MUMBAI: Finance and banking firms, big and small, are raising large sums of money from foreign investors jousting for a slice of action in the world's fastest-growing major economy. Indian financial services firms delivered the second-highest return on invested capital for private equity firms during 2009-13, a recent study by global consultancy firm McKinsey & Co showed.
Portland, Ore.'s Simple is a retail banking startup that effectively replaces your bank, providing you with a debit card, free access to thousands of ATMs, and a really sharp smartphone app to help manage your money. The company earned rave reviews (including one from Business Insider), and was repeatedly hailed as the future of banking after it was founded in 2009.
This is a tricky period for asset markets, warns Citi's Steven Englander. Positioning still reflects a risk-on view but the risk-on enthusiasm is in EM, equities and Asia rather than peripheral Europe. Investors are still long risk, despite the geopolitical tensions and Fed Chair Yellen’s modest nod to the risk of faster than expected tightening, Englander cautions, concluding that investors continue to anticipate a soft landing despite all the discussion to the contrary. Via Citi's Steven Englander,
(Reuters) - Over the past few years, Citigroup Inc has been grappling with an unusual problem - how to incur more U.S. taxes. The third-largest U.S. bank tried to buy the foundering Wachovia Corp in the fall of 2008 in part because the deal would have brought it more taxable domestic income, a person familiar with the matter said.
Tom Lydon submits:
Financial exchange traded funds were among the top sector performers in Wednesday’s rally as a settlement from Bank of America (NYSE: BAC) on mortgage-backed securities repurchases fueled hopes the deal will clear some of the uncertainty clouding bank stocks. Shares of Bank of America and Citigroup (