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...Finma has argued that without writing down the AT1s, nationalising Credit Suisse would have been the only alternative....
...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...
...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’....
...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....
...Here’s a fun prediction: The privacy of private credit markets could be eroded by their own success....
...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...
...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...
...that the departures would “create a range of issues” for Barings and attaching a term sheet offering to buy the credit business....
...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....
...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....
...Now the problem is customer complaints about its subprime credit card business, via the Financial Ombudsman Service....
...The bank is specifically focusing on private credit as one of its major engines of growth....
...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....
...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....
...But it was not until about a decade later that the private credit business really took off....
...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....
...“Every week for the last 18 months, bankers and consultants have been saying credit, credit, credit.” But Sinding is clear what he wants....
...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....
...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....
...to show it is clamping down on credit card companies charging excessive fees....
...Further reading:— The private credit ‘golden moment’ (FTAV)...
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