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What Consumers Need To Know About The Capital One-Discover Deal
Mint Mumbai
|February 22, 2024
Capital One on Monday announced a $35 billion acquisition of Discover Financial Services, and right on cue Elizabeth Warren demanded that the Biden Administration block it. Yes, the same progressives who complain that big banks and Visa and Mastercard are too powerful now want to shield them from competition.
The tie-up would make Capital One the sixth-largest U.S. bank by assets and a stronger competitor to giant institutions in the credit-card business. The combined company would be the third largest credit card issuer by purchase volume after JPMorgan Chase and American Express.
Combining could also make it easier to shoulder increasing regulatory burdens, including the tougher capital requirements that the Federal Reserve last year proposed for banks with more than $100 billion in assets. Bigger government drives businesses to get bigger, not that progressives will admit it.
Diese Geschichte stammt aus der February 22, 2024-Ausgabe von Mint Mumbai.
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