BROOKFIELD, Wis. – Fiserv, the biggest outsourcer for credit unions, said yesterday that net income for its fourth quarter declined by almost 30%, to $105.9 million, or 61 cents a share, due mainly to several one-time occurrences. That included $35 million in collected termination fees; the closing of a lending company and a sharp increase in flood insurance claims and processing because of Hurricane Katrina and other hurricanes which hit the Gulf Coast in 2005. As a result, the company reported a 13% decline in fiscal year earnings, to $449.9 million, or %2.53 a share, from the year before. Still, Fiserv continued to grow its revenues, by 11% in the fourth quarter, to $1.2 billion, and by 12% for the full year to $4.5 billion.
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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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