DAYTON, Ohio -- ATM maker NCR Corp. reported Thursday that net income for its second quarter plunged by 39% to $78 million, or 43 cents a share, compared to the same period last year when the company was able to report a $64 million gain from resolution of a tax issue. Second quarter revenues rose 4% to $1.53 billion, fueled by strong sales in the company's Teradata data warehousing, financial and retail segments. For the first six months of the year, NCR reported a 24% drop in earnings to $119 million, or 66 cents a share, from the first half last year. Revenue growth was flat, with roughly $2.8 billion in revenues for the first half last year and this year.
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The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
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The store-branded card issuer is raising annual percentage rates and adding fees for paper statements to compensate for lost revenue. The Consumer Financial Protection Bureau's new regulation is scheduled to take effect on May 14.
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At the banks' annual meetings, shareholders at both companies struck down proposals that would have split the board chair and CEO roles. Two other proposals also failed to win shareholder support, one concerning energy financing and another on pay gap analysis.
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Congressional Review Act resolutions are ramping up ahead of the 2024 election cycle. Experts say that, although none are likely to become law, the resolutions are still powerful messaging and political tools.
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The ABA is testing an information-exchange network to allow banks to share their fraud data with each other. Companies including Baselayer are also building solutions.
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Republicans on the House and Senate Small Business committees are accusing the SBA of being irresponsible in granting Funding Circle permission to participate in its flagship loan-guarantee program.
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