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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...
...But Powell’s stern sounds yesterday could easily turn serene tomorrow....
...Inflation of some goods and services prices remains sticky. Petrol costs, Americans’ most visible gauge of price pressures, have risen 15 per cent since the start of January....
...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....
...But those taking out new loans and with hefty credit card balances will be even more strained. Delinquencies are edging up....
...Credit card lending is a concentrated business: about half of the loans are made by four big banks, led by JPMorgan Chase, with the next two dozen largest banks accounting for the majority of the rest....
...Capital One and Discover are two of the biggest credit card lenders, behind JPMorgan Chase and Citigroup....
...Other top banks Citigroup, JPMorgan Chase and Wells Fargo also recorded drops in lending in the first three months of the year as they revealed results late last week....
...That suggests Tenev and his team have further to go in convincing everyone of Robinhood’s ability to become a financial services behemoth....
...Several of the bank’s businesses — including credit cards and corporate transaction services — did better than expected in a quarter that many thought would be marred by the upheaval of the restructuring...
...But what once seemed like niche, add-on services and products are now becoming mainstream....
...JPMorgan Chase chief executive Jamie Dimon hit out again at a variety of proposed new US bank regulations, telling lawmakers that the rules risked hurting low-income customers and would add more risks to...
...“They pointed to increased usage of credit card revolving balances and buy now, pay later services, as well as increased delinquency rates for some types of consumer loans,” the minutes said....
...“I’m a big believer in the importance of financial services and Goldman Sachs is a great institution....
...She moved over to the consumer banking side of the company, where she ran card services and was finance chief for mortgage banking....
...Although Chase UK’s move is not part of a group-wide policy, JPMorgan said in 2018 that it would prohibit customers from purchasing cryptocurrencies with credit cards....
...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....
...“I was stuck at the checkpoint for a couple of hours with no phone service . . . ” Why?...
...It is trading at a 50 per cent discount to book value, whereas JPMorgan Chase, for example, trades at an 80 per cent premium to book....
...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....
...Despite this, in recent days executives from the country’s four largest banks — JPMorgan Chase, Bank of America, Citigroup and Wells Fargo — said during earnings calls that consumers were resilient....
...Definitely not JPMorgan’s Chase UK....
...Card delinquency rates don’t look so great either, as my colleagues Stephen Gandel and Patrick Mathurin described in detail yesterday....
...Its deposits will not be protected under the Financial Services Compensation Scheme....
...Consumers can “unsave” their credit card details on apps they use regularly, giving them the chance to reconsider a purchase. Munro suggests: “Add friction such as a sticky note on a credit card....
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