ST. PAUL, Minn. - (07/28/06) -- Shares in check-printer surgedalmost 20% Thursday morning after company officials announced steepsecond quarter losses and cost-cutting plans. The company said netlosses were $2 million, or five cents a share, for the secondquarter, compared to a profit of $42 million, or 83 cents a share,for the second quarter last year. This year's second quarterincluded a $45 million write-off for the abandonment of a softwareproject. Revenues declined by 7% for the period to $403 million.Deluxe also slashed its second quarter dividend by 33% to 25 centsa share. New CEO Lee Schram said the company had identifiedcost-cutting and efficiency opportunities that could reduce costsby $150 million or more by the end of 2008. Deluxe shares weretrading up almost 20% to $16.48 on Thursday morning following thenews. For the first six months of the year, Deluxe reported a 7%decline in revenues to $814 million, and a 73% drop in earnings to$22 million, or 42 cents a share, compared to the first half lastyear.
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Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.
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The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.
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Mariya Rosberg is named Americas head of banking and financial services at Marsh McLennan's Oliver Wyman unit; startup ZayZoon raised $15 million in a new funding round; and more in the weekly banking news roundup.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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Once a prominent figure spurring financial institutions to engage in cryptocurrency, Bankman-Fried's downslide began with the collapse of the digital asset exchange FTX in late 2022 and hit rock bottom with his sentencing to 25 years in prison.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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