Discover to pay Capital One $1.38B if it accepts another offer
The two companies in the largest bank merger since the 2008 financial crisis released details of their agreement. It leaves the door open for Discover to field better offers, though the payments company would pay a break-up fee of 4% if it accepts one.
How bankers are reacting to the blockbuster Capital One-Discover deal
In the wake of the largest U.S. bank deal in more than 15 years, industry executives offered mixed views about the prospects for more big acquisitions. They also spoke about the deal’s impact on competition in the credit card business.
This Virginia bank wants to rewrite the rules for banking as a service
MainStreet Bancshares in Fairfax says it can succeed where others have run into some thorny regulatory problems by cutting out the middleware and linking fintech partners directly to its core.
Credit card issuers’ APR margins hit record 14.3% in 2023, CFPB says
Lenders collected an estimated $25 billion in additional interest income last year by raising the average margin on annual percentage rates, or the amount above the prime rate, according to the Consumer Financial Protection Bureau.
JPMorgan Chase, TD draw AI talent through research labs
The New York bank’s AI research group published 400 papers last year, according to new research from Evident; TD Bank Group’s Layer 6 unit published 14. These groups work to solve real-life problems in the business units.
Morgan Stanley suit isn’t about money, billionaire Mike Ashley says
Retail tycoon Mike Ashley says his lawsuit against Morgan Stanley is in part because the bank acted out of “snobbery.”
First Horizon CFO says loan growth is still difficult for regionals banks
CFO Hope Dmuchowski said investors are growing increasingly nervous about banks that expand their loan portfolios too quickly after the collapse of Silicon Valley Bank and other regional lenders last year.
Banks must look past their zero-sum mindset and embrace collaboration
Strategic alliances are a viable avenue leading to risk reduction and higher profits — provided that bankers can learn to embrace them.
How Google is accelerating Worldline’s push into AI
The payment company is working with Google Cloud to develop new forms of machine learning on a larger scale.
Capital One’s Fairbank, eyeing ‘holy grail,’ takes a calculated risk
The credit card lender’s blockbuster acquisition of Discover is not guaranteed to get across the finish line. But co-founder and CEO Richard Fairbank appears to see the rewards that would come from controlling a payments network as outweighing the potential downside.