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...Analysts at Bank of America think late fees represent between 14 per cent and 30 per cent of the companies’ credit card revenue....
...The odds are it will be coming from card-issuing banks such as JPMorgan, Citigroup or Bank of America rather than Visa or Mastercard. Banks have plenty of ways to offset lower interchange fees....
...America....
...It cites examples of Kassan using the fund to pay for an apartment for his personal driver, and allowing his wife to have a company credit card “so she could shop for extravagant luxury goods”....
...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...
...The materials noted that 87 per cent of respondents to Musk’s Twitter plebiscite in January, just after the pay package ruling, were in favour of a move....
...The bank said much of the jump in loan losses was tied to credit cards and commercial real estate. The bank said it took losses on 16 different office loans in the quarter....
...JPMorgan Chase and Bank of America were at 2.1 per cent and 2.3 per cent. At Capital One and Discover this was nearly 4 per cent. Cutting late fees also won’t affect companies equally....
...Workers who understand pensions value the benefit: the United Auto Workers union has been trying for years to get its traditional plan reinstated for younger workers, and surveys show that public sector...
...Shareholder backing of Musk’s pay deal will also potentially cancel a payout of $5bn in shares that would have been made to lawyers who worked on the case....
...By contrast, rival United Airlines is asking its pilots to take unpaid time off because of the plane shortage....
...The UK’s competition watchdog has launched a probe into loyalty cards at two of the country’s biggest supermarkets — Tesco’s Clubcard and Sainsbury’s Nectar — over concerns of “two-tier” pricing....
...Its price to book value of nearly 3 times trumps that for mortgage-heavy Wall Street banks like JPMorgan, Bank of America and Wells Fargo. But Rocket doesn’t have appreciably higher return on equity....
...Meanwhile, the moon was already at the heels of the sun, and a fine bank of cloud, torn like old cloth, had gathered on the far horizon....
...Bank of America analysts said the capital raise and new leadership should “provide breathing room” to the bank....
...The rule, United said, “appears to be a solution in search of a problem”....
...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....
...JPMorgan Chase, Bank of America, Wells Fargo and Citigroup collectively made $253bn in net interest income (NII) for the whole of 2023 — a 19 per cent jump from 2022’s total....
...Over the past two years, big banks such as JPMorgan Chase, Bank of America, Citigroup and Wells Fargo charged more for loans in lockstep with the Fed lifting interest rates, without passing on the increase...
...before,” said Guillermo Ortiz, ex-governor of Mexico’s central bank and a board member of Brazilian investment bank BTG Pactual.Although Nubank’s focus for now is on the three markets where it operates...
...In today’s newsletter: Miami’s golf scene Monaco bank’s mafia test KPMG cheating scandal Miami’s new billionaires drive up the price of golf The exodus of hedge fund managers and bankers fleeing New...
...of England fines former chief of Wyelands Bank for ‘multiple’ failings (FT) Citadel Securities bids for Credit Suisse’s China business (FT)...
...They also fear that reducing the lucrative fees they can offer card issuers such as banks will chip away at the dominance of their networks, which are increasingly challenged by newer and cheaper ways to...
...Since the only asset of the Sorrento affiliate was a bank account created days before filing, that was enough. Why did Sorrento want to file in Houston?...
...Email alphaville@ft.com with the subject line PQNYC2024, CCing up to five prospective team members for a maximum team size of six. Give the mobile number of the team captain and your team’s name....
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