JACKSONVILLE, Fla. – Fidelity National Information Services, the provider of back-office services for credit unions, reported a 73% drop in fourth quarter earnings, due mostly to the spin-off early last year of its mortgage processing operations into a separately traded company.
For the year, FIS reported a 62% decline in net income, to $214.8 million.
Revenues inched up less than 1% for the fourth quarter to $862 million, and rose by 18% for the year to $3.4 billion.
Bankers are largely downplaying the impact of the Federal Reserve's interest rate increase. Some said this week that the quarter-point hike could be good for near-term profitability.
With three years of market appreciation buoying most advisors' revenue generation, Morgan Stanley says: Produce a bit more or see a small pay cut.
Credit Acceptance Corp. has agreed to provide $710 million in restitution and debt relief to resolve allegations of predatory lending by 41 state attorneys general.
The South Korean automaker's credit card subsidiary completed two proof-of-concept transactions that used stablecoins to move funds between subsidiaries in the U.S. and Mexico without a bank. Next, Hyundai Motor will test if the technology can be used as the backbone of its global treasury infrastructure.
Brokerages applaud a new rule that will relieve them of the obligation to monitor advisors' side gigs such as driving for Uber or bartending. But regulators say they still have plenty of obligations to monitor outside business activities.
The Securities and Exchange Commission on Thursday issued an order allowing some tokenized U.S. stocks to be traded on blockchain-based platforms.
