Wall Street Journal
Where’s the boom?: A “promising rebound” in loan growth that was supposed to
Muscling in: “A pack of investment banks” led by Goldman Sachs is “elbowing into the crucial exchange business of end-of-day trading.” Previously, the banks would route these orders to the New York Stock Exchange and Nasdaq, but after the two raised their fees, banks including Goldman, Morgan Stanley, Credit Suisse and UBS have handled these trades privately.
“The shift raises
Everybody wins: Revenue from credit card and loyalty programs is growing faster than overall sales at many U.S. airlines as they “inundate customers with credit card offers, hoping to widen a lucrative and steady revenue stream as they rely more on income beyond fares.” But the banks that issue the cards benefit, too. “It’s a
Plummeting: While many investors in bitcoin and other cryptocurrencies have gotten hammered by the plunge in prices this year, “losses have been even more brutal” for those who have invested in Bitcoin Cash. The bitcoin offshoot is down 88% from its peak last December, compared to the 67% drop in original bitcoin. “The underperformance of Bitcoin Cash is notable because it touches on a bigger theme: whether virtual currencies can really become a means of payment that would
Financial Times
More cutbacks: Wells Fargo has
Going private: Despite “marginally” lower pay, a “rising number” of junior bankers are jumping to private equity groups in the U.S., U.K., Switzerland and Hong Kong, according to New York-based recruiter Options Group. “The
The first of many?: Following a two-year “tug of war between competition authorities and financial regulators,” Japan has approved what the paper says is the “first ever” merger of two big regional banks, “paving the way for a
Jumping ship: Three senior executives at TSB, the British bank that suffered a “disastrous IT upgrade” last April that left thousands of customers without access to their money, left the bank recently as it struggles to recover. “The upheaval comes at an awkward time for TSB,” which is dealing with investigations from the Financial Conduct Authority and a private law firm into the causes of the fiasco and has
Quotable
“Lumping together two sick men