Fiserv said it would acquire First Data in a deal it valued at $22bn, one of the biggest ever mergers in the financial-services-and-payments industry.
America’s big banks reported earnings for the fourth quarter. Despite a fall-off in bond and currency trading, net profit at JPMorgan Chase surged to $7.1bn. Bank of America’s quarterly profit of $7.3bn was another record for the bank. And having booked a charge of $22.6bn in the fourth quarter of 2017, Citigroup was able to please investors a year later by reporting a profit of $4.3bn.
美国的大型银行纷纷公布了第四季度的收益。尽管债券和外汇交易出现下滑，但摩根大通(JPMorgan Chase)净利润飙升至71亿美元。美国银行(Bank of America) 73亿美元的季度利润再次创下纪录。花旗集团(Citigroup)在2017年第四季度计入了226亿美元的支出，一年后公布了43亿美元的利润，这让投资者们喜上眉梢。
A row over pay prompted Santander to rescind its appointment of Andrea Orcel, the former head of ubs’s investment bank, as chief executive. The Spanish lender balked at fully compensating Mr Orcel for deferred pay, much of it in shares, accrued at the Swiss bank. The sum was reportedly 50m euros($57m).
A true pioneer
Tributes were paid to Jack Bogle, the founder of Vanguard, who died at the age of 89. Mr Bogle revolutionised the investment industry in the 1970s by launching an index-tracking fund with super-low fees aimed at everyday investors. Some called him the Henry Ford of finance for bringing Wall Street to the masses. Vanguard is now the world’s second-largest investment firm with $4.9trn of assets under management. One of his best-known pieces of investment advice was: “Time is your friend; impulse is your enemy.”