FT News Briefing

Discover what’s in Capital One’s wallet

Feb 21, 2024

09:41

Snipd AI

Former President Donald Trump's small donor support is declining. Capital One's $35.3bn acquisition of Discover Financial Services is discussed. Barclays announces plans to return £10bn to shareholders and revamp its investment banking strategy. The podcast touches on the impact of these events on the banking industry and regulatory challenges.

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Quick takeaways

Trump's declining small donor support poses challenges for financing legal battles.

Capital One's acquisition of Discover Financial Services may face regulatory approval hurdles but could offer more competition in credit card networks.

Deep dives

Declining Small Donor Support for Trump's Campaign

Former US President Donald Trump has seen a decline in support from small donors, with about 200,000 fewer donors compared to the same point during the 2020 election. This decline is significant as small donors have played a critical role in funding Trump's campaigns in the past. With fewer financial resources from small donors, Trump faces challenges in financing his legal battles, especially after being ordered to pay over $350 million in fines for financial fraud. The decrease in small donor support also highlights the importance of diversifying funding sources beyond Wall Street and deep-pocketed backers.

Introduction

3min

Analysis of Capital One's acquisition deal and its impact on the banking industry

2min

Barclays announces strategic shakeup with focus on investment banking

5min

Donald Trump is losing support from small donors, US lender Capital One has agreed to buy rival Discover Financial for $35.3bn, and Barclays updated investors on its strategy for the first time in eight years.

Mentioned in this podcast:

Donald Trump’s donor numbers fall by 200,000 compared with 2019

Capital One agrees to buy Discover Financial for $35bn

Barclays to return £10bn to shareholders

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The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Sam Giovinco, Peter Barber, Saffeya Ahmed, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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