Bm technologies, inc. announces profit enhancement plan and changes to management and directors

Launch of targeted plan to improve performance with approximately $15 million of expected 2023 cost savings jamie donahue elected president and james dullinger elected chief financial officer investment banking veteran raj singh joins board of directors radnor, pa / accesswire / january 30, 2023 / bm technologies, inc. (nyse american:bmtx) ("bm technologies," "bmtx," "we," or the "company"), one of the largest digital banking platforms and banking-as-a-service (baas) providers in the country, announced today a series of actions being taken to streamline its operations, strengthen its management team, position the company for future growth, and drive long-term shareholder value. profit enhancement plan in connection with its previously announced near-term strategy to focus on being an innovative, efficient, risk-oriented fintech with a sponsor bank model, rather than becoming a bank, the company committed to a targeted profit enhancement plan (the "plan") on january 26, 2023 that it expects to deliver approximately $18 million in annualized cost reductions with approximately $15 million of savings expected in 2023.
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