Visa Enters Myanmar, Goldman Sheds Partners: Financial Business Update
Visa (NYSE:V) reaches a licensing agreement with three banks in Myanmar which permits its credit cards to be issued and accepted in that country. MasterCard signed a similar arrangement in September and this latest deal with Visa marks another phase in the development of Myanmar’s financial infrastructure.
Goldman Sachs (NYSE:GS) shrinks the number of its partners by 31 to 407 since February and it continues to reduce costs. However, the firm has set aside $10.97 billion for compensation year-to-date, which is up by 10 percent from a year ago.
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JPMorgan Chase & Co. (NYSE:JPM) broadened its servicing operations with the acquisition of MetLife’s $70 billion MSR portfolio, while shares of Ocwen Financial Corporation (NYSE:OCN) and Nationstar Mortgage Holdings (NYSE:NSM) move down as others were thought to have easy pickings as top banks unloaded servicing assets to comply with new capital requirements.