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...Capital One chief executive Richard Fairbank told analysts after agreeing the Discover deal that being able to do both was his bank’s “Holy Grail”. JPMorgan and Discover declined to comment....
...“There has been a shift in thinking in Washington about bank mergers....
...Deutsche Bank has since the summer been struggling with the fallout of the botched IT migration that saw clients locked out of accounts and internal workflows at the bank break down....
...EY and Linklaters undertook a forensic accounting investigation to identify the holder of the bank account that de Montessus ordered $5.9mn to be transferred into but they were unable to discover the owner...
...Turns out it’s Discover. The lender agreed to buy Discover Financial Services on Monday for $35bn. Capital One is looking to wrap up that deal later this year or early 2025....
...Discover announced in December that it had appointed former TD Bank executive Michael Rhodes as its chief executive, months after the sudden departure of the company’s former boss Roger Hochschild....
...Data last week showed credit card delinquencies at large US banks are at their highest level since before the Covid-19 pandemic....
...“Capital One is a healthy, well-managed, well-capitalised bank. Discover less so,” said one bank M&A lawyer. “Part of this is regulators having Capital One solve a problem for them.”...
...Here’s more on what analysts are saying about this week’s bank results. 4....
...On Monday, the Virginia-based bank said it had agreed to acquire Discover Financial Services for $35bn, to be paid all in stock....
...US banking editor Joshua Franklin takes a deeper look at the bank’s stellar growth....
...It’s May, there are two British bank holidays, you noticed some sunshine yesterday and thought what could be nicer with nature and extra comforts thrown in?...
...Bank of Canada governor Tiff Macklem gives a speech and then a news conference....
...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....
...Fairbank’s Capital One, a major credit card issuing bank, believes it can boost Discover’s credibility with merchants and create a cheaper experience across the payments value chain....
...Visit the FT poll-tracker page to discover our methodology and explore polling data by demographic including age, gender, region and more....
...design toolmaker Synopsys’s $35bn takeover of engineering software maker Ansys.M&A has increased in anticipation of rate cuts from central banks, which investors bet could come as early as June....
...And with Capital One’s agreement to buy Discover Financial for $35bn offering a benchmark of sorts for valuing Barclays’ US consumer division, the most fantastical guidance given today could turn out to...
...Two scoops to start, first: JPMorgan Chase spent more than 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...
...An estimated 10,000 Britons each year discover that fake companies have been registered to their addresses. New checks are not watertight. Criminals can still exploit limited partnerships....
...By 2030, the global cost in lost gross domestic product could amount to $1tn-$3.4tn a year, according to World Bank estimates....
...Dubbed “the loneliest person in the universe”, she soon discovers that the only thing worse than being stranded alone in space is getting lost in time....
...Capital One Financial agreed to buy Discover Financial Services for $35bn in stock....
...And banks love their co-head structures....
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