financebanking
American Express Company (NYSE: AXP) is in focus this morning after announcing two new acquisitions. Shares of the credit card company have gained more than 25% since their year-to-date low in mid-January. American Express to acquire TockAMEX is buying Tock – a Chicago-based provider of reservation, table, and event management technology for about $400 million. The financial technology company is taking over Tock from Squarespace that acquired it in 2021. Matthew Tucker – the head of Tock said in a press release today: We believe that as part of American Express, Tock will deliver enhanced val...
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US banking regulators have rejected Citigroup’s ‘living will’, a plan designed to outline the bank’s strategy for orderly winding down in the event of a catastrophic failure. This decision marks a significant setback for Citigroup, which has been under regulatory pressure to enhance its risk controls for nearly four years. FDIC’s rejection of Citigroup’s living will In a closed-door meeting, the Federal Deposit Insurance Corporation’s (FDIC) five-member board voted to reject Citigroup’s resolution plan. This decision is part of the regulatory framework established after the financial crisis, w...
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NatWest Group plc has announced its decision to shut down its operations in Poland, a move set to begin in 2025. This closure will affect approximately 1,600 employees, most of whom work in the bank’s financial crime unit. The decision aligns with the British bank’s broader strategy to simplify its operations and streamline its organizational structure. Impact on employees and operationsThe closure of NatWest’s Polish branch will result in significant job losses, primarily within the financial crime unit. This unit plays a crucial role in the bank’s efforts to detect and prevent financial crim...
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HSBC (LON: HSBA) share price has been in the spotlight this week after a Swiss regulator ruled that its private bank violated money laundering rules. It then imposed some penalties, including an order to carry out AML reviews on its high-risk clients. The new ruling comes over a decade after HSBC was handed a $1.9 billion fine for facilitating money laundering for Mexican cartels. It has also paid more fines in Europe and the US over the years. The stock ignored the ruling and bounced back by 0.50%, ending the day at 686p, a few points above last week’s low of 670p. It has jumped by over 10% t...
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Lloyds (LON: LLOY) share price has pulled back in the past few weeks as the focus shifts to the upcoming Bank of England (BoE) decision. After peaking at 57.36p in May, the stock has crashed by over 4% from its highest point this year. Bank of England’s decisionLloyds Bank and other British banks have retreated recently as investors wait for Thursday’s Bank of England decision. Economists expect the bank to leave interest rates unchanged at 5.25% even after the encouraging UK inflation data. According to the Office of National Statistics (ONS), the headline Consumer Price Index (CPI) dropped f...
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PayPal (NASDAQ: PYPL) stock price has remained under intense pressure in the past few weeks as concerns about competition continued. It has plummeted for six straight weeks as it moved to the lowest level since March 11th. PayPal’s woes are risingPayPal, a company that was once popular among investors, has become a fallen angel as its growth slows and competition mounts. This view was confirmed in April when the company published relatively weaker financial results than expected. Its revenue rose by 9% in the first quarter to $7.7 billion as the total payment volume increased by 14% to $403 bi...
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The Aaron’s Company (NYSE: AAN) is up a whopping 35% in premarket on Monday after announcing a $504 million agreement with IQVentures Holdings. IQVentures values Aaron stock at $10.10IQVentures has agreed to pay $10.10 for each share of Aaron’s in cash which represents about a 34% upside on their previous close. $AAN will remain headquartered in Atlanta and operate under its existing brand name albeit as a privately held company once the transaction is complete. John W. Robinson III – chairman of the board of The Aaron’s Company said in a press release today: The Board conducted a thorough rev...
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Affirm Holding Inc (NASDAQ: AFRM) is in the green this morning after teaming up with Apple Inc (NASDAQ: AAPL). Details of Affirm-Apple partnershipBuy now, pay later loans of $AFRM will be available to users of iPhones and iPads by the end of 2024. The partnership brings “ease, convenience, and security of Apple Pay” with “flexibility, transparency, and no hidden fee” of Affirm, said the financial technology company in an emailed statement today. Affirm Holdings does not, however, expect the announcement to have a “material impact on revenue or gross merchandise volume in fiscal year 2025, as p...
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A 9.0% decline in Intuit Inc (NASDAQ: INTU) following its quarterly earnings report last night is worth buying, as per a UBS analyst. Intuit stock could climb to $670Intuit stock is taking a hit this morning because the management’s guidance for the current quarter failed to impress the market. Still, Jennifer Swanson Lowe raised her price objective on $INTU in a recent research note to $670 which suggests a near 12% upside from here. The UBS analyst is bullish on the financial software company as she sees potential for continued growth in company’s consumer group revenue that popped some 9.0%...
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Walmart Inc (NYSE: WMT) is in the green at writing after announcing an end to its years-long agreement with Capital One Financial Corp (NYSE: COF). What does it mean for existing cardholders?$COF has been exclusively issuing Walmart Consumer Credit Cards since 2019. Last year, however, the retail behemoth accused it of being too slow in replacing lost cards and making transactions appear on cardholders’ accounts. While Walmart has now decided to part ways with Capital One, it does not immediately change things for existing cardholders, as per the press release on Friday. Cardholders can contin...
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