Capital One Financial Corp

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…

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…

Michael Barr, Vice Chair for Supervision at the Federal Reserve, testifies about recent bank failures during a US Senate Committee on Banking, House and Urban Affairs hearing on Capitol Hill in Washington, DC, May 18, 2023.Saul Loeb | AFP | Getty ImagesAll 23 of the U.S. banks included in the Federal Reserve's annual stress test weathered a severe recession scenario while continuing to lend to consumers and corporations, the regulator said Wednesday.The banks were able to maintain minimum capital levels, despite $541…

More than half of smartphone users in the U.S. are sending money via some sort of peer-to-peer payment service to send money to friends, family and businesses.Stocks of payment services like PayPal, which owns Venmo, and Block, which owns Cash App, boomed in 2020 as more people began sending money digitally.related investing newsZelle, which launched in 2017, stands out from the pack in a few ways. It's owned and operated by Early Warning Services, LLC, which is co-owned by seven of the big banks and it's not publicly…

CNBC's Jim Cramer on Wednesday offered investors a list of bull markets he's identified as companies report quarterly financial results."Now that we are already one-fifth of the way through earnings season, we can start identifying the winners and losers," he said, adding, "We have some legitimate, sizable bull markets going on here, and they show no signs of letting up. And I want you in them."Cramer also highlighted the companies that reported solid quarters and have stocks that could be buys. Here are the four…

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Hopper, a travel booking app, said that it received a $96 million follow-on investment from Capital One Financial Corp, funds it will use in part to build its social commerce business aimed at younger travelers. Hopper said the investment will also be used to grow its business-to-business unit including building fintech products and travel portals for partners like Capital One. Its social commerce business includes games and referral programs to earn travel credit, according to the President of Hopper, Dakota Smith. The…

Apple's manager of credit risk for the Apple Card, Abhi Pabba, has left the company.Pabba, who worked out of the Apple's Austin, Texas, office, will join the California-based credit card company X1 beginning next week as chief risk officer, according to X1 CEO Deepak Rao.Pabba specializes in evaluating credit and risk. Before Apple, he worked at Capital One, where he focused on credit card authorizations.In the past few years, there have been a string of exits from Goldman Sachs' consumer business, which handles the…

Signage for Snap Inc., parent company of Snapchat, adorns the front of the New York Stock Exchange, March 2, 2017 in New York City.Getty ImagesCheck out the companies making headlines in midday trading.American Express — Shares of the credit card company climbed 2.9% as growth in travel and entertainment spending helped American Express beat Wall Street estimates. The company reported $2.57 in earnings per share on $13.40 billion of revenue in the second quarter. Analysts surveyed by Refinitiv had penciled in $2.41 per…