Goldman’s consumer unit, Marcus, has so far lost $1.3 billion; big lenders like JPMorgan Chase and Amex are making loans for small-ticket items like clothes and cosmetics.
A research paper says the president’s constant criticisms are driving Fed policy, directly or indirectly; the huge demand by banks for cash may be the result of tougher regulations.
JPMorgan, which led the offering, may have “enabled” the startup’s questionable behavior; the system may enable more people to get approved for mortgages.
Building capital will help the mortgage agencies move toward the private sector; Virtual Wellness needs to assure banks it's safe to do business with them.
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.
Vikram Pandit says digital push could force “creation of 21st century regulation”; Fed will conduct $75 billion overnight repurchase agreement operation.
The Fed’s injects funds into the repo market for first time in more than a decade; bank trying to partner firms with cash with those with market share.
