Discover Financial Services (DFS) has landed on Barron’s “Top Ten Stock Picks for 2016.” A “steady grower,” DFS replaces “sprawling” Bank of America (BAC).
Sweden-base mobile payments firm iZettle has raised 60 million euros ($67.79 million) as it expands beyond its core card reader business to launch a financing service giving clients access to capital through advances on future card sales.
Fitch Ratings has published the latest issue of its Capital Structure and Covenant Analysis for the 50 Largest U.S. Leveraged Issuers and thr average enterprise value/EBITDA market multiple for the Fitch 50 increased from 11x to 14.7x, far exceeding the average market valuation multiple across all sectors, which decreased from 10.2x to 9.9x.
The Barclays Accelerator, powered by Techstars, will open in New York in July 2015. The program will provide the opportunity for ten companies to participate in thirteen weeks of intensive networking, mentoring and development, aimed at supporting breakthrough financial technology innovations.
The number of payment card portfolios sold in 2014 dipped to just five portfolios worth $2.7 billion. This was down significantly from year end 2013 and the record card deals done in 2012. In 2013 an estimated $17.2 billion in 10 portfolios were done, not including numerous tiny card portfolio sales ( < $10MM).
CardWeb.com’s CardExecs database of payments industry movers and shakers today features Robert Hammer, CEO and Founder of R.K. Hammer.
Credit card portfolio valuations are set to decline and the value reductions will appear in earnest by 2017. Driving the change are both changes in card business models as well as regulatory and accounting rule changes.
While most segments of the payment card issuing business are saturated with targeted products, there remains a potentially lucrative market segment that has not been fully developed. The “Near Prime” segment represents new card account applicants who live on the border of becoming prime, but they are just not yet there.
CardWeb.com’s CardExecs database today features Frank Martien,
Partner, Commercial Payments, First Annapolis Consulting. First Annapolis advises credit and debit card issuers, transaction processors, payment networks, retailers, and other industry stakeholders in payment-based sectors of the financial services industry.
Fifth Third Bancorp reported first quarter 2014 net income of $318 million versus net income of $402 million in the fourth quarter of 2013 and $422 million in the first quarter of 2013. Net income available to common shareholders was $309 million compared with $383 million in 1Q/13, and $413 million in 1Q/13. Fourth quarter…
First Data reported its financial results for 4Q/13 with consolidated revenue of $2.8 billion, up $40 million from the year ago period thanks to a $47 million increase in reimbursable debit network fees, postage and other. Adjusted revenue, which excludes certain items including debit network fees, was flat, year-over-year at $1.8 billion. For the fourth…
JPMorgan Chase & Co reported net income for the 4th Quarter 2013 at $5.3 billion. This was a slight increase from 4th Q 2012 which was reported at $5.2 billion. Revenue for the quarter was down 1% to $24 billion compared to the same period in 2012. Legal costs associated with a number of issues was noted as a reason for the drop in profits. Adjusted for the significant items disclosed in our earnings press releases this quarter and in the fourth quarter of 2012, EPS would have been $1.40 this year compared with $1.35 in the prior year and ROTCE would have been 15% this year, flat compared with the prior year.