News
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BREAKINGVIEWS-Odd Washington deal creates anti-M&A synergy
Senators on opposite ends of the political spectrum are joining forces to stop stock swaps from being tax-free. Jeffrey Goldfarb says the proposal builds on the movement against corporate concentration. Senators want to stop corporate mergers structured as stock swaps being exempt from tax. The proposal probably wouldn't generate much revenue, he says.
Reuters · 20h ago
UPDATE 1-Discover Financial says CEO Michael Rhodes will step down
Discover Financial Services says CEO Michael Rhodes will step down effective April 1, 2024. Rhodes will serve as an advisor to the interim CEO J. Michael Shepherd. Rhodes accepted a job offer at another financial institution, the company says. Ally Financial appoints Rhodes as its CEO.
Reuters · 1d ago
MOVES-Santander Bank names former Goldman exec as US retail banking head
Swati Bhatia most recently led Goldman's direct-to-consumer Marcus business. She is expected to focus on building capabilities, simplifying processes and lowering costs at the bank. Santander Bank appoints former Goldman Sachs exec as head of retail banking in the United States.
Reuters · 1d ago
US banks to see modest hit from deal to lower swipe fee by Visa, Mastercard
US banks to see modest hit from deal to lower swipe fee by Visa, Mastercard by Visa and Mastercard. The antitrust settlement announced on Tuesday is one of the largest in U.S. History. Wall Street analysts expect banks to absorb a large part of the revenue loss.
Reuters · 1d ago
Walmart can end Capital One credit card partnership early, US judge rules
Walmart can end Capital One credit card partnership early, US judge rules. Walmart accused Capital One of being too slow to post many transactions to cardholders' accounts. The world's largest retailer accused the bank of failing to meet customer service standards. Capital One said it disagreed with the decision and is evaluating its right to appeal.
Reuters · 2d ago
EXCLUSIVE-Capital One tells regulators Discover deal will boost competition and stability, sources say
Capital One tells regulators Discover deal will boost competition and stability, sources say. The bank's $35.3 billion merger with Discover Financial will harm credit card competition, people say. Bank says deal will be good for financial stability. The deal will create the biggest U.S. Credit card issuer. The Justice Department is reviewing the deal.
Reuters · 03/21 20:15
Two US senators planning bill against tax-free corporate mergers, WSJ reports
Two US senators planning bill against tax-free corporate mergers, WSJ reports. Under the bill shareholders who receive stock in a deal would owe capital-gains taxes immediately. Raising tax on corporations and billionaires has been a part of the Biden administration's agenda. The senators plan to introduce the legislation on Thursday.
Reuters · 03/21 12:29
EXCLUSIVE-CapOne tells regulators Discover deal will boost competition and stability, sources say
CapOne tells regulators Discover deal will boost competition and stability, sources say. Capital One's $35.3 billion merger with Discover Financial DSF.N will create biggest U.S. Credit card issuer. The bank says the deal will harm credit card competition and be good for financial stability. The deal will be reviewed by the Justice Department.
Reuters · 03/21 10:00
Judge recuses from CFPB credit card fee rule case; conflicts raised
Judge recuses from CFPB credit card fee rule case; conflicts raised Progressive group alleged Judge Reed O'Connor had financial conflicts Case will be heard by Judge Mark Pittman. U.S. Chamber of Commerce and other groups are suing to block a rule that aims to lower credit card late fees.
Reuters · 03/15 18:03
Toyota becomes Asia's most shorted large-cap stock - Hazeltree
Toyota Motor Corp 7203.T becomes most shorted large-cap stock by hedge funds in the Asia Pacific region in February. U.S. Electric carmaker Tesla remains the mostShorted stock in the Americas. A short trade is a bet on a company's stock price falling.
Reuters · 03/12 14:00
BREAKINGVIEWS-Simmering M&A gumbo lacks essential ingredients
Dealmakers cooked up more than $520 bln of mergers during the first two months of 2024. Financial and legal advisers gathered in New Orleans are still stewing. The recipe calls for some Fed and private equity spice, says Breakingviews' Jeffrey Goldfarb.
Reuters · 03/08 16:14
Dealmakers see 'green shoots' in M&A activity in election year after 2023 doldrums
Dealmakers see 'green shoots' in M&A activity in election year after 2023 doldrums. Federal Reserve is expected to cut rates and cash-flush buyers gear up for bigger deals. Global M& a volumes this year through the first week of March surged 55% to $601.79 billion.
Reuters · 03/07 18:07
Capital One defeats cardholders' lawsuit over foreign exchange charges
Capital One defeats cardholders' lawsuit over foreign exchange charges. Four plaintiffs said Capital One sought to maximize profit by charging "fictional" rates for transactions in foreign currencies. A federal judge in Virginia on Monday dismissed the lawsuit. The plaintiffs' lawyers filed a similar lawsuit against Bank of America.
Reuters · 03/04 18:39
RPT-EXCLUSIVE-Fiserv, Amadeus vie to acquire Shift4 Payments, sources say
Fiserv, Amadeus vie to acquire Shift4 Payments, sources say. The payments processor has a market value of $6.5 billion. Shift4 processes more than $200 billion worth of annual transactions. The company is preparing to submit final offers in the coming weeks, people say.
Reuters · 02/28 19:22
Sustainable Finance Newsletter - Activist says Exxon directors lost the Scope 3 script
Activist says Exxon's directors lost the Scope 3 script. Ross Kerber looks at Exxon's lawsuit over a shareholder climate proposal. Three Exxon directors elected in an epic proxy battle in 2021 seem to have made little difference in shifting the company's approach to emissions disclosure. In this week's sustainable finance newsletter, Kerber talks about Exxon's suit and the power of investors.
Reuters · 02/28 17:00
RPT-BUZZ-U.S. stocks weekly: High on AI
S&P 500 surges 1.7% as blockbuster report from AI-darling Nvidia clinches $2 trillion in market value. Every sector advances as Consumer Staples and Tech ascend most. Dow and the Dow Jones Industrial Average hit record highs on the day of the report.
Reuters · 02/26 11:00
BUZZ-U.S. stocks weekly: High on AI
S&P 500 surges 1.7% as blockbuster report from AI-darling Nvidia clinches $2 trillion in market value. Every sector advances as Consumer Staples and Tech ascend most. Dow and the Dow Jones Industrial Average hit record highs this week. Nvidia soars after blowout report on demand for its AI chips.
Reuters · 02/23 21:42
UPDATE 1-Capital One-Discover merger deal termination fee set at $1.38 bln
Capital One-Discover merger deal termination fee set at $1.38 bln. The all-stock deal announced on Monday would create the biggest U.S. Credit card issuer. Capital One will pay termination fee if the merger falls through under any circumstance. The deal would give Capital One access to Discover's payment system.
Reuters · 02/22 21:59
Discover or Capital One to pay termination fee of $1.38 bln in case deal sours
Discover or Capital One to pay termination fee of $1.38 bln in case deal sours. The fee will be paid if the merger of the two firms falls through under any circumstance. Discover Financial Services and Capital One Financial will pay the fee in case the deal falls through.
Reuters · 02/22 21:43
Deals of the day-Mergers and acquisitions
Australia's CSR Ltd shares rose a further 5% as the building products maker comes into play. U.S. Energy firm Chord Energy says it will acquire Canada's Enerplus. German food delivery company Delivery Hero terminates talks to sell its foodpanda business.
Reuters · 02/22 10:40
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About COF-PRG
Capital One Financial Corporation is a diversified financial services holding company. The Company, along with its subsidiaries, offers a range of financial products and services to consumers, small businesses and commercial clients through digital channels, branches, cafes and other distribution channels. The Company's segments include Credit Card, Consumer Banking and Commercial Banking. The Credit Card segment consists of its domestic consumer and small business card lending, and the international card lending businesses in Canada and the United Kingdom. The Consumer Banking segment consists of its deposit gathering activities for consumers and small businesses and national auto lending. The Commercial Banking consists of its lending, deposit gathering, capital markets and treasury management services to commercial real estate, and commercial and industrial customers.