Senior Fellow, Richman Center at Columbia University, Independent Director & Managing Principal at Broadmoor Consulting Show
1.3x tangible book. This is what happens when you systematically underinvest in a once-strong franchise over 30 years. Pathetic really. R.I.P Bank of California, Union Bank etc etc. #banks #mergersandacquisitions “The purchase price is estimated at 1.3 times of MUFG Union Bank’s tangible book value, based on the expected capital to be delivered at close. U.S. Bancorp expects to achieve approximately $900 million in pre-tax cost synergies equal to 40% of estimated non-interest expenses through a combination of real estate consolidation, technology and systems conversion and other back office efficiencies.” U.S. Bancorp to Acquire MUFG Union Bankbusinesswire.com
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Jim Richards Founder and Principal of RegTech Consulting LLC 1y
US Bank just became a truly national bank. It also bought MUFG Union Bank’s technology and operational risk problems: Like Reply 3 Reactions 4 ReactionsMarc Weiss Out of the box thinker | Innovative solution designer | Coach and mentor | Delivers results 1y
Hot damn that was fast! Congrats to MUFG and US Bank - both did well in this transaction (MUFG bought Union Bank in 2008 for 3.5B, sold for 8B AND retains a 2.9% stake in US Bank). Like Reply 1 ReactionTo view or add a comment, sign in Todd Baker Senior Fellow, Richman Center at Columbia University, Independent Director & Managing Principal at Broadmoor Consulting 6h Edited
Egregious failure by The Walt Disney Company board of directors, almost all of whom joined the board while Mr. Iger was CEO. Yet none of them are resigning. #corporategovernance Bob Iger vs. Bob Chapek: Inside the Disney Coupwsj.com
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To view or add a comment, sign in Todd Baker Senior Fellow, Richman Center at Columbia University, Independent Director & Managing Principal at Broadmoor Consulting 6h Edited
I really would like to believe that by using internally designed software Current has costs low enough to be making money—but I have serious doubts that a share of debit interchange, a share of crypto trading fees and fees minus subsidy on a 4% DDA/Savings account in place since January of 2021 (!), can cover operating costs, ATM subsidies and losses on the overdraft product, not to mention development costs. They just ditched the subscription fees on the teen accounts, which is probably a sign that their original teen customers/parents were starting to jump ship. UX is apparently excellent, but won’t pay the bills unless I’m missing something. This is of course a challenge that Current shares with other #neobanks that have customers but lack charters, e.g., Chime Big funding round 18 months ago from “growth equity” players like Tiger Global, Wellington and A16z doesn’t inspire confidence either, as that type of investor hasn’t shown much understanding of #fintech business model dynamics when rates rise and booms fade. An interesting aspect to their overdraft protection product that I had not focused on: “Overdrive™ will not cover any non-debit card purchases, including ATM withdrawals, ACH transfers, P2P services (PayPal, Venmo, Cash App, or similar services), Current Pay transfers and checks.” How Current pivoted to freebankingdive.com
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To view or add a comment, sign in Todd Baker Senior Fellow, Richman Center at Columbia University, Independent Director & Managing Principal at Broadmoor Consulting 23h
“Credit means that a certain confidence is given, and a certain trust reposed. Is that trust justified? and is that confidence wise? These are the cardinal questions. To put it more simply credit is a set of promises to pay; will those promises be kept?” —Walter Bagehot Binance outflows hit $6bn as Mazars halts ‘proof of reserves’ workft.com
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NYC Fintech Women 12,077 followers 1d EditedHappy Friday! Today we conclude announcing the final remarkable women of NYC Fintech Women’s Inspiring FinTech Females 2022 List under the Product Builders Category. These women were selected for being innovative problem solvers committed to building products and solutions that power decisions made in FinTech and for being advocates for increased representation. The honorees are: 🔧 Brittany Canty | Product, Guava 🔧 Spandana G. | Staff Payments Engineering Lead, Meta 🔧 Snigdha Kumar | Head of Product Operations, Digit 🔧 Amie Miller | Operations Lead, Cash App 🔧 Dalia Nayfeh | Senior Manager, Global Merchant Lending, PayPal 🔧 Sheetal Parikh | Associate General Counsel, VP of Compliance, Treasury Prime 🔧 Saira Rahman | VP, New Investor Initiatives, Fundrise 🔧 Emily Saltsgaver | Director of Product Content, Jack Henry 🔧 Lakshmi S. | Engineering Manager, Alloy 🔧 Silvia Tueros-Cossio [she/her]-Cossio | Senior Director of Product Design, Stash 🔧 Colleen Wilson | VP - Product, MANTL 🔧 Meredith Young | Compliance Analyst, Clear Street For the full list of the honorees go to https://lnkd.in/e6hKaYnW or visit the link in our bio. #InspiringFintechFemales #IFF2022 #NYCFintechWomen #Founders #Leaders #MoneyMovers#Networkbuilders #Productbuilders #FemaleLeaders #WomeninFintech #Fintech #Innovation #Leadership Like Comment Share
To view or add a comment, sign in NYC Fintech Women 12,077 followers 1d EditedHappy Friday! Today we conclude announcing the final remarkable women of NYC Fintech Women’s Inspiring FinTech Females 2022 List under the Product Builders Category. These women were selected for being innovative problem solvers committed to building products and solutions that power decisions made in FinTech and for being advocates for increased representation. The honorees are: 🔧 Brittany Canty | Product, Guava 🔧 Spandana G. | Staff Payments Engineering Lead, Meta 🔧 Snigdha Kumar | Head of Product Operations, Digit 🔧 Amie Miller | Operations Lead, Cash App 🔧 Dalia Nayfeh | Senior Manager, Global Merchant Lending, PayPal 🔧 Sheetal Parikh | Associate General Counsel, VP of Compliance, Treasury Prime 🔧 Saira Rahman | VP, New Investor Initiatives, Fundrise 🔧 Emily Saltsgaver | Director of Product Content, Jack Henry 🔧 Lakshmi S. | Engineering Manager, Alloy 🔧 Silvia Tueros-Cossio [she/her]-Cossio | Senior Director of Product Design, Stash 🔧 Colleen Wilson | VP - Product, MANTL 🔧 Meredith Young | Compliance Analyst, Clear Street For the full list of the honorees go to https://lnkd.in/e6hKaYnW or visit the link in our bio. #InspiringFintechFemales #IFF2022 #NYCFintechWomen #Founders #Leaders #MoneyMovers#Networkbuilders #Productbuilders #FemaleLeaders #WomeninFintech #Fintech #Innovation #Leadership Todd Baker Senior Fellow, Richman Center at Columbia University, Independent Director & Managing Principal at Broadmoor Consulting 1d
It’s always about #ALM. BREIT’s long assets and short liabilities work until they don’t. Liquidity is a mirage in anything with #liquidity #mismatch that isn’t a #bank, but people keep promising… Blackstone’s Real Estate Fund for Wealthy Prompts SEC Queries, Investor Scrutinybloomberg.com
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To view or add a comment, sign in Todd Baker Senior Fellow, Richman Center at Columbia University, Independent Director & Managing Principal at Broadmoor Consulting 1d Edited
Mazars reacting to huge litigation and reputation exposure that all the caveats in the world can’t protect them from. Ask yourself this question: how much would you have to charge to agree to do one of these fauxdits? Binance Says Accounting Firm Mazars Pauses Work for Crypto Clientswsj.com
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To view or add a comment, sign in Todd Baker Senior Fellow, Richman Center at Columbia University, Independent Director & Managing Principal at Broadmoor Consulting 1d
What they were doing was equivalent to pinning a sign saying “sue me” on their backs Accountant That Vetted Binance Reserves Halts Crypto Workbloomberg.com
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To view or add a comment, sign in Todd Baker Senior Fellow, Richman Center at Columbia University, Independent Director & Managing Principal at Broadmoor Consulting 2d
This Jennifer Tescher 2dReading this The New York Times article on the FTX debacle, I was struck by just how much harm has been done by #crypto enthusiasts wrapping themselves in the banner of #financialinclusion. In his efforts to convince Congress to pass crypto-friendly regulation, Sam Bankman-Fried testified that a financial literacy initiative his company was sponsoring would help low-income people "build savings." How? The #unbanked people who enrolled in the literacy program were offered accounts linked to FTX's platform, "giving them the option to spend their money on #cryptocurrency." Now that FTX has collapsed, it appears that "some participants in the FTX initiative may have lost funds they had stored on the platform (including money students had received as a stipend for joining the program)." This sordid tale is a perfect example of what happens when we treat #financialhealth as a philanthropic exercise in literacy, as opposed to focusing on the the business model and systems change effort that is really required. https://nyti.ms/3VQKuHC The Parents in the Middle of FTX’s Collapsehttps://www.nytimes.com
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To view or add a comment, sign in Jennifer Tescher 2dReading this The New York Times article on the FTX debacle, I was struck by just how much harm has been done by #crypto enthusiasts wrapping themselves in the banner of #financialinclusion. In his efforts to convince Congress to pass crypto-friendly regulation, Sam Bankman-Fried testified that a financial literacy initiative his company was sponsoring would help low-income people "build savings." How? The #unbanked people who enrolled in the literacy program were offered accounts linked to FTX's platform, "giving them the option to spend their money on #cryptocurrency." Now that FTX has collapsed, it appears that "some participants in the FTX initiative may have lost funds they had stored on the platform (including money students had received as a stipend for joining the program)." This sordid tale is a perfect example of what happens when we treat #financialhealth as a philanthropic exercise in literacy, as opposed to focusing on the the business model and systems change effort that is really required. https://nyti.ms/3VQKuHC The Parents in the Middle of FTX’s Collapsehttps://www.nytimes.comTodd Baker Senior Fellow, Richman Center at Columbia University, Independent Director & Managing Principal at Broadmoor Consulting 2d
Yup Marc Leipoldt 2d EditedAround the 48 minute mark, Mr Kevin O'Leary hits the nail in the head. "The prize of crypto is to get regulated..." An unwitting admission by a misguided player, but completely correct. Crypto regulation would provide a veneer of legitimacy worth multiples of what they now spend on advertising. Handle with care folks. Senate Banking Committee Examines FTX Collapsec-span.org
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To view or add a comment, sign in Todd Baker Senior Fellow, Richman Center at Columbia University, Independent Director & Managing Principal at Broadmoor Consulting 2d
It takes those Brits at FT Alphaville to say out loud what “everybody knows” about the CFTC. Put on asbestos gloves before reading #cftc #regulation Is U.S. Bank taking over Union Bank?MINNEAPOLIS --(BUSINESS WIRE)--Dec. 1, 2022-- U.S. Bancorp (NYSE: USB) today announced that it has completed the acquisition of MUFG Union Bank's core regional banking franchise from Mitsubishi UFJ Financial Group, Inc.
How much is U.S. Bank paying for Union Bank?Key financial regulators having approved U.S. Bank's $8 billion acquisition of Japanese financial titan MUFG's Union Bank franchise. Oct. 14, 2022, at 2:13 p.m.
Is Union Bank being bought out?Financial Services Law
On October 14, 2022, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board (FRB) both approved the acquisition of MUFG Union Bank, National Association, by U.S. Bancorp and its subsidiary U.S. Bank National Association.
Which is better U.S. Bank or Union Bank?MUFG Union Bank's brand is ranked #- in the list of Global Top 1000 Brands, as rated by customers of MUFG Union Bank. Their current market cap is $84.89M. U.S. Bank's brand is ranked #- in the list of Global Top 1000 Brands, as rated by customers of U.S. Bank.
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MUFG Union Bank vs U.S. Bank.. |
U.S. Bank purchase of Union Bank at risk
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