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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...
...This included the need for “clear, simple and legitimate recognition” by SBTi of credits in corporate plans, which the document, seen by the Financial Times, suggests could be promoted by industry groups...
...Despite Flutter’s plan to retain a secondary listing in London, UK rotation requirements do not apply because the company is incorporated in Ireland....
...Switzerland’s financial regulator has attempted to block the release of key documents to investors who are suing it after $17bn of bonds were wiped out in the rescue of Credit Suisse....
...IG Group said it is aware of a technical issue with the settlement of a number of share trades that resulted in duplicate credit and debit of funds....
...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...
...Third, financial product innovation is a vital enabler....
...Much debated at the Financial Times’ New York office yesterday: was the eclipse an economic boost or a drag?...
...Seychelles has no legislative or regulatory framework for virtual assets and virtual-asset service providers, meaning it fails to comply with the Financial Action Task Force’s anti-money-laundering code....
...Private credit is now so big that the IMF dedicated an entire chapter in its latest Global Financial Stability Report to its “rise and risks”....
...These should offer extra returns for holding complexity or illiquidity without adding credit risk....
...When traditional financial institutions seized up amid monetary tightening and Silicon Valley Bank’s implosion in 2023, private credit funds were the only game in town to fund most deals....
...Here’s a fun prediction: The privacy of private credit markets could be eroded by their own success....
...“It’s about getting stuff done,” he told the Financial Times. “It’s not about philosophy and posturing, it’s about getting delivery on the ground.”...
...Swiss banking rules have come into sharp focus since the collapse of Credit Suisse last March and its rescue by UBS....
...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....
...At the same time, an explosion in private credit has forced banks to invest in and compete with funds in the sector....
...A post mortem by the Financial Stability Board found Swiss authorities would have been capable of shutting down Credit Suisse....
...financial crisis....
...card, internet and mobile banking services....
...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...
...Now the problem is customer complaints about its subprime credit card business, via the Financial Ombudsman Service....
...Swiss financial news outlet Tippinpoint was first to report his departure....
...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....
...US lender Capital One has agreed to buy rival Discover Financial for $35.3bn, in an all-stock tie-up that is set to unite two of America’s largest credit card companies....
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