FINTECH
Revolut See Record Profits
British fintech darling, Revolut, saw record profits in 2023 mainly due to a surge in users and interest income.
While the fintech startup has seen a range of problems with their reporting compliance in recent years, they’re hoping those days are behind them.
The positive performance comes at a good time as they prepare for an IPO aiming at a valuation of $40 billion.
The startup has also applied for a banking license within the UK three years ago and is still awaiting approval.
INVESTMENT BANKING
Global Investment Banks Cut Staff in China Market
While Investment Banking business is doing brisk business in the US…not so much in China.
Western investment banks with operations in China saw losses or a drop in profits in 2023 and have made job cuts accordingly.
It’s gotten so bad, JP Morgan chief, Jaime Dimond is quoted as saying: “…part of its investment banking business in China had ‘fallen off a cliff’ “.
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