Banks

JPMorgan Chase CEO Jamie Dimon isn't worried about the added competition from a bulked-up Capital One if its $35.3 billion takeover of Discover Financial gets approved."My view is, let them compete," Dimon said. "Let them try, and if we think it's unfair, we'll complain about that."Dimon, speaking to CNBC's Leslie Picker at a Miami conference, acknowledged that if regulators approve the Capital One-Discover deal, his bank will be eclipsed as the nation's biggest credit card lender.But that didn't stop him from praising…

Vinod Kumar Pathak, Managing Director and Lead - Industry X at Accenture IndiaChennai: Dublin-based Accenture is banking on Artificial Intelligence and Machine Learning-backed future-proof tools to serve the large mining companies in India. It is spending USD 3 billion on artificial intelligence"We have identified AI-ML based digital solutions implemented to deliver impact across all components of the mining value chain," Vinod Kumar Pathak, Managing Director and Lead -…

One 97 Communication, the parent company of fintech Paytm, informed the exchanges that founder Vijay Shekhar Sharma has resigned from the board of Paytm Payments Bank (PPBL). Srinivasan Sridhar, former chairman of Central Bank of India, retired IAS officer Debendranath Sarangi, former executive director of Bank of Baroda Ashok Kumar Garg, and retired IAS Rajni Sekhri Sibal have joined the board as independent directors. One 97 Communication, the parent company of fintech Paytm, informed the exchanges that founder…

The Reserve Bank of India has permitted authorised banks and non-banks to issue prepaid payment wallets for usage in public transport systems.In a notification issued today, the central bank amended its norms on issuance of prepaid wallets to allow special wallets to be issued for tickets in public transport systems.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitIIM KozhikodeIIMK Advanced Data…

The Reserve Bank of India (RBI) said on Friday that Paytm can transfer its Unified Payments Interface-based payments business from Paytm Payments Bank to four to five other banks.The RBI asked Paytm to stop onboarding new users until it completes the migration of the existing accounts to these banks. The RBI had earlier directed Paytm Payments Bank to stop offering banking services after March 15.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian School of BusinessISB Professional…

Capital One headquarters in McLean, Virginia on February 20, 2024. Brendan Smialowski | AFP | Getty ImagesCapital 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 told CNBC.Capital One said late Monday it had an agreement to purchase rival credit card player Discover in an all-stock transaction valued at $35.3 billion.While Discover can't…

Capital One CEO and Chairman, Richard Fairbank.Marvin Joseph| The Washington Post | Getty ImagesCapital One's recently announced $35.3 billion acquisition of Discover Financial isn't just about getting bigger — gaining "scale" in Wall Street-speak — it's a bid to protect itself against a rising tide of fintech and regulatory threats.It's a chess move by one of the savviest long-term thinkers in American finance, Capital One CEO Richard Fairbank. As a cofounder of a top 10 U.S. bank by assets, his tenure is a rarity in a…

A local shareholder will examine the internal records of a single-branch bank in Lakewood to determine whether its chairman squandered the bank’s profits on a fleet of aircraft that he used to travel to Denver Nuggets games, where he became known as the “Red Pant Man.” In an oral ruling Feb. 6 that took more than an hour to read, Delaware Chancery Court Judge Bonnie David decided that Rob Salazar can inspect certain records of Solera Bank. “I am convinced that the (bank) board’s decision not to pay a dividend in 2020,…

Mathisworks | Digitalvision Vectors | Getty ImagesCorporate 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 — even at some companies that are turning a profit. Barbie maker Mattel, PayPal, Cisco, Nike, Estée Lauder and Levi Strauss are just a few of the firms that have cut jobs in recent weeks.Department store retailer Macy's said it will close five…

A young man holds a credit card and uses a laptop for online shopping.Diy13 | Istock | Getty ImagesAmericans 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 a transaction as a key data point to help determine whether to approve loans, Linford told CNBC in a recent interview. Other factors include a user's repayment history with Affirm and transaction…