Banking/Credit – Page 2

Credit-Card Spending Piles Up as Savings Dwindle

24Dec

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Money

Credit-Card Spending Piles Up as Savings Dwindle

U.S. consumers continue to burn through their pandemic savings and are taking on more debt as they face high prices on everything from food and housing to entertainment. Marianne Lake, co-chief executive of JPMorgan Chase’s consumer bank, said at a December conference that before the pandemic, the bank’s lowest-income clients had on average 12 days’ worth of cash on hand. Today, that average is around 15 days, meaning consumers are close to spending down money they socked away during the pandemic. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

The Crypto Queen Pulling the Strings at Binance

24Dec

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World

The Crypto Queen Pulling the Strings at Binance

Yi He, a former talk-show host, has sweeping control over the crypto giant’s marketing and investment divisions. She is also founder Changpeng Zhao’s longtime romantic partner.Yi He has assumed the mantle as Binance defender-in-chief, calling critics ‘mediocre and hopeless’ on X. Illustration by Alexandra Citrin-Safadi/WSJ; Photos: Natalie Naccache/Bloomberg

24Dec

By adminNo Comments

Money

The Crypto Queen Pulling the Strings at Binance

Yi He, a former talk-show host, has sweeping control over the crypto giant’s marketing and investment divisions. She is also founder Changpeng Zhao’s longtime romantic partner.Yi He has assumed the mantle as Binance defender-in-chief, calling critics ‘mediocre and hopeless’ on X. Illustration by Alexandra Citrin-Safadi/WSJ; Photos: Natalie Naccache/Bloomberg

Bitcoin Rose on Rumors in 2023. How to Predict What Comes Next.

23Dec

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Money

Bitcoin Rose on Rumors in 2023. How to Predict What Comes Next.

Bitcoin may be a relatively new technology. It can still follow some pretty old market maxims.Back in October postings on X, formerly known as Twitter, suggested that the U.S. Securities and Exchange Commission had finally approved the listing of a BlackRock exchange-traded fund that would directly track the price of bitcoin. It was quickly clear that this wasn’t correct. The SEC has delayed decisions on so-called spot ETFs, with some key deadlines now in 2024.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

China’s Big Banks Cut Deposit Rates as Growth Plateaus

22Dec

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World

China’s Big Banks Cut Deposit Rates as Growth Plateaus

Dec. 21, 2023 11:05 pm ETChina’s biggest banks are lowering the deposit rates offered to savers, a move that could pave the way for the central bank to make interest-rate cuts to spur economic growth.Five state-owned lenders and joint-stock bank China Merchants Bank said the rate cuts took effect on Friday. The five were Industrial & Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China and Bank of Communications.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Canada Approves Royal Bank Deal for HSBC’s Canada Unit

22Dec

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World

Canada Approves Royal Bank Deal for HSBC’s Canada Unit

Updated Dec. 21, 2023 9:20 pm ETOTTAWA—Canada on Thursday approved Royal Bank of Canada’s proposed $10.1 billion deal for HSBC Holdings’s Canadian unit, over a year after the two lenders unveiled the transaction.Canadian Finance Minister Chrystia Freeland said RBC agreed to a series of conditions that cover employment levels in Canada, customer service and financing to help construct affordable housing.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

How the Fintech Rally Could Fizzle in 2024

18Dec

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Money

How the Fintech Rally Could Fizzle in 2024

Financial-technology companies have rallied in 2023 even as rates rose. Some could now face risks from falling rates, as well as stepped-up competition.Higher rates did hit “fintech” stocks in many ways. Not only do growth stocks in general often trade at lower multiples during periods of rising rates, but fintechs in particular had benefited from near-zero rates for funding loans and encouraging risk-taking by trading customers.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

18Dec

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World

More Americans Than Ever Own Stocks

Listen to article(2 minutes)The share of Americans who own stocks has never been so high.About 58% of U.S. households owned stocks in 2022, according to the Federal Reserve’s survey of consumer finances released this fall. That is up from 53% in 2019 and marks the highest household stock-ownership rate recorded in the triennial survey. The cohort includes families holding individual shares directly and those owning stocks indirectly through funds, retirement accounts or other managed accounts.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

China’s Millionaires Are Worried. That’s a Problem for Wall Street.

18Dec

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World

China’s Millionaires Are Worried. That’s a Problem for Wall Street.

Updated Dec. 18, 2023 12:15 am ETChina’s economic slowdown has become a big problem for banks that serve the rich. For years, banks including Citigroup, JPMorgan and UBS competed hard to win business from China’s giant pool of wealthy people. They hired thousands of relationship managers with the language skills and cultural know-how to gain the trust of mainland China’s moneyed class, and helped them buy shares in Hong Kong, real estate in the U.S. and expensive paintings from European collections.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Mitsubishi UFJ Agrees to Buy Australia’s Link Administration

18Dec

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World

Mitsubishi UFJ Agrees to Buy Australia’s Link Administration

SYDNEY—Mitsubishi UFJ Financial Group agreed to buy Link Administration in a deal valuing the Australian financial technology company’s equity at 1.2 billion Australian dollars (US$800 million).Link on Monday said its board had unanimously recommended that shareholders vote in favor of the deal, in the absence of a superior proposal.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8