Photo by Alex Brisby via Unsplash.

Weekly Global News Wrap: JPMorgan Chase to open more branches; EU banks make record payouts

And Portugal’s Novo Banco reportedly exploring potential tie-up with WiZink.

From Reuters:
Banks in the European Union made record payouts to shareholders amidst historically high capital buffers held and high interest rates.

"Banks' headroom above requirements remained at comfortable levels," EBA said, adding this was helped by stagnating lending volumes requiring less extra capital to be set aside.

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From Reuters:
JPMorgan Chase is preparing to overhaul branches it acquired from failed First Republic Bank as the lender expands its national footprint.

"Branches have been a winning strategy for us that is helping us capture more market share,” Jennifer Roberts, CEO of Chase Consumer Banking, told Reuters in an interview.

Of the customers who hold deposits with the bank, 75% visit a branch annually, she said.

The largest U.S. lender has more than 4,800 branches across 48 states. By the end of 2024, JPMorgan is likely to open 167 locations, exceeding an earlier projection of 150, Roberts said.

JPMorgan added 84 branches when it acquired First Republic in May, the largest bank to fail since 2008. In June, JPMorgan announced plans to shut 21 of those locations.

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From Reuters
Portuguese lender Novo Banco is exploring a potential tie-up in Portugal with Madrid-based consumer finance provider WiZink, two sources familiar with the matter told Reuters.

This could result in a joint venture where Novo Banco funds WiZink-originated loans, with WiZink owner Varde Partners retaining some control of the new entity, one of sources said.

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