,” Barnum said....
...A post mortem by the Financial Stability Board found Swiss authorities would have been capable of shutting down Credit Suisse....
...In today’s newsletter: Jane Fraser’s bold hire at Citigroup Private credits hunt for yield Sequoia’s clean-up job Citi bets on one of JPMorgan’s top bankers Investment bankers at JPMorgan Chase sometimes...
...The consortium pools credit risk data and publishes it as a resource for public use....
...The group was last valued at around €15bn when it sold a minority stake to Blue Owl in 2021.Originally spun out from Citi’s London office around three decades ago, CVC has also expanded beyond buyouts into...
...Daniel O’Donnell, global head of alternative investments at Citi Global Wealth in Boston, emphasises the advantages....
...At the end of 2022, US bank group Truist had some $400bn of deposits offering cheaper funding than Wall Street behemoths such as JPMorgan and Citi....
...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....
...Capital One and Discover are two of the biggest credit card lenders, behind JPMorgan Chase and Citigroup....
...“The level of debt has been rising a lot, and credit card loans carry the highest rates of most consumer debt,” said Robert Sockin, a global economist at Citi....
...Job moves The former head of Credit Suisse’s wealth management business, Francesco de Ferrari, has become the latest executive of the fallen bank to leave UBS....
...Still, buyers’ remorse often sets in when the credit card bill arrives....
...UBS is eliminating jobs as it integrates teams from the struggling Credit Suisse, which it acquired last year. Citi, UBS and BofA declined to comment on lay-offs....
...Since the collapse of several large US regional lenders last March, Blackstone has been buying assets from banks and managing them on behalf of its credit and insurance clients....
...Still, some eyebrows were raised at the Citi news over at Alphaville....
...“Everyone is losing sight of the fact that this market is too big for just private credit or banks.” Additional reporting by Sun Yu...
...All five of Citi’s core businesses — corporate lending; credit cards and US consumer banking; transaction services; buying and selling stocks and bonds; and private banking — posted rising sales....
...*Ignites Europe is a news service published by FT Specialist for professionals working in the asset management industry. Trials and subscriptions are available at igniteseurope.com....
...Citi and Wells Fargo also recorded drops in lending. The pullback in lending hit JPMorgan Chase particularly hard....
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