JACKSONVILLE, Fla. - (02/09/06) Fidelity National, the titleinsurance giant that transformed itself into a leading back-officeoutsourcer for credit unions and banks just two years ago,completed yet another transformation, the company said. Withseparate spin-offs complete for the companys title andoutsourcing divisions into stand-alone companies, Fidelity Nationalhas made itself over to a holding company with a majority stake ina title company, called Fidelity National Title Group, and anoutsourcer, since merged with cards processor Certegy Inc., and nowcalled Fidelity National Information Services. Wednesday FidelityNational reported the latest round of financial engineering pushedfourth quarter earnings down 34% to $115.2 million, or $1.20 ashare, due to a $100 million taxable charge related to thespin-off.
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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.
March 28