Weekly Global News Wrap: JPMorgan expects 20% revenue drop in Q1; CBA reports record profits
And Apple may look into into customers’ spending history, device ownership for BNPL services
JPMorgan Chase & Co, America’s largest bank by assets, is bracing for an expected 20% drop in banking revenue in Q1 2023, its chief financial officer Jeremy Barnum said at a conference on 14 February.
The Commonwealth Bank of Australia (CBA) reported recorded profits thanks to rising interest rates.
However, shares fell as much as 5.7% amidst concerns that its mortgage business may weaken and that margins may have peaked, Reuters said.
"We expect business credit growth to moderate and global economic growth to slow during 2023," said Chief Executive Officer Matt Comyn. "However, we remain optimistic that a soft landing for the Australian economy can be achieved."
Owning an iPhone and other Apple products may possibly become a deciding factor on whether you’re eligible to receive Apple Pay’s future buy now pay later service.
The Apple Pay Later service–announced in 2023 and currently in its testing phase–will reportedly evaluate borrowers based on their spending history and even which of the company’s devices they own, according to Bloomberg’s report.
It will also look at whether customers have applied for an Apple Card credit card and the other cards they have linked to their Apple Pay accounts.