#financialservices

Now a billi to the UofO Scool of Engineering!

PHK really trying to bury last week’s string of bad news. Also, I wonder how Travis feels about slowly losing his inheritance. I guess there’s more where that came from.

How about Unc move some funds to Inc so we don’t have to do any more layoffs?

Can stop paying?

The Jacksonville Transportation Authority is reportedly planning significant layoffs and project alterations. These changes are a direct response to ongoing financial difficulties. The authority is also considering a shift in its funding strategy. These measures aim to address the agency's fiscal challenges. The full extent of the impact remains to be seen.

Jacksonville, Florida

https://www.actionnewsjax.com/news/local/sources-jta-planning-sweeping-layoffs-major-project-changes-funding-shift-due-financial-issues/3784285b-11f3-4713-91b6-f0ae71a41ba0/

Anyone else feel like this is nowhere near over?

https://pluang.com/en/news-feed/fiserv-satukan-divisi-keuangan-dan-pedagang-buka-peluang-pertumbuhan

I would have thought they would split off instead of merge?

Financial services firm Fiserv Solutions is implementing another round of layoffs. This latest action will impact 98 employees at its New Jersey location. These cuts add to previous job reductions, bringing the total for the year to 216. The company provides software and systems for financial transactions. This includes services for banks, credit unions, and merchants.

Berkeley Heights, New Jersey

https://finance.yahoo.com/markets/stocks/articles/major-n-j-financial-services-180050715.html

Yesterday's email from senior management has convinced me that they have absolutely no clue and are now racing full speed to a crash. There are thousands of people and their families whose livelihoods will be impacted by this. We are now seeing collapse of a fintech pioneer in real time

The fintech industry is undergoing significant restructuring in 2026, with numerous companies announcing job cuts. These reductions span various sectors, including banking, payments, and lending. Firms are streamlining operations and recalibrating strategic priorities. This ongoing trend reflects a dynamic period of adjustment within the financial technology landscape. The article provides a month-by-month tracker of these developments.

https://www.fintechfutures.com/job-cuts-new-hires/fintech-layoffs-tracker-2026

The University of Texas at Arlington has laid off 49 employees across 14 departments since early June. This action is a result of significant financial strain stemming from decreased international student enrollment, a statewide tuition freeze, and federal funding reductions. The university spokesperson stated these measures are part of long-term sustainability planning to align resources with strategic priorities. While the layoffs are a small percentage of the overall workforce, they reflect the institution's efforts to strengthen financial resilience. These decisions are intended to support teaching, research, and student success while adapting to current economic conditions.

Arlington, Texas

https://www.opencampus.org/2026/04/27/49-uta-employees-have-faced-layoffs-since-june-2025-records-show/

A historic hotel is experiencing significant staff reductions due to financial difficulties. The property is currently facing a substantial foreclosure amounting to $149 million. This financial strain has directly led to the decision to cut jobs. The future of the hotel remains uncertain as these financial challenges persist. Further details on the extent of the layoffs were not provided.

Miami Beach, Florida

https://www.bizjournals.com/southflorida/news/2026/04/02/south-beach-hotel-layoff-all-staff-operator-exit.html

Does anybody outside of boomers even go there anymore?

Anyone know what we need from Centene to submit to our kids' college to redo the FASFA? Just before the layoffs I paid my daughter's tuition in full and that was all my savings. Guessing you can't get that back.

As a CFP is it my fiduciary obligation to recommend clients pay .65 vs 1.35? Nice to know exactly what full service advice costs the GPs.

U.S. National Debt (Record Growth) -

(Current) $39.9 Trillion (and rising).

(Current) $111.0 Billion in Interest (and rising) paid (each year) by U.S. Taxpayers to Investors that finance it (U.S. based, Japan, China; etc.) via U.S. Treasury bonds.

(Current) 123.19% Debt-to-GDP ratio - (2000) 56.63%, in (2025) 98.0%.

May 2026 - The U.S. Treasury called the U.S. Government (Insolvent).

(Current) Fed Balance Sheet - $6.76 Trillion (and rising).

There are consequences in the future, yes the Fed can print (Fiat) currency; but that causes devaluation-debasement of the U.S. dollar over time.

Which accounting firm audits the financials? Who specifically at this firm is conducting the audit?

Wescom Financial Credit Union reported its strongest quarterly earnings in over three years during the second quarter. This financial improvement followed a reduction in its workforce, which impacted 72 employees in Southern California. While employee expenses decreased, this was only one of several factors contributing to the earnings growth. Non-employee operating expenses also fell, and net revenue saw an increase. The credit union's return on assets (ROA) significantly improved compared to previous quarters.

https://www.cutimes.com/2026/08/13/wescom-financials-q2-earnings-rise-after-layoffs/

Socorro Independent School District has seen its credit rating improved from negative to stable by Moody's. This upgrade reflects significant financial progress made over the past two years. The district achieved this by implementing budget cuts and workforce reductions. These difficult decisions included eliminating approximately 150 positions through layoffs and incentive programs. The improved rating provides the district with greater financial flexibility and demonstrates responsible stewardship of taxpayer funds.

El Paso, Texas

https://www.elpasotimes.com/story/news/education/2026/08/11/sisd-earns-stable-moodys-outlook-after-years-of-job-cuts/91198066007/

Will the CFO continue to push the strategy of 'grow the bottom line faster than the top line' in FY27?

After running the math, there is a major tax advantage to leave earlier than 55 and move a lot of money into ROTH’s. You can’t do that while earning a big paycheck and you end up saving more $ than you walk away from. And you get to retire early with lots of life left!

Transcript: The 500 billion dollar company Oracle is now on the brink of bankruptcy.
And the situation is only getting worse.
Let me explain.
The company has now taken on over 130 billion dollars to rapidly build A I.
Data centers to satisfy. Their over $638 billion in demand for A I capacity.
Now it doesn't sound that crazy until you look at the numbers closer.
Nearly 50% of the entire demand comes from just one company
Open A I. The same company that lost over $38 billion last year
and is on track to lose over $27 billion this year.
The Company has no path to profitability
and if they pull out their commitments to Oracle,
then they have a 300 billion dollar problem.
And investors are already anticipating this is going to happen.
The cost of insuring Oracle's debt has skyrocketed to over 200 basis points,
which is even higher than when Lehman Brothers collapsed in 2008.
But it gets worse. The same man
that made over a billion dollars shorting the housing market in 2008,
Michael Burry, just put out a massive short position on Oracle.
And if he's right like he usually is,
then this could collapse the entire A I bubble.

Source:
https://vm.tiktok.com/ZN8Ru8Ujp/

Been following the thread on today's business update, but noticed this article after a separate online search...

https://www.paymentsdive.com/news/fis-seeks-to-sell-parts-of-capital-markets-unit/826952/

July saw significant turmoil in the cryptocurrency industry, with six platforms ceasing operations and seven others implementing substantial workforce reductions. This period highlights a challenging market environment, impacting both established exchanges and infrastructure providers. Several companies cited market conditions and strategic shifts as reasons for their closures or downsizing. The trend suggests a broader industry consolidation and a reevaluation of business models. This wave of closures and layoffs paints a stark picture of the current state of the crypto sector.

https://egw.news/crypto/news/36434/cryptos-bad-month-six-firms-collapse-seven-more-gu-4k1Tgtmg5

Visa has announced a reduction in its workforce, impacting an unspecified number of employees. This move comes as the company navigates evolving market conditions. The financial technology giant is implementing these changes to streamline operations. Further details regarding the exact number of affected individuals were not immediately available. The company's stock saw a positive reaction in the options market following the news.

https://www.cnbc.com/video/2026/07/28/options-action-visa-shares-jump-on-layoffs.html

Visa just announced 7% cut, is there more layoffs happening at MC?

The United Way of Central Maryland is experiencing a significant financial deficit of approximately $3 million. This shortfall has led to the layoff of 20 employees, representing 11% of its staff. The organization is also behind on distributing promised grant payments to local nonprofits. These delays are attributed to cash flow challenges and reduced pandemic-era funding. The nonprofit expects to resolve all outstanding payments by the end of the month.

Baltimore, Maryland

https://www.thebanner.com/economy/united-way-central-maryland-grant-payments-4ZUWHNFCD5EZ5IBCTXIIIJRD3E/

How can fiscam justify the push of AI now that the costs are becoming clearer?
Another cost to drive share price much lower!

Now that it looks like from managements maneuvering that bankruptcy is certain to happen very soon, what are the odds it could go directly to Ch 7 instead of Ch 11.
There was an analyst stating it could line up that way because of the abnormal amount of debt they are dealing with.
This would mean all stockholders would have zero value.

https://www.hr-brew.com/stories/oracles-layoffs-spend-to-make-money

Purely speculation…email domains are all moving to @hcsc.net…leased offices were being weird about blue branded items when they closed…there’s more emphasis on HCSC everywhere you look.

BCBSA got hit with a huge class action settlement. Could HCSC be distancing themselves from the blues to avoid the financial liability?

Let the speculation begin.

Community Health Centers of Lane County are laying off staff. These changes impact twenty-three positions. The organization faces a large financial deficit. A $2 million deficit is forecast for the next fiscal year. Declining revenue and rising costs contribute to this gap.

Eugene, Oregon

https://www.registerguard.com/story/news/healthcare/2026/06/24/budget-woes-lead-lane-health-centers-to-cut-23-jobs/90680566007/

If you look up the CEO’s salary for Humana, Elevance, Optum, United Health, Cigna, Centene you will see they all are bringing in these absurd amounts.

This needs to be mentioned as many times as possible on every social media, in every conversation you have with family friends, out in public , etc.

Hopefully members will heat about it and when they have their Medicare claims denied for something like getting a prosthetic replaced, and they reach out to NBC, CBS, or some other national media outlet let, they can say in television, “Very strange my medical claim got denied because my doctor said it should be covered anf I can’t imagine my health insurance provider is struggling financially because I heard the CEO made 18 million dollars last year and even more this year.”

Go to linkedIn and look up this guy and his article. Then read the comments on his LinkedIn post! LOL

Joseph Butler

Former Inc. 500 CEO| 2x E&Y Entrepeneur of the Year Finalist | Strategic Advisor | Board Member | Veteran Hiring Advocate | GTM Expert | Proverbs 21:13

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Everyone is reading the Fiserv headline as a scare. The stock dipped seven percent before lunch.

I think they have it backwards.

A sitting payments and core technology CEO just got hired to run one of the ten largest banks in the country. And he plans to partner with his old company as a client.
When your former CEO becomes one of your most influential customers, that is not a crisis. That is the loudest endorsement money cannot buy.
I wrote up why the Mike Lyons to Truist move is actually good news for Fiserv, for the market, and for every community bank and credit union watching nervously this morning.

Full breakdown in The Butler Brief.

#Fintech #Payments #Fiserv #Truist #Banking #FinancialServices #CommunityBanks #CreditUnions #CoreBanking #BankTech #Leadership

The Wall Street Journal evaluates how leading US corps stack up in 6 areas: AI readiness, innovation, talent readiness, financial fitness, resilience and agility.

State Street ranks #208 overall with an Overall Score of 51.3, placing it 23rd out of 41 Financial Services companies. Its best factors are Resilience Rank #170, Agility #176, and Financial Fitness #222, which are respectable but not strong. The company does not screen as a major outlier in either direction.

The weak points are AI Rank #325, Innovation #233, and Talent Readiness #292. Strategically, State Street looks like a mature financial infrastructure company with decent stability, but limited future-readiness momentum. Compared with Visa, Mastercard, Charles Schwab, and S&P Global, it lacks the same evidence of AI, innovation, and platform-style upside.

Source:

https://www.wsj.com/rankings/best-companies-for-the-future/full-rankings-2026

Or in other words, what is your number? How much is enough for you to go to your boss and tell FU you won't see me in the office tomorrow.

My number if 5M, what is yours?

Prestige Financial Services conducted staff reductions. These job cuts happened in early November. Former employees shared news of the layoffs. The auto finance lender operates from Draper, Utah. The full extent of these staff changes is unclear.

Draper, Utah

https://www.autofinancenews.net/allposts/risk-management/prestige-financial-services-reportedly-lays-off-some-staff/

https://www.fitchratings.com/entity/mutual-of-america-life-insurance-company-80091235

Rating Action Commentary

Fitch Revises Mutual of America's Outlook to Stable; Affirms IFS Rating at 'BBB+'
Fri 12 Jun, 2026 - 9:49 AM ET

Fitch Ratings - New York - 12 Jun 2026: Fitch Ratings has affirmed the Insurer Financial Strength (IFS) rating of Mutual of America Life Insurance Company (Mutual of America) at 'BBB+'. The Rating Outlook has been revised to Stable from Negative.

The revision of the Outlook reflects Mutual of America's continued balance sheet strength while executing on its strategic turnaround plan. The company produced a modest operating loss in 2025; however, core profitability improved yoy and Fitch views the plan as credible to further improve results through expense reductions and revenue expansion.

Mutual of America's rating is underpinned by its very strong capital position, demonstrated by its regulatory capital ratio, Prism capital model score and its lack of financial leverage. The rating is also highly influenced by the company's business profile, which reflects Mutual of America's position within the niche non-profit, small case retirement plan market and its differentiated approach to distribution, emphasizing underserved and underpenetrated portions of the market. The rating is currently constrained by Mutual of America's challenged profitability.

Key Rating Drivers
Pressured Profitability: Mutual of America's 'BBB+' IFS rating is one notch below the implied IFS rating of 'A-' due to its financial performance and earnings, which is the weakest link. The company reported net income of $2 million for 2025, compared with a net income of $53 million in 2024 and a net loss of $236 million in 2023. Positively, operating results improved yoy with a modest net loss of $15 million in 2025 compared with an operating loss of $155 million in the prior year, excluding the company's sale of the remaining stake in its home office building in New York City. In 1Q26, the company produced a net operating gain of $3 million. Fitch expects a slight loss for the full year 2026, followed by modest profitability in 2027. Profitability will be driven largely by continued reductions in expenses including vendor efficiency, contract rationalization, reduced real estate footprint and workforce optimization.

https://www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3579174

https://unitewithpriti.co.uk/news/what-the-standard-chartered-layoffs-2026-tell-us-about-where-banking-is-actually-heading/

Xerox carries over $4.4 billion in total debt against just under $500 million in cash reserves… It seems this is a nonsensical company?