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Zoom investor tells startup founders: ‘Forget the past three years’ and accept 50% valuation hit

Eugene Zhang, founding partner of Silicon Valley VC firm TSVC Spencer Greene, general partner of TSVCCourtesy: TSVCEugene Zhang, a veteran Silicon Valley investor, recalls the exact moment the market for young startups peaked this year.The firehose of money from venture capital firms, hedge funds and wealthy families pouring into

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PSBs clock 9% rise in profit to Rs 15,306 crore in April-June

All the 12 public sector banks earned a cumulative profit of about ₹15,306 crore, registering a 9.2% growth annually, despite poor showing by large lenders like and . During the April-June period of the previous fiscal, state-owned banks recorded a total profit of ₹14,013 crore, according to quarterly

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Apple Card’s rapid growth, outside vendors blamed for mishaps within Goldman’s credit-card business

Apple CEO Tim Cook introduces Apple Card during a launch event at Apple headquarters on Monday, March 25, 2019, in Cupertino, California.Noah Berger | AFP | Getty ImagesWhen it was unveiled in 2019, Apple touted its new credit card as a gamechanger with unheard-of levels of simplicity and transparency.Behind

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RBI penalises eight cooperative banks

The RBI on Monday said it has imposed penalties on eight cooperative banks, including a fine of Rs 40 lakh on the Mehsana Urban Co-operative Bank, Gujarat, for non-compliance with various norms. Penalty has been imposed on Mehsana Urban Co-operative Bank for non-compliance with certain provisions of the Reserve

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A ‘shakeout’ among mortgage lenders is coming, according to CEO of bank that left the business

A sign hangs from a branch of Banco Santander in London, U.K., on Wednesday, Feb. 3, 2010.Simon Dawson | Bloomberg via Getty ImagesBanks and other mortgage providers have been battered by plunging demand for loans this year, a consequence of the Federal Reserve's interest rate hikes.Some firms will be

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Visa and Mastercard suspend payments for ad purchases on Pornhub and MindGeek amid controversy

Visa and Mastercard said Thursday card payments for advertising on Pornhub and its parent company MindGeek would be suspended after a lawsuit stoked controversy over whether the payments giants could be facilitating child pornography.A federal judge in California on Friday denied Visa's motion to dismiss a lawsuit by a

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Goldman Sachs, bank behind the Apple Card, says regulators are investigating its credit card practices

Goldman Sachs CEO David Michael Solomon attends a discussion on "Women Entrepreneurs Through Finance and Markets" at the World Bank on October 18, 2019 in Washington, DC.Olivier Douliery | AFP | Getty ImagesGoldman Sachs said that its credit-card business is being investigated by the Consumer Financial Protection Bureau over

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Job cuts and smaller bonuses loom for Wall Street bankers amid deals slowdown, consultant says

People walk by the New York Stock Exchange on May 12, 2022 in New York City.Spencer Platt | Getty Images News | Getty ImagesInvestment bankers hit with a collapse in equity and debt issuance this year are in line for bonuses that are up to 50% smaller than 2021

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Southeast Asia’s largest bank says wealth management, capital markets business face challenges

DBS Group CEO Piyush Gupta said the bank's wealth management and capital markets businesses continue to see "headwinds," despite the bank reporting robust second-quarter earnings."Business momentum is a bit mixed. Our corporate lending activities are actually doing quite well. And so the balance sheets continue to grow," Gupta told

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