The fintech is now worth $10 billion more than its top rival, Square; cost cuts, asset growth and share buybacks could offset the headwinds from low rates.
The move adds heft to the blockchain-based Interbank Information Network; many of those terminated in the phony accounts scandal say they’ve been blacklisted.
The bank elevated three senior executives who could be possible successors to CEO Sergio Ermotti; the move to a new rate benchmark won’t trigger a “tax event.”
While bank stocks flounder, their bonds are seen as a haven against a possible recession; the senator asks bank about overdraft fees on closed accounts.
Analysts and big investors say they cannot advocate buying more shares until the bank installs a leader with the authority to lay out a plan for the future. However, speculation about potential candidates has quieted.
People’s United offered 30% more in the summer of 2018 for United Financial than it agreed to pay in a deal announced last month. What followed the initial talks is a textbook lesson in the impact of indecision and the unexpected in bank M&A.
