Word: issuers
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...having already given the CEO job to his anointed successor, Charles Prince. But Dimon will not be waiting that long to shake things up in the newly combined entity, which keeps the J.P. Morgan Chase name, and will be the second largest U.S. bank and second largest credit-card issuer after Citi...
...accounts have mounted so quickly at card companies that the country's largest issuer, LG Card, recently nearly ran out of money and had to temporarily suspend its ATM cash-advance service. LG was bailed out last week with a $1.69 billion emergency loan package provided by its creditors, mainly banks. LG isn't the only issuer in trouble. Of South Korea's nine major card companies, eight lost money in the first half of 2003; losses at Samsung Card, the country's second-largest issuer, totaled $850 million in the first nine months of the year. Two banks, Korea...
SHRED YOUR MAIL: Preapproved-credit-card solicitations should be shredded. Pay attention to the billing cycles of the cards already in your wallet as well. If they're noticeably late, call your issuer...
...Western Union clone that tanked within two years, is probably the best positioned of the banks that are competing with Western Union. Citi bought Banamex, Mexico's second largest bank, in 2001 and has a strong banking presence in India, where the company is the largest credit-card issuer. "But at this point it's still the elephant and the flea," says David Robertson, publisher of the Nilson Report. By year's end, Western Union will have set up shop in 15,000 India Post offices...
MCKISSACK: A stock like MBNA, the credit card issuer, we've owned for a long time. It's growing from what was a midcap company into the larger-cap space. It has demonstrated 20%-a-year growth and, with its credit review and issuance process, it has an above-average customer in terms of income and payment history. We've also been very successful with SunGard Data Systems and continue to see that as a good long-term opportunity. It provides specialized software into the financial-services market and recently bought Comdisco to make it a larger player in that...