NEW YORK - (10/25/04) -- Diversified marketer and mortgagebanker Cendant Corp. said last week third quarters earnings tripledto $593 million, or 56 cents a share. The prior year's thirdquarter earnings were hampered by a $293 million charge on thecompany's investment in Trilegiant Corp. Total third quarterrevenues rose 6% to $5.36 billion. Earnings for the company'smortgage segment, which it plans to spin off to shareholders,declined by 50% to $55 million, as revenues for the unit fell 31%to $283 million. The mortgage unit, formerly known as PHH, providesmortgage banking services to hundreds of credit unions. Through thefirst three quarters revenues increased 9% to $14.8 billion; whilenet income doubled to $1.7 billion, or $1.69 a share.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3