PORTLAND, Ore. - (05/02/06) -- Financially struggling TRM Corp.said it agreed to pay Kenneth Tepper, who resigned as president andCEO in March as the company's prospects were sinking, a one-yearconsulting agreement that will pay him $39,600 amonth--$475,000--the same amount he earned in his last year runningthe company. The company also paid Thomas Mann, who resigned hisjob as chief operating officer in February, a $50,000 severancepackage. TRM also renewed lucrative retention agreements withdirectors, Daniel Cohen, who received $600,000 as chairman of theboard last year; and $450,000 to Cohen's father, Edward Cohen,chairman of the board's executive committee. TRM operates more than21,000 ATMs, including 6,500 which are branded by the creditunion-owned CO-OP Network.
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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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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.
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