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Tech investing giant Tiger Global Management is in line to take charge of a new share deal at Revolut, according to reports. This is expected to be worth some $500 million (€458.52 million), with a number of other parties also interested in buying more Revolut shares. The particular share deal is expected to be a secondary offering, with current employees selling some of the shares they own, instead of the company issuing new shares. Revolut's first funding round, back in 2021, was also jointly led by Tiger Global and was worth $800 million (€731.90 million). Morgan Stanley is also expected to...
Euronews (English)
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ValueWalk
New York (AFP) - JPMorgan Chase and Citigroup reported increased second-quarter profits Friday despite somewhat higher costs to account for bad loans in light of greater stress on lower-income customers. Citigroup Chief Financial Officer Mark Mason pointed to a "bit of a pullback" from consumers with lower credit scores who are strained from higher interest rates and the consumer price hikes of recent years. "The customer base is being discerning in terms of the nature of the spend in light of the environment that we're in," Mason said on a conference call with reporters. JPMorgan Chase has al...
AFP
ValueWalk
As the CIO of Beyond Bank, one of the largest customer-owned banks in Australia, Stevie-Ann Dovico is at the nexus of the business, from banking and technology, to data and business intelligence, all of which fuels the person-to-person customer experience and promotes financial well-being. “We’re a very relationship led bank,” she says. “A big part of my role is to ensure we always think about empowering the frontline to have more meaningful interactions with customers, and finding ways to use both proven and nascent technology to use in real time so they can do their jobs more easily.” But it...
CIO
Washington (AFP) - The US Federal Reserve has made "quite a bit of progress" in its fight against rising prices and could hit its inflation target as soon as next year, Fed chair Jerome Powell said Tuesday. The US central bank has hiked interest rates to a 23-year high as it looks to restrict monetary policy enough to bring inflation back down to its long-term two percent target without doing too much damage to either the labor market or the broader economy. Since it started hiking rates in 2022, the Fed has brought inflation back down from a multi-decade high to an annual rate of 2.6 percent...
AFP
Revolut CEO and founder Nikolay Storonsky says he is confident that the fintech company will receive a UK banking licence in the near future, following the company's record pre-tax profits for 2023. He made the comments in an interview with CNBC. The fintech giant's journey to secure a UK banking licence began in January 2021 but, since then, it has faced a series of obstacles and delays. The company received a full banking licence from the European Central Bank (ECB) in 2021 together with an EU banking licence in 2018, received through Lithuania. It has been operating as a licensed bank in 30...
Euronews (English)
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