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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...
...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...
...Within weeks, a US regional banking crisis spurred a panic that ultimately contributed to Credit Suisse’s weekend takeover by UBS....
...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....
...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...
...Capital One and Discover are two of the biggest credit card lenders, behind JPMorgan Chase and Citigroup....
...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....
...Still, buyers’ remorse often sets in when the credit card bill arrives....
...Per Bloomberg: Apollo Global Management Inc bet on the longevity of senior citizens by acquiring illegal life insurance policies and funneling the payouts through shell entities, according to a new lawsuit...
...“The level of debt has been rising a lot, and credit card loans carry the highest rates of most consumer debt,” said Robert Sockin, a global economist at Citi....
...business Corinthia Global Management....
...Often, travel insurance is included either as an extra benefit or service through your bank or credit card company as part of a package of services for which you pay a monthly or annual fee....
...Mubadala holds a minority equity interest in US technology private equity group Silver Lake and has created large lending and investment partnerships with Apollo Global....
...They can also charge different prices to consumers based on which credit card they use. Credit card holders accustomed to fancy perks are in for a rude awakening....
...and small banks as merchants gained the ability to steer customers to preferred credit cards....
...“Frequently, the weaknesses of new products, in this case private credit loans, may only be seen and exposed in bad markets, which private credit loans have not yet faced,” he warned in his annual shareholder...
...The deal also included an agreement where Atlas would provide investment management services to some of the assets Credit Suisse retained....
...It has expanded into areas such as invoice financing and credit cards, and acquired a business that connects customers with professional contractors....
...Blackstone’s credit and insurance division will buy the US credit card receivables from Barclays for an undisclosed sum, and the bank will continue to service the accounts for a fee....
...In today’s newsletter: Tiger Global goes on the offensive Financiers pay homage to a Rothschild Dimon and debt at a packed Miami conference Tiger Global reflects on a ‘solid recovery year’ Chase Coleman...
...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....
...card, internet and mobile banking services....
...US private equity group Apollo Global is in discussions with Sony Pictures Entertainment about making a joint takeover bid for Paramount Global that would rival ongoing talks between controlling shareholder...
...I’m talking, of course, about credit cards points that can be exchanged for travel perks and all manner of other goodies....
...If you look at what we have been doing with banks, you saw this announced partnership with Barclays on credit cards, KeyBank on fund finance....
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