Box Inc., the cloud storage and collaboration company that’s headed for an initial public offering, projects revenue this year to double to more than $200 million, according to people with knowledge of the matter.
More than five months ago, the Federal Reserve and Office of the Comptroller of the Currency told some of the biggest banks to improve underwriting standards for non-investment-grade loans. The market is showing few signs of tightening as lenders chase lucrative fees.
JPMorgan Chase & Co. dropped Al- Rajhi Bank, the world’s largest Shariah-compliant lender, as a correspondent banking client amid a push to improve risk controls, said two people with direct knowledge of the move.
Carlyle Group LP, the Washington- based private-equity firm, is planning about $2.5 billion of debt financing for its buyout of Illinois Tool Works Inc.’s industrial-packaging unit, according to a person with knowledge of the deal.
JPMorgan Chase & Co. is paying a lower relative cost to borrow than before the financial crisis even after ceding more than a year’s profit to settle disputes linked to faulty mortgages and Bernard Madoff’s Ponzi scheme.
Kareem Serageldin, the ex-global head of Credit Suisse Group AG’s CDO business charged in a bonus- boosting fraud tied to a $5.35 billion trading book, was surprised by the U.S. indictment since he has been cooperating with investigators for four years, his lawyer said.
Ron Bloom is back in Detroit two years after helping run President Barack Obama’s auto-industry team. This time, he took one role defending the city’s workers and another that puts him at odds with carmaker employees.