GLASTONBURY, Ct. - (03/01/06) -- Open Solutions Inc. reported Tuesdaythat rising costs due to its acquisitions spree of the past twoyears pushed down net income by almost 50% for its fourth quarterto just $7.9 million, or 34 cents a share, compared to the samequarter in 2004, even while revenues were rising by 65% to $59.7million. For the year, revenues also climbed significantly, by 81%to $193.8 million, but soaring expenses cut net income by 26%compared to 2004, to $18.6 million, or 85 cents a share. OpenSolutions said expenses for its fourth quarter rose 52% and for thefull year by 73%, as the company integrated recent acquisitions ofCGI's US Services To Credit Unions, SOSystems, Financial DataSolutions and COWWW Software.
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Judge Mark T. Pittman sided with the Consumer Financial Protection Bureau in ordering the case be moved from Texas to the District of Columbia due to "forum shopping."
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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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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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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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