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NEW YORK (Reuters) - Private equity firms have spent nearly $40 billion buying U.S. insurance companies in recent years, promising to earn higher returns on the mountains of money that insurers set aside to pay policyholders years or decades from now.
The firms are moving some of the money out of traditional low-yield investments such as government bonds into riskier, harder-to-sell assets such as private loans and equity.
The shift has caught the eye of regulators and raised concerns about a cash crunch if asset managers had to liquidate large portfolios in a hurry to meet insurance claims.
4 Min Read
(Reuters) - Big U.S. banks are prepared for credit-card balances to start ticking up again this year as pandemic restrictions ease and stimulus checks stop arriving, setting up the industry for a bump in one of its most profitable businesses.
FILE PHOTO: Mastercard Inc. credit cards are displayed in this picture illustration taken December 8, 2017. REUTERS/Benoit Tessier/Illustration//File Photo
Lenders, including Capital One, Citigroup and JPMorgan, have been sending out more promotions to enroll new customers and encourage borrowers to spend, said Andrew Davidson of marketing-tracker Mintel Comperemedia. Some 260 million offers were sent in March, the firm estimates.
Big banks look for post-pandemic rebound of credit card revenue
By David Henry
Reuters
(Reuters) - Big U.S. banks are prepared for credit-card balances to start ticking up again this year as pandemic restrictions ease and stimulus checks stop arriving, setting up the industry for a bump in one of its most profitable businesses.
Lenders, including Capital One, Citigroup and JPMorgan, have been sending out more promotions to enroll new customers and encourage borrowers to spend, said Andrew Davidson of marketing-tracker Mintel Comperemedia. Some 260 million offers were sent in March, the firm estimates.
Banks have increased digital marketing, too, on Facebook, Instagram, video sites and podcasts, he said.
Big banks look for post-pandemic rebound of credit card revenue wsau.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wsau.com Daily Mail and Mail on Sunday newspapers.
JPMorgan s new CFO described as pensive Excel expert with a knack for mentoring
05/21/2021 | 11:55am EDT
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(Reuters) - Jeremy Barnum is not the hard-charging, power-hungry type that people often associate with those in the top echelons of Wall Street.
Instead, the man who this week became JPMorgan Chase & Co s finance chief is a studious, detail-oriented person who enjoys mentoring junior staff and does not let his ego get in the way of others success, according to half a dozen associates who spoke to Reuters.
Barnum, 48, would fit in just as well teaching students in an elbow-patched sweater as presenting JPMorgan s strategy in a tailored suit, several said.