LAKE SUCCESS, N.Y. – DealerTrack Holdings, a provider of indirect lending solutions, yesterday said net income for its second quarter declined by 50% to $3.1 million, or seven cents a share.
Second quarter revenue rose 8% to $63.2 million.
For the first six months of the year, net income declined by 51% to $5.4 million, or 13 cents a share, while revenue rose 16% to $127.5 million.
Citi payments exec Driss Temsamani said there's more work needed to bridge gaps to enable artificial intelligence to work broadly for payments and finance.
On Thursday, Citi will hold its first investor day in four years. The megabank, which has undergone substantial change under CEO Jane Fraser, is expected to share its strategy for driving higher profitability, deploying AI and ramping up shareholder returns.
In addition to 10 new AI agents for financial services, the company announced partnerships with software and data providers FIS, Microsoft, Verisk, Third Bridge, Fiscal AI, D&B, Experian, GLG, Guidepoint and IBISWorld.
Public comments on the Office of the Comptroller of the Currency's GENIUS Act implementing regulations highlighted the rift between banks and crypto firms over the permissibility of yield on stablecoin holdings, an issue that has stalled crypto market structure legislation for months.
The proposal is part of what SEC Chairman Paul Atkins calls his "Make IPOs Great Again" agenda.
Opportunity favors the prepared, and Cambridge Savings Bank had been saving for years to buy a nearby rival. Now, as the mutual bank announces plans to acquire First Seacoast Bank, it says it's found "the right deal at the right time."
