U.S. banks and merchants face mounting pressure to catch up with technology used in Europe, Asia and Latin America to secure credit- and debit-card data after tens of millions of Target Corp. customers were exposed.
MasterCard Inc., the second-biggest U.S. payments network, is poised to further outperform bigger rival Visa Inc. amid a 3 percent gain by the euro this year and signs that European consumer spending is picking up.
American Express Co. fell 2 percent in New York trading, adding to yesterday’s 6.5 percent drop, after choosing to fight a U.S. antitrust complaint while larger rivals Visa Inc. and MasterCard Inc. settled the case.
Sallie Mae, the largest U.S. education-finance company, is making a bet on the future of private student debt, a business under fire in Washington for marketing high-interest-rate loans before the financial crisis.
Capital One Financial Corp., the lender that gets more than half its revenue from credit cards, posted a second-quarter profit that beat analysts’ estimates as a boost in U.S. consumer confidence helped fuel spending.