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...To get the merger approved, Capital One is making a case that there is little overlap between the two banks’ credit card businesses....
...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...
...In 2021, he hired three former Goldman partners — Paul Russo, Scott Rofey and Jeffrey Verschleiser — to lead the risk management of the firm’s equity, macro and rates, and credit divisions respectively....
...NYCB bought the operations of Signature Bank, another lender that collapsed last year, in a deal arranged by the Federal Deposit Insurance Corp....
...“I have never lost money for those who invest in me and I am not starting now,” he told Axios earlier this month, when asked about a separate fundraising push by his company X.ai Corp....
...He also singled out Credit Suisse, which collapsed in March and was bought by UBS, as an example of operational risk management gone awry....
...I don’t think what has happened [at Credit Suisse was] about [needing] more capital,” he added....
...I’m joined now by the FT’s Josh Franklin to talk about it. Hey, Josh. Joshua FranklinHi....
...Instead, both businesses reported 10 per cent increases in revenues compared with a year earlier, benefiting from trading in mortgages, currencies and credit in the quarter....
...In September, Discover agreed to improve its consumer compliance management system under a consent order from the FDIC....
...Moody’s said NYCB faced numerous “financial, management and risk management” issues....
...Capital One and Discover are two of the biggest credit card lenders, behind JPMorgan Chase and Citigroup....
...Delinquencies in credit card and commercial real estate loans were on the rise, the FDIC said, and were now at the highest level in almost a decade....
...Goldman Sachs and Morgan Stanley, whose businesses skew more towards investment banking and money management, report earnings on Tuesday....
...Other investors included Hudson Bay Capital Management, which put in $250mn, and Citadel, the hedge fund led by billionaire Ken Griffin....
...In Europe, the implosion of Credit Suisse showed that even bigger lenders were not immune to turmoil....
...Goldman on Tuesday said it had surpassed a fundraising target of $225bn at its so-called alternatives business, a vital plank of that strategy that includes private equity, private credit and real estate...
Takeover set to unite two of the US’s largest credit card companies and reshape industry
...Morgan Stanley’s wealth management business is mainly made up of US customers but its international business has been an area of growth, hiring money managers from the likes of Credit Suisse and Wells Fargo...
...Meanwhile the EU approved new rules this year that will curb fund leverage in the rapidly growing private credit market....
...Goldman has earmarked its alternative assets business, which includes areas like private equity, private credit and infrastructure, as a priority for growth....
...Travis Hill, the FDIC vice-chair, and director Jonathan McKernan, called on Thursday for the investigation to be handled by the agency’s board, and not by management....
...Bank leaders said AWM is hitting targets ahead of schedule and building up their client offerings of “alternatives”: private credit, private equity and infrastructure funds among others....
...Goldman Sachs’ Petershill Partners, which owns minority stakes in alternative asset companies, has bought a stake of more than 20 per cent in private credit specialist Kennedy Lewis Investment Management...
...The consortium pools credit risk data and publishes it as a resource for public use....
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