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Capital One Discover acquisition has $1.4 billion breakup fee for another buyer

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…

Affirm buy now pay later vendor discusses loans, delinquencies

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…

JPMorgan Chase, Wells Fargo cut overdraft revenue to $2 billion in 2023

Pedestrians pass a JPMorgan Chase bank branch in New York.Michael Nagle | Bloomberg | Getty ImagesThe three biggest American retail banks collected 25% less overdraft revenue last year as the companies, under pressure from regulators to cap the fees, created new ways for customers to avoid the penalties.JPMorgan Chase, Wells Fargo and Bank of America reported a combined $2.2 billion in overdraft fees in 2023, roughly $700 million less than the previous year, according to regulatory filings.Overdraft fees are triggered…

NYCB reignites banking industry, commercial real estate fears

The New York Community Bank (NYCB) headquarters in Hicksville, New York, US, on Thursday, Feb. 1, 2024. Bing Guan | Bloomberg | Getty ImagesEmbattled lender New York Community Bank disclosed a litany of financial metrics in the past 24 hours in a bid to soothe skittish investors.But one of the most crucial resources for any bank appears to be in short supply for NYCB lately: confidence.The regional bank late Tuesday said that deposits were stable at $83 billion and that the firm had ample resources to cover any possible…

Goldman Sachs-backed electricity firm to reach more Americans’ homes

Omar Marques | Lightrocket | Getty ImagesGoldman Sachs abandoned an ill-fated push into consumer banking in late 2022, but an investment in a Texas energy retailer means its reach into American homes is about to grow.Rhythm Energy, a Houston-based electricity provider overseen and owned by a Goldman Sachs private equity fund, has won approval from federal authorities to expand from its home market into the more than dozen states where deregulated power firms operate, CNBC has learned.That covers energy networks, mostly in…

JPMorgan Chase shuffles top leaders under Jamie Dimon

Jamie Dimon, President & CEO,Chairman & CEO JPMorgan Chase, speaking on CNBC's Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024.Adam Galici | CNBCJPMorgan Chase on Thursday said several executives considered frontrunners to one day take over for CEO Jamie Dimon had new or expanded roles.Jennifer Piepszak, co-head of JPMorgan's giant consumer bank, will now became co-head of the firm's commercial and investment bank along with Troy Rohrbaugh, a veteran leader of the…

Klarna to debut $7.99 monthly plan ahead of IPO

Swedish buy now, pay later firm Klarna unveils a $7.99 monthly subscription plan called Klarna PlusCourtesy: KlarnaSwedish fintech firm Klarna is launching a monthly subscription plan in the U.S. to lock in its heaviest users ahead of an expected initial public offering this year, the company told CNBC.The product is set to be announced later Wednesday and will cost $7.99 per month, the Stockholm-based company said.Users of the subscription plan, named Klarna Plus, will get service fees waived, earn double rewards points…

Citigroup cutting 10% of workforce in CEO Fraser’s overhaul

CEO of Citigroup Jane Fraser testifies during a hearing before the House Committee on Financial Services at Rayburn House Office Building on Capitol Hill on September 21, 2022 in Washington, DC.Alex Wong | Getty ImagesCitigroup said it was cutting 10% of its workforce in a bid to help boost the embattled bank's results and stock price.About 20,000 employees will be let go over the "medium term," New York-based Citigroup said Friday in a slideshow tied to fourth-quarter earnings. While it wasn't immediately clear how long…

Citigroup (C) earnings 4Q 2023

Jane Fraser, CEO of Citigroup, attends a hearing on Annual Oversight of Wall Street Firms before the Senate Committee on Banking, Housing, and Urban Affairs in Washington, D.C., the United States, on Dec. 6, 2023. Tom Williams | Cq-roll Call, Inc. | Getty ImagesCitigroup reported fourth-quarter earnings before the opening bell Friday.Here's what the company reported compared with what Wall Street analysts surveyed by LSEG, formerly known as Refinitiv, were expecting:Earnings: adjusted 84 cents a share, may not compare…

JPMorgan Chase (JPM) earnings Q4 2023

Jamie Dimon, CEO of JPMorgan Chase, testifies during the Senate Banking, Housing and Urban Affairs Committee hearing titled Annual Oversight of Wall Street Firms, in the Hart Building on Dec. 6, 2023.Tom Williams | Cq-roll Call, Inc. | Getty ImagesJPMorgan Chase reported fourth-quarter earnings before the opening bell Friday.Here's what the company reported compared with what Wall Street analysts surveyed by LSEG, formerly known as Refinitiv, were expecting:Earnings per share: $3.04, may not compare with expected $3.32…