The $26 billion all-stock deal has the OK of the boards from both companies; the administration says it will move on privatization without federal backing.
The charter may provide greater confidence for digital currency investors; bank expects to make large-scale job cuts in its global banking and markets unit.
Santander Consumer is planning to attract online deposits via a national platform that could rival Goldman Sachs’s Marcus; HSBC is now in retrenchment mode after aiming for growth.
Consumer banking is expected to offset the banks’ underperforming Wall Street units; the defections of Visa, Mastercard and Stripe threaten the cyrpto project’s viability before it starts.
HSBC's shortlist for its next chief executive officer includes Stephen Bird, Citigroup's head of global consumer banking, and RSA Insurance Group CEO Stephen Hester, Britain's Sunday Times newspaper reported.
JPMorgan, which led the offering, may have “enabled” the startup’s questionable behavior; the system may enable more people to get approved for mortgages.
