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Business_news Inside Citi’s exec shakeup — Chime’s latest round — Buy now, pay later’s future

Business_news

Michael Corbat, left, CEO of Citigroup, and Jamie Dimon, CEO of JPMorgan Chase, testify during a House Financial Services Committee hearing in Rayburn Building titled “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the Financial Crisis,” on Wednesday, April 10, 2019.

Tom Williams/Getty


Hiya.

Last week it was a new chief executive at a major Wall Street bank. Now a possible bank mega-merger is on the radar.

UBS Group and credit Suisse Group AG are reportedly exploring the idea of merging,as first reported by Inside Paradeplatz

UBS Chairman Axel Weber, in particular, is reportedly the one leading the potential deal,the story states, with a possible agreement as soon as early next 2021.

If you’re not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.

Like the newsletter? Hate the newsletter? Feel free to drop me a line atddefrancesco@businessinsider.comor on Twitter@DanDeFrancesco


Business_newsInside Citi’s executive shakeup

Chief Executive Officer of Citigroup Michael Corbat speaks at a European Financial Forum event in Dublin, Ireland February 13, 2019. REUTERS/Clodagh Kilcoyne

Clodagh Kilcoyne/Reuters


The big news of last week was the announcement that Citi CEO Michael Corbat would retire in February 2021, handing the reins to Jane Fraser, the bank’s president. 

Dakin Campbell has the inside storyon the lead up to the announcement, specifically the pressure Corbat faced from regulators about getting Citi’s risk, compliance, and technology systems under control. 

Dakin, as always, was super sourced up on this,chatting with seven insidersabout how the entire thing shook out. 

Click here to read the full story.


Business_newsUS neobank Chime could be set to more than double its valuation to as much as $15 billion in just 9 months with a major new funding round

Business_news

Chris Britt Chime CEO

Chime


When it comes to investing in fintechs, the rich keep getting richer.Callum Burroughs and I have a scoopon digital bank Chime closing in on raising a mega round that could value the companyas high as $15 billion, more than double the price tag it nabbed just nine months ago.Click here for the full story.

Business_newsInside the buy now, pay later explosion: here’s why 2020’s red-hot financing trend is attracting millions of users and being embraced by everyone from PayPal to Goldman Sachs

Afterpay partners with buzzy brands like Boohoo to offer BNPL online.

Caroline McCredie/Getty Images


Buy now, pay later has taken the payments world by storm this year.Shannen Balogh mapped out all the big newsthat’s happened over the past six months, along with looking at what the red-hot space can expect next.Check out the story here.


Business_newsBank of America has been nabbing thousands of patents — far outpacing rivals. 2 execs lay out why the firm has embraced that strategy as the best way to drive tech innovation.

Cameron Wadley

Bank of America


It’s not as exciting or sexy as an innovation center or a tech hub, but patentshave proved to be a successful wayto foster change at Bank of America. I spoke to two executiveswho laid out the strategy for me


Business_newsCiti is cutting its office footprint in costly locations to help offset spending on risk technology after the bank’s ‘unacceptable’ Revlon blunder

Mark Mason is the CFO of Citi.


Shannon Stapleton/Reuters



Mark Mason, Citi’s CFO, spoke aboutinvestments the bank is acceleratingin the wake of the $900 million wire it erroneously sent.Reed Alexander covered Mason’s comments, including where the executive said the bank will look to recognize savings. 


Business_newsRead the memo Citi CEO Mike Corbat sent staff quoting race car driver Mario Andretti to get employees to take risk and controls more seriously



Jonathan Moore/Getty Images


Rounding out our Citi coverage for the day, read the memoobtained by Dakin Campbellthat was sent last month by Citi CEO Michael Corbat to employees about the importance of risk controls.Click here to read the full note.


 Odd lots:

Astronomers found a gas in Venus’ clouds that could signal alien life (Insider)

At JPMorgan, Productivity Falls for Staff Working at Home (Bloomberg)

Steve Cohen finalizes record deal to purchase Mets (NY Post)


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