After months in which BGC Partners and CME Group competed through escalating bids to acquire GFI Group, the outcome became clearer Friday when the GFI board unanimously agreed to support BGC's tender offer. The agreement comes weeks after GFI shareholders voted down the proposed CME takeover.
While most mortgage lenders have an online presence and numerous sites exist to aggregate mortgage quotes, a San Francisco-based startup is looking to take a different approach to online mortgages. Launched in October 2013, Lenda is working to automate all the annoying manual paper processes that occur along the way in getting a mortgage, right up until loan signing.
In the search for alpha, asset managers are finding that the automated and quantitative trading strategies they increasingly rely on are portable--into new asset classes and new geographies.
Featured story:Credit Suisse to launch financial technology marketplaceBy Renee Caruthers
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Santander N.A. became the third bank to agree to loosen applicant screening for new account openings, and reports suggest more agreements will likely be forthcoming. The agreements forged with NY Attorney General Eric Schneiderman's office come as the attorney general has been investigating whether overly strict use of applicant screening technology unfairly denies low-income applicants banking services for relatively minor infractions.
Facing another multi-billion pound loss, Royal Bank of Scotland announced that its investment bank will cut 60 percent of assets and exit most international markets.
JPMorgan Chase plans to cut hundreds of branches, shed $100 billion in deposits, and rationalize technology and operations in its investment bank as part of a comprehensive plan to streamline the company. The measures, unveiled at the bank's Investor Day presentation this week, may bolster its argument that it can be more efficient and profitable as one company rather than split up as some analysts have suggested.
Softcard's announcement early this week that Google had acquired it merges two of the earliest competitors in U.S. mobile payments to face the powerful late entrance from Apple Pay. It also gives Google strong connections to all four major U.S. wireless carriers.
In the hunt for alpha, one organization is betting it can find insight by looking at companies in new ways and through new categories. Avention, formerly known as OneSource, is a big data vendor that reinvented itself last year by relaunching under a new name along with new tools for searching, defining and configuring the types of data it has been selling for decades.
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7 out of 10 midsize and large companies still use spreadsheets for planning.
Capital requirements and leverage restrictions constrained and changed acquisition financing last year, a Wachtell, Lipton, Rosen & Katz partner wrote. In 2015, expect more of the same.