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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 financial watchdog sent in a special monitor who is overseeing the bank’s progress on the issues, and Sewing is receiving twice-a-week personal briefings on the issue....
...’s takeover of US Steel (FT) Deutsche Bank cuts cash bonuses by up to 50% over Postbank IT fiasco (FT) Will Douglas IPO be a dog or a darling?...
...Nomura within days of the bank’s collapse....
...for large corporations thanks in part to a transparent corporate law regime, years of legal precedent and a community of lawyers....
...Michela Tindera So Delaware’s court system is fast and effective. But that’s not the only reason corporations love it. It’s also because of how long it’s been in operation....
...Varallo convinced a Delaware judge that Musk’s $56bn pay package at his electric-car company Tesla should be voided, landing a massive dent in the billionaire’s net worth (don’t worry, he’s still rich)....
...In particular, Wall Street banks and investment firms have migrated to Texas, making it a surprising finance hub....
...And the holy grail for Capital One in all this is the credit card network that Discover has built. And it’s incredibly hard to build a payments network. And that’s what Discover has done....
...A hard-to-replicate combination of decades of legal precedent and an established legal community make the state attractive to corporations....
...Discover less so,” said one bank M&A lawyer. “Part of this is regulators having Capital One solve a problem for them.”...
...Miller, however, said his case had been boosted by a decision last week in the Delaware Court of Chancery involving the investment bank Moelis & Co....
...Discover also offers a payment network, making it a competitor with the likes of Visa and Mastercard....
...Bank of Canada governor Tiff Macklem gives a speech and then a news conference....
...Here’s more on what analysts are saying about this week’s bank results. 4....
...Discover’s fourth-quarter net income of $388mn was down 62 per cent from a year earlier....
...company’s incorporation from Delaware to Texas....
...Then, a mere 10 hours before the bankruptcy filing, a company lawyer changed the address of the shell corporation to a post office box in Houston....
...Discover is a combined credit card payment network and card-issuing bank. It ranks fourth as a network behind the titans Visa, Mastercard and American Express....
...Musk vs Delaware The small US state of Delaware has long been the refuge of large corporations seeking predictable courts....
...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....
...Nick O’Kane, a star trader at the Australian investment bank Macquarie, announced his departure this week having taken home more than $37mn over the past year....
...The new limits being proposed by the Federal Deposit Insurance Corporation would raise new hurdles for any corporate combination that would result in a bank with more than $50bn in assets, significantly...
...On Tuesday, Elon Musk lost a Delaware case over his $55bn pay package....
...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....
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