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Top News In Payments: SoftBank Reports $6.5B Loss; FIS Sees Strong Merchant Sales In Q3

PYMNTS

billion loss on Wednesday (Nov. Simplification Serves LendingClub Well As It Pushes for Profitability. The firm went public in 2014 and had just managed its first quarter of profitability in early 2016 when scandal rocked the business. FIS Sees Strong Merchant Sales, Jump in Cross-Selling Activity in Q3.

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UK’s Dixons Carphone Warehouse Shutters 530 Locations, 3K Jobs Lost

PYMNTS

company is closing 531 stores, which will result in the loss of 3,000 jobs. Whitman Howard Analyst Tony Shiret said the decision for what to do with the remaining stores is the “elephant in the room” when it comes to how the company is going to restructure itself. The company is predicted to see losses of about 90 million pounds ($108.7

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Closed Theme Parks Sink Disney Earnings; Q3 Could Be Worse

PYMNTS

The company reported the second-quarter profit of its fiscal year at $460 million, or 26 cents a share, on sales of $18.01 After adjusting for restructuring charges and other effects, Disney reported earnings of 60 cents a share, down from $1.61 billion, up from $14.9 billion in 2019. a share a year ago.

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10 Wednesday AM Reads

Barry Ritholtz

My mid-week morning train WFH reads: • Is Rolex a Non-Profit? The Federal Reserve chair spent the early pandemic bemoaning the loss of a strong job market. New York Times ) see also Powell Will Find Much to Love in Retail Sales Letdown : The latest report landed with a mixed reception. Can He Keep It?

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Wells Fargo Sees Some Credit And Debit Card Gains Amid Generally Bad Q3

PYMNTS

Debit card point-of-sale purchase volume hit $102.9 But on the downside, general card purpose credit card point-of-sale purchase volume fell 6 percent year on year to $19.2 But the silver lining to that figure is that the loan-loss provision is down from $9.5 Wells Fargo also saw heightened debit card usage during Q3.

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How Do I Recover from Business Financial Fraud?

CFO Share

Increasing vendor expenses as a % of sales. Continuously shrinking cash despite profitable financial reporting. Negotiations do not always recover 100% of the losses, so you will need to write off a portion of the fraud as losses. Pursue debt restructuring or apply for additional debt.

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Saks President Says Firm Doesn’t Need In-Store AI

PYMNTS

Even megaretailer Walmart has announced the closure and restructuring of several of its Sam’s Club-branded stores across the U.S. That restructuring could put many employees out of their jobs. The downward trend in retail employment is believed to be a result of the ongoing shift to eCommerce sales.