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...The asset manager, founded in 2005 by alumni of an alternative investment unit of Cargill that was later rebranded as CarVal, has become a big lender to the airline industry....
...The deals typically allow the lender to convert into shares at a time of their choosing and at a set discount to the market price....
...Yet the recent history of listed lenders to the UK’s subprime constituency suggests it is no longer a sustainable business....
...He is also the biggest individual shareholder, with a $200mn stake, in Axos, an internet-only bank that is now one of Trump’s largest direct lenders....
...Amigo’s collapse as a lender came amid wider turmoil in the subprime lending market, which provides loans to borrowers who are unable to borrow from traditional lenders due to their credit histories....
...These caps would limit management’s ability to isolate key corporate assets and give new lenders better security than existing lenders, while still permitting some flexibility....
...Neither has stopped share prices of US mortgage lenders from regaining favour among investors....
...IKB Deutsche Industriebank, WestLB and Sachsen LB were hit by the blow-up of the subprime mortgage market in 2007-2008....
...Citigroup reported better than expected quarterly profits as the bank said it was on track to shed 7,000 jobs this year, a sign that the revamp of the US’s fourth-largest lender may be starting to pay off...
...Amigo Holdings, the troubled UK subprime lender which is winding down its business, is in talks over a move into the music and film streaming market....
...The biggest business controlled by Hankey’s The Hankey Group, Westlake Financial, is the US’s largest lender to independent, and often used, car dealerships, allowing the dealers to offer loans directly...
...The report, published on Tuesday, found that the nonprime lending market shrank by 34 per cent since 2019, while loans offered to subprime customers with the lowest credit scores fell by 76 per cent in that...
...But it is department stores, rather than lenders, that may have most to lose as the credit cycle sours. The biggest of these — Macy’s, Nordstrom and Kohl’s — do not own their credit card portfolios....
...NYCB grew swiftly with two rapid-fire deals to buy Flagstar Bank and most of the deposits at failed lender Signature Bank in 2023....
...Wall Street retail lenders, which have more diversified sources of revenues like investment banking and wealth management, can afford the fight for deposit....
...Chang’s and business technology provider Computer Services Inc....
...The news, after the collapse or withdrawal of several listed UK subprime lenders, raises questions about the investability of the sector, said Lex. Quick links Apple who?...
...Christoph Weil, an economist at German lender Commerzbank, said the “poor” situation in manufacturing meant that overall eurozone growth was likely to remain weak this year....
...The lender said the latest figure included “one-time expenditures related to system installations and upgrades”.David Solomon, chief executive of Goldman Sachs, received $29,990 for personal security during...
...Botín is one of Europe’s highest-paid bank executives, having been awarded €12.2mn last year on the back of the Spanish lender achieving record profits thanks to rising interest rates....
...News round-up Lenders flying blind on private equity risk, Bank of England warns (FT) Employee non-compete agreements barred by US regulator (FT) IBM nears deal for cloud-software provider (WSJ) Tesla...
...Mnuchin and Joseph Otting, the former regulator who has taken over as NYCB chief executive, have a history of rebuilding troubled lenders: they bought failed mortgage lender IndyMac from the FDIC in 2008...
...Lenders clearly didn’t want the keys to a bunch of troubled portfolio companies then and probably don’t want them now....
...as stimulus programmes during the Covid-19 pandemic, Russia’s invasion of Ukraine hitting commodity markets and changes to central bank policies stimulating macro trading — have in recent years boosted lenders...
...carefully explained on a results call that, because modern-day debt covenants have more holes than Swiss cheese, the company could keep hold of billions of dollars from recent asset sales without giving lenders...
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