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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...
...Credit Suisse sold the majority of its securitised products unit to Apollo in November 2022, just a few months before the Swiss bank was rescued by its rival UBS in March 2023....
...of Discover’s Pulse electronic payments network....
...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....
...The deal was one of several recent examples of private equity firms investing in the professional services industry....
...Smith & Nephew shareholders have been urged to vote against an “excessive” pay rise of almost 30 per cent for the US-based boss of the FTSE 100 industrial group, the latest salvo in the battle by international...
...investment opportunities created by the rise of smartphones and ecommerce a decade ago....
...It has been forced to pause new investments in some of its funds because of clauses related to the departure of key executives, while its US-listed private credit vehicle was last week deemed by Fitch Ratings...
...of its incorporation to Texas from Delaware and revealing plans to cut more than 10 per cent of its workforce — at least 14,000 jobs....
...The 1973-74 inflation and interest rate shock created more profound disintermediation from banks than the rise of private credit today, as investment grade companies switched to borrowing from the market...
...Some analysts have noted Opec+ countries will ease their production restrictions if prices rise above $100 a barrel, in order to avoid further erosion of their market share....
...The deal also included an agreement where Atlas would provide investment management services to some of the assets Credit Suisse retained....
...That means spending would rise to at least $48bn this year from $32.3bn in 2023, an increase of almost 50 per cent....
...While it has a credit card loan book of $137bn, it also has issued a significant volume of auto and commercial loans....
...Capital One and Discover are two of the biggest credit card lenders, behind JPMorgan Chase and Citigroup....
...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....
...But for those in Miami for JPMorgan Chase’s annual credit conference this week, nothing was more enticing than a panel discussion on liability management exercises....
...The reality is that many investors these days like the opacity and artisanal marking of truly private credit funds....
...Ant’s bid for Credit Suisse Securities (China) Ltd, which includes investment banking and brokerage services in mainland China, could complicate UBS’s plans to dispose of its stake in the unit....
...UBS put the unit, which includes investment banking and brokerage services, up for sale after taking control of Credit Suisse when it collapsed last year....
...Roughly $10bn of so-called private credit loans have been refinanced in public markets, as borrowers pay down burdensome loans in favour of a cheaper alternative, according to data from Bank of America....
...Although currently low, liquidity risks could rise with the growth of retail funds....
...Still, though, the bank’s new credit rating, two notches below investment-grade, includes the likes of AT&T and Walgreens. It isn’t yet obvious this is a bank failure waiting to happen. Disagree?...
...But this month, the origins of its Texas mailing address have suddenly drawn the interest of the US Department of Justice....
...Fellow proxy adviser Glass Lewis also highlighted Botín’s pay rise as a concern in its report seen by the FT, but backed the overall package because of the bank’s strong results....
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