iShares U.S. Financial Services ETF (ARCA: IYG)

Dernières nouvelles pour iShares U.S. Financial Services ETF (ARCA:IYG)

iShares U.S. Financial Services ETF

Financial Services

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The fund generally invests at least 90% of its assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. The underlying index measures the performance of the financial services sector of the U.S. equity market. The fund is non-diversified.

Berkshire Hathaway, Inc.

Jpmorgan Chase & Co.

Visa Inc

Mastercard Inc

Bank Of America Corp.

Wells Fargo & Co.

Goldman Sachs Group Inc.

S&P Global Inc

American Express Co.

Morgan Stanley

iShares US Financial Services ETF

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) shares are trading higher premarket after it reported&nbsp;<a target="_blank" href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2024/3rd-quarter/66269bb6-ecc5-4172-b461-6b7e7cd47aab.pdf" rel="noreferrer noopener">third-quarter FY24 results</a>.
Reported revenue&nbsp;rose 7%&nbsp;year-on-year to&nbsp;$42.654 billion, beating the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41288439/jpmorganchase-reports-third-quarter-2024-financial-results" rel="noreferrer noopener">consensus of&nbsp;$41.649 billion</a>. Net revenue (managed) stood at&nbsp;$43.3 billion (+6% Y/Y) in the quarter.
Consumer &amp; Community Banking (CCB) revenue declined 3% Y/Y to&nbsp;$17.791 billion, and Commercial &amp; Investment Banking was&nbsp;$17.015 billion (+8%&nbsp;Y/Y) in the quarter.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41278311/jpmorgan-earnings-are-imminent-these-most-accurate-analysts-revise-forecasts-ahead-of-earnings-call" rel="noreferrer noopener">JPMorgan Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call</a>
Investment Banking revenue was&nbsp;$2.4 billion, up&nbsp;29%. Investment Banking fees rose 31% year over year, led by higher fees across all products.
Asset and Wealth Management (AWM) revenue was&nbsp;$5.4 billion (+9% Y/Y), and Corporate revenue stood at&nbsp;$3.07 billion (+97% Y/Y) in the quarter.
In AWM,&nbsp;Assets under management (AUM) stood at&nbsp;$3.9 trillion, and, client assets stood at&nbsp;$5.7 trillion (up 23%), driven by higher market levels and continued net inflows.
Net interest income increased by 3% Y/Y to $23.5 billion and&nbsp;+1% Y/Y, excluding Markets. Noninterest revenue was&nbsp;$19.8 billion, up&nbsp;11% Y/Y, in the quarter.
Noninterest revenue, excluding Markets, rose 17% to $12.7 billion, fueled by lower net investment securities losses, higher asset management fees in AWM and CCB, and increased investment banking fees.
Noninterest expense increased 4% to $22.6 billion, mainly due to higher compensation and employee growth. Average loans rose&nbsp;1% Y/Y and Q/Q; average deposits were up 1% Y/Y and Q/Q.
In CCB, Debit and credit card sales volume increased by&nbsp;6% year over year, and active mobile customers were up&nbsp;7% year over year.&nbsp;In CIB, Market revenue rose&nbsp;8%&nbsp;year over year, with Fixed Income Markets flat year over year and Equity Markets up&nbsp;27%&nbsp;year over year in the quarter.
JPM's provision for credit losses was&nbsp;$3.11 billion (+125% Y/Y), including net charge-offs of&nbsp;$2.1 billion and a net reserve build of $1.0 billion.&nbsp;
Net income fell 2%&nbsp;Y/Y to&nbsp;$12.90 billion in the quarter. EPS of&nbsp;$4.37, exceeding&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">the consensus of&nbsp;$4.00</a>.
The CET1 capital ratio stood at&nbsp;15.3%, and the advanced CET1 capital ratio was&nbsp;15.5%. The bank disclosed a dividend per share of $1.25 and a share repurchase of $6.0 billion.
<a target="_blank" href="https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/quarterly-earnings/2024/3rd-quarter/af682bd9-14a5-406e-94d4-a7b4c5bed345.pdf" rel="noreferrer noopener">Outlook</a>: JPMorgan now expects FY24 net interest income,&nbsp;excluding Markets, of ~$92.5 billion <a target="_blank" href="https://www.benzinga.com//node/39747860" rel="noreferrer noopener">(up from ~$91 billion earlier)</a>. The bank continues to project card&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">services NCO rate of ~3.40%.</a>
Jamie Dimon, Chairman and CEO, said, "We await our regulators' new rules on the Basel III endgame and the G-SIB surcharge as well as any adjustments to the SCB or CCAR&#8230;Regardless of the outcome of these rules, we have an extraordinarily strong balance sheet, evidenced by total loss-absorbing capacity of $544 billion plus cash and marketable securities of $1.5 trillion, while our riskiest assets, loans, total $1.3 trillion."
"On share repurchases, given that market levels are at least slightly inflated, we maintain our modest pace of buybacks, although we reserve the right to adjust this at any time."
"We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and getting worse."
"Additionally, while inflation is slowing and the U.S. economy remains resilient, several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world."
Investors can gain exposure to the stock via&nbsp;IShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: JPM shares are up 1.39% at $215.79 premarket at the last check Friday.
Read Next:
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<li><a href="https://www.benzinga.com/news/earnings/24/10/41289207/wells-fargo-q3-earnings-lower-profit-on-squeezed-interest-income-but-investment-banking-fees-provid" target="_blank" rel="noreferrer noopener">Wells Fargo Q3 Earnings: Lower Profit On Squeezed Interest Income, But Investment Banking Fees Provides Cushion</a></li>
</ul>
Photo by Katherine Welles on Shutterstock

Earnings

Equities

Large Cap

News

Guidance

Dividends

Buybacks

Movers

iShares Trust Dow Jones US Financial Services Index Fund

JPMorgan Chase Q3 Earnings: Investment Banking Revenue Soars 29%, Largest Bank Raises Net Interest Income Outlook

Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) shares are trading slightly higher today. On Tuesday, the company announced that South Africa will be the first market globally to benefit from<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41234894/mastercard-accelerates-the-path-toward-real-time-card-payments" rel="noreferrer noopener"> immediate Mastercard card payments</a>.
The company will introduce new standards and solutions to accelerate card transaction processing, enabling same-day payouts for South African merchants through real-time clearing and more frequent settlements.
This initiative supports economic growth and will extend to global banks, allowing real-time card payments for consumers, improving transaction speed and fund visibility.
Also, this move will support the South African Reserve Bank&#8217;s National Payments System Strategy Vision 2025, focusing on financial inclusion.
Gabriel Swanepoel, Southern Africa Country Manager, Mastercard, said, &nbsp;&#8220;By enhancing processing standards and delivering faster clearing and settlement, we aim to support small businesses with better cash flow and enable acquirers to manage liquidity more effectively.&#8221;
Mastercard is partnering with global payments technology provider ACI Worldwide to realize its vision of real-time card payments. Through this collaboration, Mastercard will enable acquirers in South Africa to swiftly and seamlessly adopt real-time transaction processing standards.
&#8220;We share Mastercard&#8217;s commitment to leveraging technology to empower the South African market with an advanced and inclusive payments system. This initiative will ultimately improve liquidity and enable faster access to funds, delivering more seamless payments experiences for local customers and businesses,&#8221; stated Bill Farris, Head of Issuing &amp; Acquiring, ACI Worldwide.
In another development, Cantaloupe, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTLP#NASDAQ">CTLP</a>) revealed the launch of&nbsp;its Advantage program. This program allows brands to engage with consumers through digital advertising on Cantaloupe&#8217;s point-of-sale (POS) touchscreen devices across the U.S. and Canada. The program&#8217;s <a target="_blank" href="https://www.benzinga.com//node/41248663" rel="noreferrer noopener">first collaborative campaign is with&nbsp;Mastercard</a><a target="_blank" href="https://www.benzinga.com//node/41248663" rel="noreferrer noopener">.</a>
Investors can gain exposure to the stock via iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;BlackRock Long-Term U.S. Equity ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BELT#NASDAQ">BELT</a>).
Price Action: MA shares are up 0.36% at $498.83 at the last check Wednesday.
Photo via Shutterstock
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</ul>

BELT

CTLP

Mastercard Brings Same-Day Payouts To South African Merchants: Details

JPMorgan Chase &amp; Co.&#8216;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) J.P. Morgan Asset Management penned a deal to enhance its Morgan Money offering through a strategic partnership with GLMX,<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41229723/j-p-morgan-asset-management-enhances-morgan-money-with-expanded-access-to-diverse-asset-classes" rel="noreferrer noopener"> a global money market trading platform</a>.
Morgan Money is a global trading platform that provides effective short-term investment management solutions tailored for institutional investors.
With $313 billion in assets under management as of June 30, 2024, the platform facilitates efficient liquidity and cash investment management, allowing clients to maximize outcomes with fewer resources.
This collaboration allows clients to access GLMX&#8217;s advanced trading technology directly, broadening their short-term investment options.
The integration offers a comprehensive suite of money market instruments, including money market funds, repurchase agreements, time deposits, CDs, commercial paper, and government securities.
Glenn Havlicek, CEO and Co-founder of GLMX, said, &#8220;This collaboration with J.P. Morgan Asset Management is a result of investors&#8217; desire to access the entire investable universe of short-term instruments with a seamless experience.&#8221;
&#8220;We bring GLMX&#8217;s&nbsp;$3 trillion&nbsp;ecosystem to J.P. Morgan&#8217;s client base as we seek to collaborate with industry leaders to provide innovative and easily accessible solutions for our collective clients.&#8221;
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41185532/jp-morgan-takes-stake-in-australian-casino-operator-star-entertainment-details" rel="noreferrer noopener">JP Morgan Takes Stake In Australian Casino Operator Star Entertainment: Details</a>
Last week, J.P. Morgan expanded its Canadian business with the launch of two active ETFs <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41144035/j-p-morgan-launches-new-etfs-plans-to-add-jobs-in-canada" rel="noreferrer noopener">on the Toronto Stock Exchange</a>.
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: JPM shares are down 0.07% at $210.78 at the last check Tuesday.
Image via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41223849/pepsico-jpmorgan-and-wells-fargo-to-kick-off-earnings-season-as-investors-eye-s-p-5" target="_blank" rel="noreferrer noopener">PepsiCo, JPMorgan And Wells Fargo To Kick Off Earnings Season As Investors Eye S&amp;P 500 Near Record Highs: Interest Rates And Inflation In Focus</a></li>
</ul>

J.P. Morgan Teams Up With GLMX To Supercharge Short-Term Investment Options

JP Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) shares are trading higher on Friday. On October 1, 2024, the company became a substantial shareholder in The Star Entertainment Group Limited, acquiring <a target="_blank" href="https://www.starentertainmentgroup.com.au/wp-content/uploads/2024/10/03-OCT-2024-ASX-Announcement-Notification-of-Substantial-Shareholding.pdf" rel="noreferrer noopener">156.99 million </a>ordinary shares, representing 5.47% voting power.
Star Entertainment is an Australian casino operator. The company has been in troubled waters due to liquidity issues, and shares dipped by 66% in 2023, reported Reuters.
Star Entertainment owns and operates The Star Sydney, The Star Gold Coast and Treasury Brisbane. It also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government.
This week, JP Morgan expanded its Canadian business by launching two active ETFs on the Toronto Stock Exchange. The new ETFs target income-focused Canadian investors, <a target="_blank" href="https://www.benzinga.com/markets/equities/24/10/41144035/j-p-morgan-launches-new-etfs-plans-to-add-jobs-in-canada" rel="noreferrer noopener">offering capital appreciation and steady income</a>.
Along with this, JP Morgan planned to expand its asset management business in Canada, expecting to add up to 20 jobs over the next 18 months.
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: JPM shares are up 1.73% at $208.78 at the last check Friday.
Photo by Katherine Welles on Shutterstock
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<li><a href="https://www.benzinga.com/news/24/10/41178039/openai-secures-4b-credit-line-to-supercharge-ai-ambitions-and-expand-nvidia-powered-infrastructure-p" target="_blank" rel="noreferrer noopener">OpenAI Secures $4B Credit Line To Supercharge AI Ambitions And Expand Nvidia-Powered Infrastructure: &#8216;Provides Flexibility To Seize Future Growth Opportunities&#8217;</a></li>
</ul>

Media

JP Morgan Takes Stake In Australian Casino Operator Star Entertainment: Details

JP Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) shares are trading marginally higher on Wednesday. On Tuesday, J.P. Morgan Asset Management disclosed the expansion of its <a target="_blank" href="https://www.newswire.ca/news-releases/j-p-morgan-asset-management-launches-first-etfs-in-canada-828827983.html" rel="noreferrer noopener">Canadian </a>business with the launch of two active ETFs.
This launch strengthens JPMAM&#8217;s presence in Canada and provides increased access to global investment strategies through financial advisors.
Starting October 1, 2024, Canadian investors can access the JPMorgan US Equity Premium Income Active ETF (TSX:<a class="ticker" href="https://www.benzinga.com/stock/JEPI#TSX">JEPI</a>) and the JPMorgan Nasdaq Equity Premium Income Active ETF (TSX:<a class="ticker" href="https://www.benzinga.com/stock/JEPQ#TSX">JEPQ</a>) on the Toronto Stock Exchange.
In line with JPMAM&#8217;s strategy, the two ETFs target equities for potential capital appreciation and steady income, appealing to income-focused Canadian investors.
Travis Hughes, Head of&nbsp;Canada, J.P. Morgan Asset Management, said, &#8220;The introduction of the J.P. Morgan ETFs in&nbsp;Canada&nbsp;is an important advancement of our&nbsp;Canada&nbsp;market strategy, with these offerings representing the first of a broad suite of active ETF solutions we plan to deliver over time.&#8221;
&#8220;As home to the first ETF,&nbsp;Canada&nbsp;is an ideal market for these offerings. The listing of JEPI and JEPQ is a significant milestone for JPMAM as it brings focus to both the firm&#8217;s success as an active manager and the breadth and depth of its global products.&#8221;
Along with this launch, JP Morgan plans to expand its asset management business in Canada, expecting to add up to 20 jobs over the next 18 months, reported Reuters.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40962425/jp-morgan-targets-uk-with-fresh-credit-card-offering-report" rel="noreferrer noopener">JP Morgan Targets UK With Fresh Credit Card Offering: Report</a>
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: JPM shares are up 0.14% at $207.33 at the last check Wednesday.
Photo by Katherine Welles on Shutterstock
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</ul>

JEPI

JEPQ

TSX:JEPI

TSX:JEPQ

J.P. Morgan Launches New ETFs, Plans To Add Jobs In Canada

Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) shares are trading higher on Thursday. The company inked a deal to acquire<a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b41046498/visa-to-acquire-featurespace" rel="noreferrer noopener"> </a><a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b41046498/visa-to-acquire-featurespace" rel="noreferrer noopener">Featurespace </a><a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b41046498/visa-to-acquire-featurespace" rel="noreferrer noopener">for an undisclosed amount</a>.
Featurespace is a developer of real-time AI payments protection technology that addresses fraud and financial crime risks.
This acquisition is expected to enhance Visa&#8217;s portfolio of fraud detection and risk-scoring solutions, supporting clients globally in growing and safeguarding their businesses.
The partnership between Visa and Featurespace is projected to empower clients to manage fraud in real-time and strengthen the payments ecosystem through AI-driven solutions.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40996656/visa-reportedly-faces-doj-antitrust-lawsuit-alleging-monopolization-of-us-debit-card-market-amid" rel="noreferrer noopener">Visa Reportedly Faces DOJ Antitrust Lawsuit Alleging Monopolization Of US Debit Card Market Amid Regulatory Crackdown</a>
This investment underscores Visa&#8217;s commitment to ecosystem security, having invested billions in technology over the past five years to reduce fraud and enhance network security.
The transaction, which is subject to standard closing conditions, is expected to close in fiscal year 2025.
Antony Cahill, Global Head of Value-added Services at Visa, stated, &#8220;Providing our clients with solutions that can adapt to and anticipate the changing threat landscape is of the utmost importance. Featurespace&#8217;s strong foundation in AI will enhance our existing product portfolio and enable us to address our clients&#8217; most complex and pressing challenges.&#8221;
As of June 30, Visa&#8217;s cash and cash equivalents <a target="_blank" href="https://s1.q4cdn.com/050606653/files/doc_financials/2024/q3/Q3-2024-Earnings-Release_vF.pdf" rel="noreferrer noopener">stood </a>at $19.7 billion.
This month, Visa planned to launch an account-to-account (A2A) payment service in the U.K. in early 2025, <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40728834/whats-going-on-with-visa-stock-premarket-thursday" rel="noreferrer noopener">using open banking technology</a>.
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: V shares are up 1.21% at $272.91 at the last check Thursday.
Image from Shutterstock
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</ul>

Visa Takes On Financial Crime: Acquires AI Fraud Specialist Featurespace, Strengthening Payment Security

JP Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) shares are trading higher on Friday. The bank reportedly started internal testing of a new credit card product.
The move comes as a part of plans to expand its offerings to U.K. consumers, <a href="https://www.bloomberg.com/news/articles/2024-09-20/jpmorgan-begins-testing-uk-credit-cards-in-latest-overseas-foray?srnd=homepage-Americas&amp;sref=TBDibEcD" target="_blank" rel="noreferrer noopener">reported </a>Bloomberg. The bank&#8217;s senior executives are said to be testing the credit cards within their mobile apps.
A person familiar with the matter said to Bloomberg that the product has been under development for over a year.
The new credit card will be added alongside investment products from JPMorgan&#8217;s digital wealth manager, Nutmeg, on its U.K. retail app, the report noted.
Notably, Nutmeg is the U.K.&#8217;s first and now largest digital wealth manager and serves over 200,000 <a target="_blank" href="https://www.chase.co.uk/gb/en/product/invest-with-nutmeg/" rel="noreferrer noopener">customers</a>, per the company&#8217;s website.
In July, the bank&nbsp;warned its 86 million customers to prepare for potential <a target="_blank" href="https://www.benzinga.com/government/24/07/39645336/largest-consumer-bank-chase-hints-increased-cost-to-consumers-for-everyday-banking-services" rel="noreferrer noopener">new charges on their bank accounts</a>.
This week, as per a report, JPMorgan is reportedly in talks with Apple about taking over its credit card program. The discussions began earlier this year <a target="_blank" href="https://www.benzinga.com/news/24/09/40907844/jpmorgan-in-talks-to-take-over-apple-credit-card-what-investors-need-to-know" rel="noreferrer noopener">and have advanced in recent weeks</a>.
Notably, Goldman Sachs is the current card issuer, but Apple and Goldman decided to part ways last year in their partnership, which included credit cards and savings accounts.
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: JPM shares are down 0.04% at $210.40 at the last check Friday.
Image via Shutterstock

AAPL

JP Morgan Targets UK With Fresh Credit Card Offering: Report

Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) shares are<a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener"> trading lower on Thursday.</a>
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, MA stock has gained over 19% in the past year. Investors can gain exposure to the stock via iShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;BlackRock Long-Term U.S. Equity ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BELT#NASDAQ">BELT</a>).
Safaricom and Mastercard have forged a partnership aimed at boosting the adoption of payment acceptance and <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40939900/safaricom-and-mastercard-partner-to-expand-remittances-and-payment-acceptance-to-over-636-000-merc" rel="noreferrer noopener">cross-border remittance services in Kenya.</a>
&#8220;We are proud to partner with Safaricom to build an inclusive digital economy that works for everyone, everywhere. We will enable the merchants to grow and contribute to the Kenyan economy,&#8221;&nbsp;said Amnah Ajmal, Executive Vice President, EEMEA, Mastercard.
Also Read:<a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39621550/mastercard-and-ant-group-expand-digital-payment-zones-in-western-chinese-cities-details" rel="noreferrer noopener"> Mastercard and Ant Group Expand Digital Payment Zones In Western Chinese Cities: Details</a>
This collaboration is expected to benefit more than 636,000 merchants utilizing M-PESA, Safaricom&#8217;s premier mobile money service.
By utilizing M-PESA&#8217;s vast merchant network alongside Mastercard&#8217;s global payment infrastructure, this partnership aims to provide merchants with seamless, secure, and scalable payment solutions, allowing them to reach customers in international markets.
Additionally, it will enhance remittance services, facilitating efficient cross-border transactions.
&#8220;By combining our expertise with Mastercard&#8217;s global acceptance network, we are enabling businesses to provide more efficient and frictionless payment solutions to their customers, both in Kenya and beyond,&#8221; said&nbsp;Esther Waititu, Chief Financial Services Officer, Safaricom.
Price Action: MA shares were down 0.13% at $494.11 at the last check Thursday.
Photo via Shutterstock
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Markets

General

Safaricom, Mastercard Team Up To Supercharge Cross-Border Payments And Merchant Growth In Kenya

Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) shares are trading higher today. On Thursday, the company announced that it would acquire Recorded Future for $2.65 billion, enhancing cybersecurity services with <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40832349/mastercard-expands-cyber-defense-with-2-65b-deal-for-recorded-future-whats-on-the-cards" rel="noreferrer noopener">real-time threat intelligence</a>.
This acquisition enhances Mastercard's cybersecurity services, strengthening the insights and intelligence crucial for securing the digital economy, including the payments ecosystem.
J.P.Morgan analyst Tien-tsin Huang writes that they see the acquisition as a positive development and note the price paid is reasonable for a high-quality asset <a target="_blank" href="https://www.benzinga.com/quote/MA/analyst-ratings" rel="noreferrer noopener">advanced in AI for threat intelligence</a>.
The analyst writes that Recorded Future excels in data ingestion and analysis, delivering actionable threat insights to clients.
Huang sees strong synergies with Mastercard, leveraging its extensive consumer and transactional dataset and enhancing growth through Mastercard&#8217;s deep partnerships with financial institutions, merchants, and other partners.
The analyst projects that Recorded Future could boost FY25 revenue by approximately 1ppt, or 3ppts within VAS&amp;S, and is likely to be accretive to VAS&amp;S revenue growth.
Investors can gain exposure to the stock via&nbsp;iShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;BlackRock Long-Term U.S. Equity ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BELT#NASDAQ">BELT</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/news/24/09/40748559/alibaba-and-mastercard-team-up-to-offer-new-perks-for-us-business-owners" rel="noreferrer noopener">Alibaba and Mastercard Team Up To Offer New Perks for US Business Owners</a>
Price Action: MA shares are up 0.54% at $494.75 at the last check Friday.
Image: Unsplash/ CardMapr.nl
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Analyst Color

Analyst Ratings

Trading Ideas

Mastercard's Cybersecurity Expansion: Analysts Highlight Synergies And Positive Revenue Impact By 2025

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) aims to expand its Swiss corporate banking business and plans to leverage blockchain services <a href="https://www.benzinga.com/topic/blockchain">to attract new clients</a>.
The company currently has over two dozen active customer relationships and plans to significantly expand in this segment, reported Reuters.
Lutz Karl, who heads the bank&#8217;s business with major corporate clients in Germany, Switzerland and Austria, is also aiming for market share gains in the trade financing business.
He stated, &#8220;We&#8217;re also having a lot of discussions on the subject in Switzerland, and expect to bring the first customers onto the platform in the next few months.&#8221;
Also Read: <a href="https://www.benzinga.com/top-stories/24/09/40804111/jpmorgan-shares-tumble-after-coo-throws-cold-water-on-analyst-outlook" target="_blank" rel="noreferrer noopener">JPMorgan Shares Tumble After COO Throws Cold Water On Analyst Outlook</a>
&#8220;Blockchain technology was presenting opportunities for growth in cash management via payment transactions.&#8221;
Karl said that JPMorgan aims to expand its position within three to five years.
On Wednesday, J.P. Morgan Payments introduced new and enhanced product integrations with the Oracle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) ecosystem, aimed at simplifying and streamlining payments across treasury, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40813449/j-p-morgan-payments-expands-oracle-partnership-to-streamline-payments-across-treasury-trade-and-co" rel="noreferrer noopener">trade, and commerce for clients</a>.
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: JPM shares are up 0.08% at $207.40 premarket at the last check Thursday.
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40828224/jpmorgan-ceo-jamie-dimon-said-hed-fire-in-a-second-anyone-caught-trading-bitcoin-when-it-w" target="_blank" rel="noreferrer noopener">JPMorgan CEO Jamie Dimon Said He&#8217;d &#8216;Fire In A Second&#8217; Anyone Caught Trading Bitcoin When It Was At $4,000. 7 Years Later, The Investment Bank Holds Positions In Spot ETFs Tracking The Apex Crypto</a></li>
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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock

ORCL

JPMorgan Eyes Market Share Gains In Swiss Corporate Banking: Report

Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) disclosed that it will acquire global threat intelligence company Recorded Future <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40829427/mastercard-invests-in-continued-defense-of-global-digital-economy-with-acquisition-of-recorded-fut" rel="noreferrer noopener">from Insight Partners for $2.65 billion</a>.
This acquisition enhances Mastercard&#8217;s cybersecurity services, strengthening the insights and intelligence crucial for securing the digital economy, including the payments ecosystem.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40436363/mastercard-plans-to-eliminate-about-1-000-jobs-report" rel="noreferrer noopener">Mastercard Plans To Eliminate About 1,000 Jobs: Report</a>
Recorded Future, which has more than 1,900 clients, offers real-time threat visibility by analyzing extensive data sources, helping customers mitigate risks.
Recorded Future&#8217;s use of AI and advanced technologies will enhance Mastercard&#8217;s identity, fraud prevention, decision-making, and cybersecurity services, expanding threat intelligence capabilities for merchants and financial institutions.
Mastercard and Recorded Future both expect to use AI to analyze billions of data points to identify potential threats and protect people and businesses.
Craig Vosburg, Chief Services Officer at Mastercard, said, &#8220;Recorded Future adds to how we deliver that greater peace of mind before, during and after the payment transaction. Together we will innovate faster, create smarter models and anticipate emerging threats before cyberattacks can take place – in payments and beyond.&#8221;
The transaction is expected to close by first-quarter 2025, subject to regulatory review and other customary closing conditions.
With the introduction and adoption of new technologies, the risk of cyber threats is increasing. Notably, as per Statista, cybercrime is projected to cost $9.2 trillion globally in 2024.
Last week, Mastercard launched Payment Passkey Service globally to boost online security <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/08/40624974/mastercard-launches-new-payment-passkey-service-to-prevent-online-fraud" rel="noreferrer noopener">using tokenized transactions and biometrics</a>.
The service aims to reduce fraud and enhance approval rates, expanding from its initial pilot in India to a global rollout.
As of June 30, 2024, Mastercard&#8217;s cash and cash <a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/40069076/mastercard-q2-earnings-revenue-and-profit-beat-rise-in-discretionary-consumer-spending-and-travel-b" rel="noreferrer noopener">equivalents stood at $9.13 billion</a>.
Investors can gain exposure to the stock via&nbsp;iShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;BlackRock Long-Term U.S. Equity ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BELT#NASDAQ">BELT</a>).
Price Action: MA shares are up 0.20% at $489.14 premarket at the last check Thursday.
Photo via Shutterstock
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</ul>

Mastercard Expands Cyber Defense With $2.65B Deal For Recorded Future - What's On The Cards?

Bank of America Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>)&nbsp;CEO Brian Moynihan <a href="https://www.benzinga.com/markets/equities/24/09/40792082/whats-going-on-with-bank-of-america-stock-on-tuesday">praised Warren Buffett</a> on Tuesday as an investor in the company, but said he has not asked the legendary investor why he has lowered his position in Bank of America.
&#8220;He has been a great investor for our company, stabilized our company,&#8221; Moynihan said about Buffett during an investor conference in New York, Reuters reported. &#8220;I don&#8217;t know what exactly he is doing because frankly we can&#8217;t ask.&#8221;
Buffett&#8217;s Berkshire Hathaway (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) the biggest shareholder in BofA,&nbsp;has been reducing its stake in the U.S. bank, making total share sales since mid-July of nearly $7 billion.
Berkshire&#8217;s stake in Bank of America stands at about 11.1%, according to LSEG data.
Read Also: <a href="https://www.benzinga.com/general/education/24/09/40795866/warren-buffetts-sister-lost-every-game-of-monopoly-all-my-money-was-gone-but-she-says-she-train">Warren Buffett&#8217;s Sister Lost Every Game Of Monopoly — &#8216;All My Money Was Gone,&#8217; But She Says She &#8216;Trained Him To Be A Winner&#8217;</a>
Moynihan also discussed the proposed changes in capital rules after the Federal Reserve Chairman Jerome Powell laid out a plan on Tuesday to raise big bank capital by 9%, significantly reducing an earlier proposal after intense Wall Street pushback.
Moynihan said the proposed changes are manageable for Bank of America, and it will keep buying back stock, but warned that higher capital requirements for large banks could reduce lending.
&#8220;If our capital goes up by 10%, it stops us from making $160 billion (in) loans we would otherwise make. Those loans would go to small businesses and middle-market companies at competitive rates,&#8221; he said.
Speaking about performance in the third quarter, he said investment banking revenue could be around $1.2 billion, a slight uptick from $1.18 billion in revenue posted in the same quarter a year earlier.
BAC Price Action: Bank of America fell 0.48% to close at $39.28 on Tuesday.
Exchange-traded funds that hold the stock also trended downward.
<ul>
<li>First Trust Nasdaq Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTXO#NASDAQ">FTXO</a>) fell 1.71%</li>
<li>Invesco KBW Bank ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KBWB#NASDAQ">KBWB</a>) slipped 1.83%</li>
<li>IShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) declined 1.11%</li>
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</ul>
Photo: Brian Moynihan, Bank of America at World Economic Forum (WEF), Courtesy WEF via <a href="https://www.flickr.com/photos/worldeconomicforum/52095722888/in/photolist-2nnwcqL-RdLSNL-RdLSFm-2nnw5nq-SrPEcd-RgrMo6-7z8ezp-E4BHQD-RdLSMU-RdLSyN-2nnwcc4-SrPEbw-RdLSKE-SrPEd5-2nnV7BY-RgrMka-brGbFG-Svu93D-2nnwcb2-SrPEbb-SrPE9h-2nnNBgZ-SrPEau-RdLSPC-nAFmrs-aZcfDv-R8p38P-2nnV7AL-2bXeSgX-2nnwc1h-brHePm-2nnwbW9-2bXeW4g-2nnxi6n-2bXeZA6-2kwL7x3-2nxZQGK-brKH3j-2nsCzDU-JLFmTp-2jF3WQC-aUGnoR-22CQiXy-6JF8ms-2nsDn2n-E4vGw8-2nWZRuR-bDD5W1-bDD6uo-2nX1NAZ">Flickr</a> Creative Commons

Federal Reserve

ETFs

FTXO

KBWB

Bank Of America CEO On Buffett's Share Retreat: 'I Don't Know What Exactly He Is Doing ... We Can't Ask'

Did one comment just send JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) shares <a href="https://www.benzinga.com/markets/equities/24/09/40797360/jpmorgan-hires-new-managing-directors-for-mid-cap-investment-banking-division-report">to fall by 7.5%</a>?
It appears so. JPMorgan Chief Operating Officer Daniel Pinto tempered analyst forecasts on next year&#8217;s expenses and net interest income (NII) at an industry event Tuesday.
The current NII consensus of $89.5 billion is &#8220;not very reasonable&#8221; in the light of interest-rate forecasts, he <a href="https://www.bloomberg.com/news/articles/2024-09-10/jpmorgan-shares-slide-as-pinto-says-analysts-are-too-optimistic?srnd=homepage-americas&amp;sref=TBDibEcD">said</a> according to Bloomberg. NII &#8220;will be lower,&#8221; he added.
As a result, the stock took its biggest tumble since June 2020.
But Pinto wasn&#8217;t the only bank executive who sounded pessimistic this week.
Read Also: <a href="https://www.benzinga.com/top-stories/24/09/40691590/m-t-bank-to-outperform-peers-analyst-says-overhang-fears-could-erode-over-next-several-quarters">M&amp;T Bank To Outperform Peers, Analyst Says: &#8216;Overhang Fears Could Erode Over Next Several Quarters&#8217;</a>
Goldman Sach Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) CEO David Solomon said Monday the firm&#8217;s trading revenue is on track to drop 10% in the third quarter. At last check Tuesday, the firm&#8217;s stock is down more than 4.3%.
Ally Financial Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALLY#NYSE">ALLY</a>) is also down over 17.6% at last check. 
The firm confirmed that auto delinquencies and net charge-offs were higher than forecast, sending the stock to its biggest decline since March 2020 while taking consumer lenders Capital One Financial Corp. and Synchrony Financial down with it. 
The 24-firm KBW Bank Index fell 3.5%, even though the Federal Reserve said that it would cut higher proposed capital requirements for the biggest firms in half after industry pushback.
JPMorgan reported NII that missed analysts' estimates for the second quarter as well as higher-than-expected costs. 
Pinto also said Tuesday that expectations for 2025 costs were too balmy, and that third-quarter investment-banking fees could rise 15% while markets revenue increases just 2% to come in below analyst forecasts.
Price Action: JPMorgan fell 5.25% to $205.40 into Tuesday&#8217;s late-afternoon trading.
<ul>
<li>IShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) slipped 1.21%</li>
<li>Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) fell 1.06%</li>
<li>iShares U.S. Financials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYF#NYSE">IYF</a>) slid 1.13%</li>
</ul>
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Image: Shutterstock

ALLY

iShares Dow Jones US Financial Sector Index Fund

JPMorgan Shares Tumble After COO Throws Cold Water On Analyst Outlook

JP Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) has reportedly appointed Humberto Garcia-Salas and Andrew Redmond as managing directors in its Mid-Cap Investment Banking division.
The move reflects its aim to bolster its investment banking segment, reported Reuters.
Garcia-Salas, who is a former JPMorgan executive, re-joins the bank from Greenhill &amp; Co., where he spent nearly eight years, most recently as managing director. Redmond, a managing director at Guggenheim Partners, will join the bank later this year.
As per the report, last week JPMorgan also named Andrew Castaldo and Andrew Martin as co-heads of the mid-cap mergers and acquisitions unit.
In July, JP Morgan appointed Nazim Ali to lead Asia tech vertical in private bank, enhancing regional <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39596027/jp-morgan-appoints-nazim-ali-to-lead-asia-tech-vertical-in-private-bank-expansion-report" rel="noreferrer noopener">tech entrepreneur engagement</a>.
In August, JP Morgan faced a lawsuit for allegedly placing customers&#8217; idle cash in <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40576740/jpmorgan-sued-for-allegedly-profiting-from-customers-idle-cash-report" rel="noreferrer noopener">accounts with low interest rates</a>.
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: JPM shares are down 6.4% at $202.85 at the last check Tuesday.
Photo by Katherine Welles on Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Management

JPMorgan Hires New Managing Directors For Mid-Cap Investment Banking Division: Report

Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) reportedly Visa plans to introduce a dedicated service for account-to-account (A2A) payments, bypassing the traditional and often rigid direct debit process.
The product is set to launch in the U.K. in early 2025, with subsequent rollouts in the Nordic region and other parts of Europe later in the year,&nbsp;&nbsp;<a target="_blank" href="https://www.cnbc.com/2024/09/05/visa-to-launch-pay-by-bank-payments-an-alternative-to-credit-cards.html" rel="noreferrer noopener">reported</a> CNBC.
The consumers will be able to easily monitor A2A payments and address any issues by clicking a button in their banking app, providing a similar level of protection as with card transactions.
As per the report, the new service will help address issues like unauthorized auto-renewals by simplifying the process of reversing direct debit transactions and obtaining refunds. Initially, it will not cover services such as TV streaming, gym memberships, and food boxes, but these are planned for future inclusion.
Visa's A2A product utilizes open banking technology, which mandates that lenders provide third-party fintechs with access to consumer banking data.
The report quoted Mandy Lamb, Visa's managing director for the U.K. and Ireland, who said, &#8220;We want to bring pay-by-bank methods into the 21st century and give consumers choice, peace of mind and a digital experience they know and love.&#8221;&nbsp;
&#8220;That's why we are collaborating with UK banks and open banking players, bringing our technology and years of experience in the payments card market to create an open system for A2A payments to thrive.&#8221;
Last month, Visa launched a Money Movement Advisory Practice in the U.S. and Canada to help clients <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40578411/whats-going-on-with-visa-stock-tuesday" rel="noreferrer noopener">navigate the $200 trillion market</a>.
Investors can gain access to the stock via&nbsp;iShares U.S. Financial Services ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and&nbsp;SPDR Select Sector Fund – Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: V shares are up 0.06% at $280.66 premarket at the last check Thursday.
Image from Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

What's Going On With Visa Stock Premarket Thursday?

Mastercard Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) launched its new Payment Passkey Service globally to enhance online <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/b40617197/mastercard-selects-india-for-the-global-launch-of-its-payment-passkey-service-accelerating-secure-" rel="noreferrer noopener">shopping security and convenience</a>.
The Mastercard Payment Passkey Service is designed for online and remote tokenized transactions, reducing fraud and improving approval rates.
By combining tokenized payment credentials with biometric authentication, Mastercard integrates industry standards from EMVCo, the World Wide Web Consortium, and the FIDO Alliance to enhance and secure the checkout process.
The service uses passkeys and tokenization to secure online transactions, ensuring no financial account data is shared with third parties, making it ineffective for fraudsters and scammers.
Initially piloted in India with major payment aggregators like Juspay, Razorpay, and PayU and online merchants like BigBasket and Axis Bank, the service aims to give consumers more control and peace of mind during online checkouts.
According to the Reserve Bank of India&#8217;s 2023-2024 Annual Report, fraud cases have increased by nearly 300% over the past two years in India.
Jorn Lambert, chief product officer at Mastercard, said, &#8220;Through innovative technology that enhances security and convenience, we&#8217;re creating a more transparent commerce ecosystem for all. As we continue to lead the way in digital payments, our commitment to achieving a tokenized future is stronger than ever.&#8221;
After the initial pilot in India, Mastercard plans to expand its Payment Passkey Service to more consumers and financial institutions globally in the coming months.
This week, Mastercard partnered with Rellevate, Inc., a fintech company providing flexible money access, to expand payments and disbursement <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/b40575533/rellevate-announces-partnership-with-mastercard-to-advance-digital-payments-capabilities-in-the-u-" rel="noreferrer noopener">services in the public sector</a>.
Investors can gain exposure to the stock via&nbsp;iShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) ticked and&nbsp;Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: MA shares closed lower by 0.67% at $471.80 on Wednesday.
Read Next:
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</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock

Mastercard Launches New Payment Passkey Service To Prevent Online Fraud

Visa Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>) shares are trading marginally higher on Tuesday. The company launched its Money Movement Advisory Practice in the U.S. and Canada through <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/b40571981/visa-launches-money-movement-advisory-practice-in-north-america" rel="noreferrer noopener">Visa Consulting &amp; Analytics (VCA)</a>.
This new service aims to assist clients and partners in navigating the complex money movement industry and seizing opportunities within the estimated $200 trillion global market.
Visa&#8217;s Money Movement Advisory Practice addresses the growing demand for seamless payments and mobile experiences.
Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40111848/mastercard-outperforms-visa-in-q2-analysts-highlight-defensive-edge-in-spending-vol" rel="noreferrer noopener">Mastercard Outperforms Visa In Q2; Analysts Highlight Defensive Edge In Spending Volatility</a>
It focuses on &#8216;Money Movement,&#8217; which includes various methods for transferring funds across platforms.
These services connect clients to up to 8.5 billion endpoints in over 190 countries and territories across 160 currencies, advancing a more innovative financial ecosystem.
VCA Implementation Support and Services will also play a crucial role in enabling clients to effectively utilize Visa&#8217;s Money Movement solutions, accelerating product integration, time to market, and adoption.
Read: <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39937524/visa-faces-continued-softer-macro-trends-these-7-analysts-dive-into-q3-results" rel="noreferrer noopener">Visa Faces Continued Softer Macro Trends: These 7 Analysts Dive Into Q3 Results</a>
Kate Manfred, North America Head of Advisory Services at Visa, said, &#8220;Clients are actively seeking effective strategies to meet the increasing customer demand for quick, reliable payments.&#8221;
&#8220;Visa can be their strategic partner, offering innovative solutions for money movement that will drive new sources of growth and customer retention.&#8221;
Investors can gain access to the stock via iShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) and SPDR Select Sector Fund &#8211; Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Price Action: V shares are up 0.25% at $268.87 at the last check Tuesday.
Image from Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

What's Going On With Visa Stock Tuesday?

JP Morgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) reportedly faces a new lawsuit accusing the bank of transferring customers&#8217; idle cash into accounts with &#8220;unreasonably&#8221; low interest rates.
Illinois resident Dan Bodea filed class action against JPMorgan on Friday in Manhattan federal court, reported Reuters.
Bodea accused JPMorgan of using its cash sweep program to shortchange customers while posing as their fiduciary and benefiting disproportionately.
Bodea did not disclose JPMorgan&#8217;s interest rates on uninvested cash or how they compare to competitors&#8217; payouts.
The lawsuit seeks unspecified compensatory and punitive damages for alleged breaches of fiduciary duty, gross negligence, and unjust enrichment.
Read: <a target="_blank" href="https://www.benzinga.com/economics/macro-economic-events/24/08/40189669/jamie-dimon-confident-in-economy-as-markets-retreat-were-going-to-get-through-it" rel="noreferrer noopener">Jamie Dimon Confident In Economy As Markets Retreat: &#8216;We&#8217;re Going To Get Through It&#8217;</a>
As per the report, some brokerages offer sweep rates exceeding 4%, while U.S. Treasury bills maturing within three months continue to yield over 5%.
This month, JPMorgan stated that it is considering legal action against CFPB over Zelle payment app <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40155365/zelle-controversy-heats-up-jpmorgan-considers-legal-action" rel="noreferrer noopener">investigations amid rising fraud scrutiny</a>.
Investors can gain exposure to the stock via&nbsp;Copper Place Global Dividend Growth ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDVD#NYSE">GDVD</a>)&nbsp;and iShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>).
Price Action: JPM shares are down 0.02% at $219.12 premarket at the last check Tuesday.
Image via Shutterstock
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Legal

GDVD

JPMorgan Sued For Allegedly Profiting From Customers' Idle Cash: Report

Mastercard Incorporated&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) shares are trading lower premarket today. The company reportedly plans to reduce its global workforce by 3%.
The reduction is expected to impact around 1,000 employees, based on Mastercard&#8217;s reported headcount of around<a target="_blank" href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001141391/1a67e97e-b966-461c-b71f-893129295992.pdf" rel="noreferrer noopener"> 33,400</a> as of 2023.
Mastercard projects most job reductions to be completed by September 30, reported <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-08-16/mastercard-plans-to-cut-3-of-staff-worldwide-amid-overhaul?sref=TBDibEcD" rel="noreferrer noopener">Bloomberg</a>.
In an emailed&nbsp;statement to Bloomberg, a spokesperson said, &#8220;We recently announced organizational changes, realigning the regions and businesses to accelerate growth and unlock capacity that will enable investment in long-term opportunities.&#8221;
&#8220;As the changes are made, the firm will &#8220;redeploy resources into growth areas.&#8221;
In July, Mastercard&nbsp;reported fiscal second-quarter net revenues of $7.0 billion, beating the analyst consensus estimate of&nbsp;$6.85 billion. Adjusted EPS rose 24% to $3.59, <a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/40069076/mastercard-q2-earnings-revenue-and-profit-beat-rise-in-discretionary-consumer-spending-and-travel-b" rel="noreferrer noopener">beating analyst expectations of $3.51</a>.
Investors can gain exposure to the stock via iShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) ticked and Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>).
Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40110078/mastercard-analysts-increase-their-forecasts-following-upbeat-results" rel="noreferrer noopener">Mastercard Analysts Increase Their Forecasts Following Upbeat Results</a>
Price Action: MA shares are up 0.09% at $469.28 premarket at the last check Monday.
Photo via Shutterstock
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Mastercard Plans To Eliminate About 1,000 Jobs: Report

JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) has provided an <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40289608/soundhound-ai-posts-q2-beat-but-analysts-focus-on-amelia-acquisition">artificial-intelligence assistant </a>to more than 60,000 employees, with plans to eventually make the technology available throughout the company.
The program, called LLM Suite, is designed to help employees with tasks such as writing emails and reports, CNBC <a href="https://www.cnbc.com/2024/08/09/jpmorgan-chase-ai-artificial-intelligence-assistant-chatgpt-openai.html">reported</a>.
The bank launched the system with ChatGPT maker OpenAI's large language model, but LLM Suite will allow employees to use other LLMs depending on use cases.
Competitor Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>) has given a pair of OpenAI-powered tools to its financial advisors, and Apple Inc. said in June that it was equipping the operating system of hundreds of millions of its consumer devices with OpenAI models.
Read Also: <a href="https://www.benzinga.com/news/24/08/40255295/amazons-4b-stake-in-anthropic-under-uk-investigation-for-anti-competitive-concerns">Amazon&#8217;s $4B AI Partnership With Anthropic Under UK Investigation For Anti-Competitive Concerns</a>
 The bank has introduced LLM Suite so far to its consumer division, investment bank, and asset and wealth management business to give them a hand with writing, summarizing long documents, solving problems with Excel and coming up with ideas.
JPMorgan is already using generative AI to create marketing content for social media channels, create itineraries for a travel agency it acquired in 2022 and summarize meetings for financial advisors, said Chief Data and Analytics Officer Teresa Heitsenrether, as reported by CNBC.
The firm also uses AI to determine where to put new bank branches and ATMs through satellite images, help call center personnel quickly find answers and prevent fraud in its global-payments business, she told CNBC.
The bank plans to eventually use AI to provide autonomous AI agents&nbsp;to carry out complex multistep tasks, a move that may empower some workers but displace others.
Price Action: Shares of JPMorgan were up 0.97% to $206.04 at the time of publication Friday.
<ul>
<li>iShares U.S. Financial Services ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYG#NYSE">IYG</a>) ticked up 0.45%</li>
<li>Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) gained 0.26%</li>
<li>iShares U.S. Financials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYF#NYSE">IYF</a>) rose 0.32%</li>
<li>Vanguard Financials ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFH#NYSE">VFH</a>) went up 0.27%</li>
<li>Fidelity MSCI Financials Index ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FNCL#NYSE">FNCL</a>) was up 0.42%</li>
</ul>
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Image created using artificial intelligence via Midjourney.

Fintech news covering the emerging Financial Technology services sector

Fintech

Tech

FNCL

JPMorgan Rolls Out AI Assistant To 60,000 Employees For Enhanced Productivity

IYG: A Solid Financials ETF To Avoid Volatility

Companies in Fin-Tech that would be impacted by a 100 basis point fall in floating rates

Financial Equities ETFs have high potential for great yields, diversification, and allow exposure to rapidly growing economies. Therefore, it could be wise to invest in robust financial equities ETFs iShares U.S. Financial Services ETF (IYG), Vanguard Financials Index Fund ETF Shares (VFH), and The Financial Select Sector SPDR Fund (XLF) for a balanced portfolio. Read more... The activities in the financial market are ever-expanding owing to the evolving demands of the consumers, both individuals and organizations. Also, the rising adoption of digital technologies, easier access to loans, and alternate investment availability is transforming the market functions and operations.
Given the backdrop, let's look at the best-performing financial equities ETFs iShares U.S. Financial Services ETF (<a href="https://stocknews.com/stock/IYG/">IYG</a>), Vanguard Financials Index Fund ETF Shares (<a href="https://stocknews.com/stock/VFH/">VFH</a>), and The Financial Select Sector SPDR Fund (<a href="https://stocknews.com/stock/XLF/">XLF</a>) for a balanced and diversified portfolio.
With expanding economic activities, speedy loan requests approvals, wider accessibility of different loans, the consumer finance market is on the rise. The global consumer finance market is projected to grow at a <a href="https://www.blueweaveconsulting.com/report/consumer-finance-market">CAGR of 7.1%</a>, resulting in a market volume of $196 trillion by 2029 driven by increasing access to loans and credits through digital payment platforms offering lucrative growth opportunities.
Further, the rapidly improving user experiences with personalized services propel the <a href="https://www.thebusinessresearchcompany.com/report/financial-services-global-market-report">financial services market</a> poised to grow to $44.93 trillion by 2028, at a CAGR of 7.6%. During the forecast period, the market growth is attributable to factors including, surging alternative investment demand, increased use of blockchain, and rising number of individual investors.
Moreover, after the uncertain turns of events and high volatility in the last year, <a href="https://finance.yahoo.com/news/time-buy-financial-bank-etfs-190000736.html">financial ETFs are on rebound this year</a> with decent global growth, easing U.S. inflation and possibilities of a Fed rate cut. Also, favorable earnings reports of banking giants and currently undervalued financial stocks open more opportunities.
Given these encouraging trends, let's look at the fundamentals of the top three <a href="https://stocknews.com/category/financial-equities-etfs/">Financial Equities ETFs</a>, beginning with number 3.
ETF #3: iShares U.S. Financial Services ETF (<a href="https://stocknews.com/stock/IYG/">IYG</a>)
IYG invests in a market-cap-weighted segment of US stocks consisting only of financial service firms including many of the country's largest banks, real estate and general finance firms. The fund allows exclusive exposure to the financial services segment. The funds tracks the Dow Jones U.S. Financial Services Index.
The fund has assets under management (AUM) of $1.42 billion. IYG's top holdings include Berkshire Hathaway Inc. Class B (<a href="https://stocknews.com/stock/BRK.B/">BRK.B</a>) with a 15.56% weighting, followed by JPMorgan Chase &amp; Co. (<a href="https://stocknews.com/stock/JPM/">JPM</a>) at 11.76%, and Visa Inc. Class A (<a href="https://stocknews.com/stock/V/">V</a>) and Mastercard Incorporated Class A (<a href="https://stocknews.com/stock/MA/">MA</a>) at 7.84% and 7.16%, respectively.
The ETF has a total of 105 holdings, with its top 10 assets comprising 62.09% of its AUM. IYG's <a href="https://www.investopedia.com/terms/e/expenseratio.asp">expense ratio</a> is 0.40%, lower than the category average of 1.12%.
IYG pays an annual dividend of $0.97, which translates to a yield of 1.37% at the current share price. The company's dividend payouts have increased at a CAGR of 7% over the past three years. IYG has paid dividends for 22 consecutive years.
IYG has gained 11.5% over the past six months and 31.5% over the past year to close the last trading session at $71.05. It has a beta of 1.16. The fund's NAV was <a href="https://www.ishares.com/us/products/239509/ishares-us-financial-services-etf">$71.03 as of August 29, 2024</a>.
IYG's <a href="https://stocknews.com/powr-ratings/">POWR Ratings</a> reflect solid prospects. The fund has an overall rating of A, translating to a Strong Buy in our proprietary rating system. The POWR Ratings are calculated by considering 118 different factors, with each factor weighted to an optimal degree.
IYG has an A grade for Trade, Buy &amp; Hold, and Peer. Within the B-rated <a href="https://stocknews.com/category/financial-equities-etfs/">Financial Equities ETFs</a> group, it is ranked #8 of the 41 ETFs.
To access all IYG's POWR Ratings, <a href="https://stocknews.com/stock/IYG/">click here</a>.
ETF #2: Vanguard Financials Index Fund ETF Shares (<a href="https://stocknews.com/stock/VFH/">VFH</a>)
VFH is an exchange-traded fund launched and managed by Vanguard Equity Index Group. The fund seeks to track a market cap-weighted index of companies in the US financials sector. It is passively managed to hold US financials stocks across all market caps and uses a market-cap selection and weighting scheme capturing the broader financials market.
The fund tracks the MSCI US IMI 25/50 Financials Index. With $10.02 billion in AUM, VFH's top holdings are JPM with an 8.63% weighting, BRK.B at 8.12%, and MA and V at 5.46% and 4.08%, respectively. The ETF has a total of 405 holdings, with its top 10 assets comprising 41.82% of its AUM.
The fund has an expense ratio of 0.10%, lower than the category average of 1.12%. VFH fund inflows were $17.45 million over the past three months.
VFH pays an annual dividend of $1.91, which translates to a 1.74% yield at the current price level. Moreover, the fund's dividend payouts have increased at a CAGR of 6.3% over the past three years. VFH has paid dividends for 19 consecutive years.
VFH has gained 12.6% over the past six months and 31.6% over the past year to close the last trading session at $109.79. It has a beta of 1.09. The fund's NAV was <a href="https://investor.vanguard.com/investment-products/etfs/profile/vfh">$109.81 as of August 29, 2024</a>.
VFH's sound fundamentals are reflected in its POWR Ratings. The fund has an overall rating of A, which translates to a Strong Buy in our proprietary rating system.
The fund has an A grade for Trade and Buy &amp; Hold and a B grade for Peer. Of the 41 ETFs in the B-rated Financial Equities ETFs group, VFH is ranked #2.
<a href="https://stocknews.com/stock/VFH/">Click here</a> to see all the VFH ratings.
ETF #1: The Financial Select Sector SPDR Fund (<a href="https://stocknews.com/stock/XLF/">XLF</a>)
XLF provides efficient exposure to the US financials segment. Its cap-weighted, S&amp;P 500-only portfolio concentrates on large banks and avoids small-caps. It invests in companies from industries like diversified financial services, insurance, commercial banks, and capital markets. The fund tracks the Financial Select Sector Index.
The fund has an AUM of $44.84 billion. Its top holdings include BRK.B with a 13.46% weighting, followed by JPM at a 10.21% weighting, and V and MA at 6.88% and 6.30%, respectively. XLF has a total of 73 holdings, with the top 10 assets comprising 54.29% of its AUM.
The fund has an expense ratio of 0.09%, lower than the category average of 1.06%. Over the past three months, XLF fund inflows came in at $2.78 billion and $3.29 billion for the past six months. Also, it has a beta of 1.07.
XLF pays an annual dividend of $0.65, which translates to a yield of 1.44% at the current share price. Its dividend payouts have grown at a CAGR of 4.2% over the past three years. XLF has paid its dividends for 24 consecutive years.
XLF has surged 19.5% over the past six months and 14% over the past year to close the last trading session at $45.31. The fund has a NAV of <a href="https://www.ssga.com/us/en/intermediary/etfs/the-financial-select-sector-spdr-fund-xlf">$45.29 as of August 29, 2024</a>.
XLF's POWR Ratings reflect its strong outlook. The ETF has an overall rating of A, which translates to a Strong Buy in our proprietary rating system.
XLF has an A grade for Buy &amp; Hold and Trade. It also has a B grade for Peer. The fund has topped the list of 41 ETFs in the same group.
To access all the POWR Ratings for XLF, <a href="https://stocknews.com/stock/XLF/">click here</a>.
What To Do Next?
43 year investment veteran, Steve Reitmeister, has just released his 2024 market outlook along with trading plan and top 11 picks for the year ahead.
<a href="https://report.stocknews.com/sign-up/stock-market-outlook-2024/?formplacement=artbotad_smo24_rep">2024 Stock Market Outlook &gt;</a>

<hr />
XLF shares were trading at $45.38 per share on Friday afternoon, up $0.07 (+0.15%). Year-to-date, XLF has gained 21.63%, versus a 18.34% rise in the benchmark S&amp;P 500 index during the same period.
<hr><div style="clear:both;"></div> <h2>About the Author: Rjkumari Saxena</h2> <img src='https:/wp-content/uploads/2024/04/Rajkumari-Saxena_Image-1.jpeg' style="float:left; padding:5px;width:125px;">Rajkumari started her career as a writer but gradually shifted her focus to financial journalism, leveraging her educational background in Commerce. Fascinated by the interplay of business and economic shifts in equities, she aspires to evolve as an analyst. With a knack for simplifying complex financial concepts, her mission is to empower investors with insights that lead to profitable decisions.<a href="https://stocknews.com/authors/?author=rajkumari-saxena">More...</a>The post <a href=https://stocknews.com/news/xlf-vfh-iyg-3-etfs-for-a-balanced-financial-portfolio/>3 ETFs for a Balanced Financial Portfolio</a> appeared first on <a href=https://stocknews.com/>StockNews.com</a>

3 ETFs for a Balanced Financial Portfolio

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