Banks Roar Back While Fintech Lenders Struggle
Bank stocks have posted strong outperformance against the S&P500 in recent weeks after a dramatic sell-off in the first half of 2022.
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Dealmaking Powers Banks
Goldman Sachs posted a stellar third-quarter profit, marking a 45% surge, thanks to the favorable conditions created by lower interest rates and a stable economy.
A Broad Rally
In recent weeks, several under-the-radar sectors have been propelling the stock market higher, setting the stage for a test of their resilience. The S&P 500 has gained 21% this year, with tech giants and their AI ambitions fueling the first-half surge.
JPMorgan Moves Further Into FinTech
To counter threats from fintech companies like Stripe and Block, JPMorgan Chase has agreed to buy a payments startup named Renovite.
Nubank, South America's Champion
David Vélez, Cristina Junqueira and Edward Wible launched Nubank in 2013 after becoming dissatisfied with the Brazil's banking services. The company secured a $2 million seed investment from Sequoia Capital and Kaszek Ventures.