Share to Twitter Share to Linkedin Banks, in one fashion or another, have been central to functioning societies for hundreds of years. It’s estimated that in the U.S. nearly every single citizen ( 92% ) has an account with a traditional bank. One reason these institutions hold a majority of consumers’ accounts is because of their longevity: No matter what’s happening in the world, they tend to come out on the other side. Another reason so many people rely on traditional banks is that, until fairly recently, the only other options they had were other banks with fairly comparable offerings. When digital challenger banks and fintechs (think: Chime, Ally Bank, SoFi) began arriving on the scene, consumers had more banking options than ever before. These new banks have been able to appeal to consumers in ways that traditional banks have not–with low or no fees, a mix of low-interest borrowing and high-interest saving options, digital interfaces, fresh, … [Read more...] about Why This Fintech Company Is Eyeing Traditional Companies As It Builds A New Breed Of Banks
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Bank of America ( BAC ) is one of the world's largest investment banks and financial institutions. It serves a broad range of customers, including individual consumers, wealthy investors, large corporations, and governments. The company offers a wide range of banking, investing, asset management, and other financial and risk management products and services. The bank operates primarily in the U.S., where it gets the vast majority of its revenue, as well as in dozens of countries around the globe. The company faces a broad array of competitors, including JPMorgan Chase ( JPM ), Citigroup ( C ), Goldman Sachs Group ( GS ), credit card issuers like Visa ( V ), hedge funds, and private equity firms. The Charlotte, North Carolina-headquartered company expanded from a regional player into a global giant through a series of major acquisitions in the past several decades. Key Takeaways Bank of America is one of the world's largest investment banks and financial … [Read more...] about How Bank of America Makes Money: Consumer Banking
Bangko Sentral ng Pilipinas. (File photo / Philippine Daily Inquirer) Loans extended by the country’s large banks grew by 13.4 percent year-on-year to a total of P10.9 trillion in December 2022, slower than the 13.9 percent recorded in November as banks were more sensitive to risk during the fourth quarter of 2022. Preliminary data at the Bangko Sentral ng Pilipinas (BSP) also show that, in December, outstanding loans of universal and commercial banks—net of short-term loans to the BSP—was 0.4 percent less compared with November. Philippine residents borrowed 13.2 percent more, slower than the growth rate of 13.6 percent in November. In December, loans granted to businesses grew by 12.1 percent, also slower compared to 12.6 percent in the previous month. The biggest amount was lent to companies engaged in real estate activities, growing by 13.1 percent to P2.18 trillion; manufacturing by 14.9 percent to P1.25 trillion; electricity, gas, steam and air-conditioning supply by … [Read more...] about BSP: Growth in bank lending slowed to 13.4% in Dec ’22
As a startup founder, knowing how to navigate different sources of finance for your startup is a pivotal skill. Not all sources of finances augment your business in the same way, neither do they have similar costs nor do they offer the same level of freedom. Strategically applying each source of capital at the right stage to the right set of expenditures is key here. Let's begin with the sources. Bootstrapping This is when you tap into your own savings, or that of your friends and family circle, to get your business started. This is the stage where you need maximum freedom to try new things, and work out whether or not your business idea has the potential to become a real business. What this means is that this is also the stage when you're going to make a lot of mistakes. Your 'investors' can't (and shouldn't!) question your every move. That level of trust, however, usually comes from your own bank account, and from the friends and family who implicitly trust you, and your … [Read more...] about Startup Finance 101: When should you approach banks?
SHANGHAI – Global investment banks have raised their forecasts for the Chinese yuan this year on expectations the country’s economic reopening and Beijing’s decision to relax property sector curbs will trigger strong capital inflows. The bullish forecasts follow Beijing’s exit from a crippling zero-COVID strategy in early December and reversion to pro-growth policies to restore investor confidence and prioritise domestic demand. “China’s reopening and visible policy shift toward the property sector has lifted the yuan’s outlook, and there could be more upside in the medium term,” said Lemon Zhang, FX strategist at Barclays. On average, the forecasts are for the yuan to end 2023 at 6.5 per dollar, a 3.6-percent rise from current levels. It has already surged more than 7 percent from the trough hit in late November to 6.7497 per dollar on Wednesday, up about 2.2 percent year-to-date. If it ends 2023 at 6.5, the yuan will be up 6.15 percent for the year, the best gains since … [Read more...] about Global investment banks project jump in yuan in 2023
Vedanta chairperson Anil Agarwal Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Vedanta Ltd. has shelved the plan to sell its copper smelter in the southern Indian state of Tamil Nadu, which accounted for almost 40% of the metal’s production in the country, and has doubled down on its efforts to restart the plant, according to people familiar with the matter. After scrapping the seven-month-old process to offload the 400,000 tons-a-year Sterlite Copper plant, the company will now work with the local population to restart the factory that was shut on environmental concerns, the people said, asking not to be named as the information is not public. Vedanta’s petition to lift a local government order to close the plant will be heard by the Supreme Court on Feb. 21. Restarting the smelter will lead to a surge in India’s copper … [Read more...] about Vedanta is said to scrap plans to sell mega Indian copper smelter
Morgan Stanley's incumbent India head, Sanjay Shah, will be retiring (Representative image: Reuters) Morgan Stanley has named Arun Kohli as its new country head for India, CNBC TV-18 reported on January 30, citing an internal memo of the investment bank. Kohli will be replacing Sanjay Shah, who will be retiring from service. The latter was with Morgan Stanley since 1996 and rose through the ranks to become its India head in 2021. Kohli, also a veteran in the field of investment banking, is presently serving as Morgan Stanley's managing director and chief operating officer for Europe, Middle East, and Africa (EMEA) regions. Also Read | Morgan Stanley cuts CEO Gorman’s pay 10% to $31.5 million Kohli, currently based in London, has been associated with Morgan Stanley since the past 15 years. He headed the bank's post-Brexit strategy, and has been the its MD for EMEA regions since 2017. Read More For his new role as Morgan Stanley's India chief, Kohli … [Read more...] about Morgan Stanley names Arun Kohli new country head for India
Share to Twitter Share to Linkedin Starting a business during a downturn can be nerve-wracking, yet some of the most famous brands were launched during an economic crisis. Airbnb and Uber began trading during the 2008 global financial crisis; Burger King opened its doors in 1953 when the U.S. was in recession, while Hewlett-Packard was founded in a Palo Alto garage in 1939 during the Great Depression. With the R-word threatening to rear its head again, the key question is why? According to John Mullins , associate professor of management practice at London Business School and author of ‘ Break the Rules! The Six Counter–Conventional Mindsets of Entrepreneurs That Can Help Anyone Change the World ’, there are three key reasons. He says: “Firstly, during or in anticipation of economic downturns, as we are seeing today, large companies are cutting costs and reeling in their ambitions, which means less innovation and less competition for others who … [Read more...] about Why Launch A New Business In A Recession? Why Not?
A hallmark of the Indian startup ecosystem is the propensity of new businesses to plug structural gaps in essential services. In doing so, enterprising startups and their founders seem to have no qualms about jumping in at the deep end. In December 2021, while India was witnessing the onset of the third wave of COVID infections, the founder of HealthismPlus spotted a lack of insurance coverage for a variety of healthcare and well-being related services. The company created a special subscription plan with the HealthismPlus Savings Card, complemented by a digital platform which aggregated service providers who offer discounts for users. Not only did this include a range of allied healthcare services that are usually beyond the purview of ordinary insurance plans, like dental care, pathology tests, and wellness centers like dietician, spa, saloon, gym etc., it also helped in reducing out-of-pocket expenses that patients incur during routine treatments. But there was a reason why few … [Read more...] about Charting the Rise of Health Tech in India with HealthismPlus
It was earlier in May this year that India minted its 100th Unicorn – a startup that crossed the $1 bn valuation mark – a very special milestone indeed. ‘Money Control and Citibank In Conversation with unicorn startups of India’ is a very special show that brings together CEOs and founders of a handful of India’s top unicorns, shedding light on their journey, their ambitions, and how they’re dealing with inflation, global events, and the current funding winter that’s affecting startups around the world. Hosted by Paromita Chatterjee, MoneyControl and Citibank conversed with panellists Vaibhav Tiwari - co-founder of Portea Medical, Ravi Bhushan - founder and CEO of Bright Champs, Chitresh Sharma - co-founder and CEO of Refyne, Saurabh Jain - co-founder and CEO of Livspace India. We also have Tushar Vikram - managing director and head of commercial banking at Citibank India. Not many people know this, but Citibank has been banking startups from infancy to IPO and beyond for decades … [Read more...] about Watch: Can Indian startups sustain their current pace of growth? India’s Unicorns weigh in