President Claudia Sheinbaum received the CEO and founder of Nubank, David Vélez Osorno, at the National Palace. The banker informed her of an estimated investment of 4.2 billion dollars for Mexico in the 2026–2030 period.
Sheinbaum published the meeting this July 6 on her X account, where she noted that the executive director of Nubank attended with his team and presented the projection of resources for the coming years.
On his social media, David Vélez wrote: “Thank you very much for receiving us, President. We have big plans for Mexico at @nubank!”
David Vélez is a Colombian entrepreneur, known for being the founder and CEO of Nubank, one of the largest digital banks in Latin America. Nubank was founded in 2013 in São Paulo, Brazil, and specializes in digital financial services.
The company operates without physical branches and its main products are credit cards, savings accounts, and personal loans, all managed from a mobile application; the bank distinguished itself by eliminating fees and offering completely digital customer service.
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In 2021, Nubank debuted on the New York Stock Exchange under the ticker symbol NU and reached a valuation of more than 40 billion dollars in its initial public offering.
Sheinbaum has met with other bankers recentlyClaudia Sheinbaum received Jamie Dimon, CEO of J.P. Morgan
President Claudia Sheinbaum received Jamie Dimon, CEO of J.P. Morgan, at the National Palace on June 9, and stated that they discussed economic perspectives for the country during the meeting. The president reported on the encounter through her social media channels.
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Sheinbaum detailed the topics discussed: “We talked about the favorable prospects for Mexico, the strength of our economy and the importance of the North American trade agenda”, according to her post.
Dimon heads J.P. Morgan Chase & Co. as chairman of the board and chief executive officer, with assets valued at $3.2 trillion and a presence in every market in the world. The institution holds the top spot in the sector for investment banking, asset management, financial transaction processing, commercial banking, and services for consumers and small businesses.
Bank of America downgrades Nubank to underperform and cuts its price target to USD 10
Bank of America downgraded Nubank to underperform and lowered its price target from USD 16 to USD 10 following the departure of CFO Guilherme Lago.
Bank of America downgraded Nubank to underperform and lowered its price target from 16 to 10 dollars following the departure of CFO Guilherme Lago, a decision that, according to the firm, exacerbates doubts about the neobank’s execution at a time of pressure on credit in Brazil and expansion into Mexico, Colombia and the United States.
The investment bank’s harshest projection is in the cost of risk: it calculates that provisions to cover potential defaults would rise 80% to 8.04 billion dollars in 2026. It also foresees a drop in profitability on tangible equity, which would fall to 26.4% that same year.
Said downgrade was accompanied by a cut in the company’s valuation. Bank of America adjusted its target multiple to 13 times its 2026 earnings per share estimate, set at 0.89 dollars, compared to 18 times in its previous assessment.
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The firm believes that Nubank will earn more money, but in exchange it would assume greater exposure to credit deterioration. Its thesis is that interest income will grow strongly in 2026, but that advance would not by itself compensate for the expected increase in reserves for losses.
According to BofA Securities, the departures in senior management are now “harder to ignore”. For the firm, this turnover “increases uncertainty regarding the execution and strength of the management team”.
