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Wednesday Express: Banks look to alter credit card reward plans


According to Market Intelligence, December 2022


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Wednesday Express: Banks look to alter credit card reward plans

* JPMorgan, Citigroup and American Express are among companies looking to cut back or revise some of the rewards on their credit cards in ways that scale back heavy sign-up bonuses and encourage consumers to use their cards often, sources for The Wall Street Journal say.

* The credit reporting industry is expected to come under increased oversight as House Democrats look to introduce more legislation following a 2017 data breach at credit reporting company Equifax that resulted in the loss of Social Security numbers and personal information of 147.9 million people, The Wall Street Journal reports.

* The amount of cross-border lending by global banks declined 17% to $29.456 trillion in the second quarter of 2018 from the first quarter of 2008, according to data from Bank for International Settlements, The Wall Street Journal reports.

* Investors expect to see greater volatility in the bond market in 2019 amid uncertainty over interest rates, inflation and growth, The Wall Street Journal reports.

* Robinhood Markets, a commission-free stock trading platform, no longer allows users to put their names on a waitlist for its new cash management account, MarketWatch reports. U.S. senators have raised concerns about the account, which the company earlier called checking and savings account.

* U.S. agribusiness giant Monsanto sued lenders Wells Fargo Trust and Citizens Asset Finance over alleged default threats, Bloomberg News reports. Monsanto said the lenders hold leases on some company planes and may try to claim that Bayer's takeover of the company placed the contracts in default.

* Goldman Sachs Group denied having offered advice or services related to certain crude oil transactions that caused heavy trading losses for Unipec, the trading arm of Chinese state oil major Sinopec, Caixin Global reports.

* The Colony Group and Gelfand Rennert & Feldman, both partner firms at Focus Financial Partners, are acquiring Aurora Financial Advisors and WG&S, respectively. Focus Financial Partners is a partnership of independent fiduciary wealth management firms.

* Insurance giant American International Group announced that AIG Life, a U.K.-based subsidiary of AIG Life & Retirement, completed the acquisition of Ellipse from Munich Re.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and S&P Global Market Intelligence is not responsible if those links are unavailable later.