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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...
...The backlog of customer service issues has emerged months after the German lender promised to quickly fix the widespread disruption caused by a botched IT migration project....
...Last year, it closed its flagship Asia V buyout fund after raising $7.1bn, eclipsing its targets....
...Michael Rhodes, who joined Discover in December, is headed to Ally Financial, where he will be chief executive of the financial services company that has long specialised in auto loans....
...Michael Rhodes, who only joined Discover in December, is headed to Ally Financial, where he will be CEO of the financial services company, which has long specialised in auto loans....
...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....
...An OCC spokesperson said the agency had “not received a filing from Capital One regarding Discover Financial Services”....
...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....
...On Monday, the Virginia-based bank said it had agreed to acquire Discover Financial Services for $35bn, to be paid all in stock....
...Costco has appointed Gary Millerchip as its next chief financial officer. He joins from Kroger....
...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....
...The enforcement action against KPMG was the result of a joint investigation by the PCAOB and the Dutch Authority for the Financial Markets (AFM), which will put the firm under enhanced supervision in the...
...Still, big financial services deals are going to bring scrutiny, and the likes of Senator Elizabeth Warren have already called for regulators to block the merger....
...Lesser said BCG was a private firm and would not reveal revenue numbers, while Sternfels said McKinsey only broke out its financials regionally and would provide the committee with figures for the Middle...
...Of course, there is customer service and access. But even those face tests....
...“We’ve seen a real, robust rebound from exceptionally low levels this period a year ago.”Among the largest deals struck in the quarter were Capital One’s $35bn acquisition of Discover Financial, and chip...
...McKinsey challenged the PIF’s lawsuit, according to a letter sent by the firm to Blumenthal, which was seen by the Financial Times, but the case is yet to be resolved in Saudi Arabia....
...The writer is a former investment banker and author of ‘Power Failure: The Rise and Fall of an American Icon’ It’s always startling to discover a new generation of investors that is both willing and eager...
...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...
...“We really see real estate bottoming from a valuation standpoint,” Gray told the Financial Times last month....
...But, of course, there’s a reason why it’s widely called Shitibank; the sprawling, gormless Citi has for a v v v very long time proven adept at blithely ambling onto various rakes around the world....
...Use will usually fall below the purview of financial regulators. Purchases and transfers are largely untraceable....
...Exclusive: Iran used two of the UK’s biggest banks to covertly move money around the world as part of a vast sanctions-evasion scheme backed by Tehran’s intelligence services....
...*Ignites Europe is a news service published by FT Specialist for professionals working in the asset management industry. Trials and subscriptions are available at igniteseurope.com....
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