Fintech

A dirty little secret in a $1.2 trillion world of credit is getting exposed as the Wall Street rout deepens: Private debt is now the cheaper financing option for big-ticket leveraged borrowers than the ailing public market — upending industry norms.

Inflation isn't only driving up travel costs — a key category for credit card spending — it's making shoppers more selective about how they earn and redeem loyalty points for products hit hardest by price increases.

Wells Fargo has historically underperformed its competitors in the credit card business. The Autograph card, which offers triple points for travel, dining and gas, is part of CEO Charlie Scharf’s effort to compete more effectively.

A new and larger finance industry is emerging — one in which traditional institutions aren’t nearly as dominant as they used to be.

Contactless payments went mainstream during the pandemic, but now some merchants are giving incentives for cash payments at the point of sale to offset higher fees owed to card networks due to inflation.

Goldman Sachs Group plans to anchor a new office tower in Dallas that would hold thousands of employees, part of the bank’s expansion beyond its Manhattan base.

The Consumer Financial Protection Bureau issued a proposal that could ultimately lead to tougher limits on what banks and other issuers charge cardholders for late payments.

JPMorgan Chase is laying off hundreds of home-lending employees and reassigning hundreds more this week as rapidly rising mortgage rates drive down demand in what had been a red-hot housing market.

The U.K.’s Payment Systems Regulator will focus a pair of market reviews on the rising card fees charged by Visa and Mastercard. 

The rising use of peer-to-peer transfers continues to attract scammers due to the transactions' speed and finality. If the banking industry can't solve the problem, regulators or judges are likely to step in.