NEW YORK - (07/19/06) JP Morgan Chase, the largestshareholder of MasterCard International, reported it tendered halfof its Class B shares back to the cards company, as part of theyears biggest initial public offering. As a result, thebanking giant now holds 5.7 million non-voting Class B shares, a4.25% stake, which are restricted from sale for four years,according to a filing with the Securities and Exchange Commission.JP Morgan had owned a 10.5% stake in the cards company. The otherlarge bank-owners of MasterCard, including Citibank, Bank ofAmerica and HSBC, are also expected to report a tender of theirshares.
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
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Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27