Joachim Nagel, president of Deutsche Bundesbank, during the central bank’s “Annual Report 2023” news conference in Frankfurt, Germany, on Friday, Feb. 23, 2024. Bloomberg | Bloomberg | Getty Images Losses incurred by the German central bank rocketed into the tens of billions in 2023 due to higher interest rates, requiring it to draw on the … Read more
Sen. Elizabeth Warren (D-Mass.) and Rep. Ilhan Omar (D-Minn.) released a letter Thursday demanding answers from the heads of several leading U.S. banks about policies that have disproportionately targeted Muslim Americans and communities of color. “The lack of information regarding the scope of de-risking practices and the impact on Muslim American consumers and other minority … Read more
Capital One headquarters in McLean, Virginia on February 20, 2024. Brendan Smialowski | AFP | Getty Images Capital One‘s blockbuster takeover proposal for Discover Financial includes a $1.38 billion breakup fee if Discover decides to go with another buyer, but no such fee if U.S. regulators kill the deal, people with knowledge of the matter … Read more
Capital One CEO and Chairman, Richard Fairbank. Marvin Joseph| The Washington Post | Getty Images Capital One’s recently announced $35.3 billion acquisition of Discover Financial isn’t just about getting bigger â gaining “scale” in Wall Street-speak â it’s a bid to protect itself against a rising tide of fintech and regulatory threats. It’s a chess … Read more
Customers use automated teller machines (ATM) at an HSBC Holdings Plc bank branch at night in Hong Kong, China, on Saturday, Feb 16, 2019. Anthony Kwan | Bloomberg | Getty Images HSBC reported on Wednesday its full year 2023 pre-tax profit climbed about 78% to $30.3 billion from a year ago, missing median estimates of … Read more
LONDON – Nov. 5, 2020: Fog shrouds the Canary Wharf business district including global financial institutions Citigroup Inc., State Street Corp., Barclays Plc, HSBC Holdings Plc and the commercial office block No. 1 Canada Square. Dan Kitwood | Getty Images News | Getty Images LONDON â Barclays on Tuesday reported a fourth-quarter net loss of … Read more
Mumbai: India’s benchmark Nifty Monday recorded a fresh closing high, paced by gains in select banks due for higher weightings on a keenly tracked global gauge. Analysts expect further upside for the indices due to attractive valuations in some pockets that have hitherto logged only modest gains in the current rally. The NSE Nifty rose … Read more
Sopa Images | Lightrocket | Getty Images Capital One Financial is set to acquire Discover Financial Services, according to a report from The Wall Street Journal. The deal could be announced Tuesday, the outlet said, citing sources. It will be an all-stock deal and Capital One, which already uses Visa and Mastercard networks, plans to … Read more
Mathisworks | Digitalvision Vectors | Getty Images Corporate America has a message for Wall Street: It’s serious about cutting costs this year. From toy and cosmetics makers to office software sellers, executives across sectors have announced layoffs and other plans to slash expenses â even at some companies that are turning a profit. Barbie maker … Read more
A young man holds a credit card and uses a laptop for online shopping. Diy13 | Istock | Getty Images Americans shopping online after midnight often make riskier transactions and are more likely to default on their loans, according to Affirm Chief Financial Officer Michael Linford. The fintech firm uses the hour a consumer attempts … Read more
