A Mexican citizen who was being deported was permitted to return to his home to retrieve $31,700 he had saved and buried in a glass jar in his yard. Over a seven-year period, Cristobal Chavez Torres saved the money in $100 bills from earnings as construction worker, during which he never earnd more than $7.25 an hour. Chavez had been carrying $10,000 in cash in his pockets before opting to store the money in the jar at the mobile home in which he was living. He said he did not open a financial institution account because he was carrying fake documents. Chavez was permitted by the Immigrant and Customs Enforcement office to retrieve the money-and a 16-year-old son, before returning home. The money was turned over to the Mexican consulate and deposited in a financial institution account so it could be transferred to Chavez in Mexico. Chavez was one of 48 workers who were arrested by U.S. authorities.
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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