US2547091080 - Common Stock
Capital One Financial Corp. said it received state regulatory approval to buy Discover Financial Services, overcoming one of several more hurdles needed before it can complete one of the biggest mergers announced this year.
US regulators in charge of evaluating bank mergers are “asleep at the wheel,” especially given the looming task of considering Capital One Financial Corp.’s proposed purchase of Discover Financial Services, according to Senator Elizabeth Warren.
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Discover Financial Services said it will miss a deadline to file its quarterly report with regulators, citing disagreements with the Securities and Exchange Commission over its accounting treatment of a credit-card misclassification blunder.
Rally spanned money center banks, regional banks, credit card firms and brokers.
Donald Trump’s return to the White House is poised to mollify lingering doubts that Capital One Financial Corp. will be allowed to take over Discover Financial Services, one of the biggest mergers announced this year.
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Capital One Financial Corp., the bank that’s seeking to acquire rival Discover Financial Services, posted a profit that beat Wall Street estimates on strength in its credit-card and auto-lending businesses.
Capital One Financial Corp.’s proposed acquisition of Discover Financial Services is being investigated by New York Attorney General Letitia James, who said the deal would have “significant impact” on consumers in the state.