#financialservices

Starting layoffs at agent level in merchant and card.

Looking to apply to a job within the Omaha office...any insights on this and the teams? I've heard some horror stories from people who have worked at Fiserv but don't see Omaha mentioned much? Looking for brutally honest answers, thank you in advance!

Are we riffing 15000 employees to pay for Frontier? Does the deal make financial sense with Verizon’s debt burden?

In another thread someone said the field is being targeted with layoffs now? Can anyone verify this and how widespread it is?

someone eli 5... how did Fiserv win so many awards until last year and fall this hard so fast?

Word on the FIS layoff thread is that TSYS team members who are moving over there will be laid off this month.

Notification went out today to TSYS team members who will remain part of GP and will not move to FIS. Current legal entity is TSYS and that will shift to Global Payments.

Talked to two Grade 8’s - both in FI, who are extremely confident that there will be some sort of RIF this month, maybe 11/18. Sounds like a sizable cut.

Another person I used to work with in PI Phones, high up, confirmed. Anyone else hearing anything?

Layoffs will be bigger than the 15% wave a year ago. The goodwill write down will be in excess of 1 billion, and that will lower the EV and push Debt to Equity to over 1000%. Access to debt markets will effectively cease, and vendors that aren't getting paid in a timely fashion will Dun XRX. Also, the fact that the patent sale hasn't produced any dollar amounts, or hype from SB, means it is probably a terrible deal. Those patents are part of the EV of XRX and will further degrade the value of the company on the next call.

I’m out. I’m a financial advisor in the cac. I feel like they have made me shove my nose up a moose an-s. I am heritage Bb&T and really thought we had something good. I am still mad about Tim and furious about Murdock (again. Seriously, the best guy in the company). I’m out. We are dropping like flies. This place is cr-p. I will say no more. It’s just bad from top down. I am out.

The first Monday of November is when layoffs were done the last 2 years. That allows your employment to extend into the following year and you get the annual bonus.

Stifel Chairman and Chief Executive Ronald Kruszewski on Wednesday sent a memo to the company’s employees, including 2,300 advisors, seeking to counter rising speculation that he could sell the 135-year-old firm.

“Let me be clear. Stifel is not being sold to Raymond James or to anyone else,” Kruszewski wrote in the memo, which referred to a report in industry publication WealthManagement.com.

The article had linked Stifel to a potential deal with regional rival Raymond James Financial. The publication cited anonymous sources who said that legal pressure and rising costs tied to barred Miami broker Chuck Roberts could put pressure on St​​ifel to sell and that Raymond James was discussed as a “likely buyer.”

Kruszewski called the report “ridiculous and misleading” and compared it to a “White House leak.”

“I’m just surprised Stifel isn’t being linked to Russian collusion,” Kruszewski wrote in the memo, titled “Setting the Record Straight (With a Smile).”

A Stifel spokesperson confirmed the memo but declined further comment.

Raymond James did not return requests for comment. Wednesday’s article noted that, “[I]t is unclear how formal the talks are between the firms or if an agreement is imminent.”

Raymond James trades at a market capitalization of around $31 billion compared to Stifel’s $12 billion. The St. Petersburg, Florida-based firm has around 8,900 brokers.

“I know the folks at Raymond James,” wrote Kruszewski, who has led Stifel since 1997. “They’re a nice company, but let’s be honest, I believe Stifel is number one.”

The question of a sale surfaced last week on Stifel’s third quarter earnings call during which BMO Capital Markets analyst Brennan Hawken asked about whether the company was for sale and noted that, “Many investors believe that [it] can make for a good target.”

Kruszewski, 67, responded that there was “no need” to sell the company and that questions seem to be driven by concerns about whether he could run out of energy and want to sell.

“That ain’t the case here,” Kruszewski said on the call. “I’m not looking to do anything.”

A source close to the company said that Kruszewski was concerned following the earnings call that plans to sell its non-core independent brokerage business had been conflated with an intention to sell the company.

Stifel on Monday announced it had agreed to sell its $9 billion-asset independent contractor unit to Equitable Advisors, confirming a report earlier this month.

Common Wealth said the same thing and they sold like 4 months later. I definatley think they are selling now.

https://www.morningstar.com/news/marketwatch/20251029375/fiservs-former-ceo-left-the-fintech-company-in-crisis-trump-put-him-in-charge-of-social-security

Heard all 5's will be let go in the first week of December as opposed to usual January round. True?

Looks like rumors were true all those people will be laid off.

https://www.advisorhub.com/exclusive-stifel-to-sell-indie-brokerage-unit-to-equitable-advisors/

any know why?

Reorg coming this week is what we are hearing especially in San Diego

I hope you're all doing well. Have you noticed how our Chief People Leader (er... Eater) recognizes World Mental Health Day by celebrating our contract partnership and collaboration with Spring Health and how this is powering our culture? Spring Health, for its part, is also quick to point out the partnership and how wonderful it is that BNY recognizes and prioritizes mental health concerns by offering employee coverage.

What's truly astonishing in all of this corporate speak, though, is that BNY senior leaders fail to publicly acknowledge their role in contributing to associate mental health challenges caused by a toxic BNY culture in the first place. Something's definitely wrong with how the narrative is being framed.

We should be celebrating our people and sharing stories about what the company is doing to provide further assistance. Celebrating our vendor relationship with Spring Health and bragging about facility unwind rooms on social media is simply not the best message for what is being done to create an 'amazing work culture' for our associates.

I am a manager with a team taking calls for a big mutual funds client.. It was not communicated officially but there is chatter that they don't want our service anymore, looks like it's a done deal. We don't know if that means layoffs for all our teams... Zero official communication and the team morale is below zero. Anyone got any more information to share about this?

https://x.com/realmattforney/status/1976861104736223445?s=46

How do you think we are going to achieve it? By singing kumbaya? By cutting staff you fools.

Is anyone hearing of ISPs getting hired back? Or was that just a ruse?

Another performative meeting. Same fake smiles, same empty hype. The opener must’ve said “I’m so excited” five times — and I couldn’t tell if he was convincing us or himself. These things are so staged it’s painful. Nothing real, nothing transparent. At this point, soap operas feel more honest. At least actors admit they’re performing.

This week a big group heads to India including Penny, a few ELT and OC, Operations, and Digital. 30 GPs and directors will be touring cities in India to make a decision on where the Edward Jones Flag will be placed in India. This is the next round of Enterprise Reimagined they told us about called Sourcing and Shoring which means outsourcing more US jobs to India. Get ready all, you are not safe and this next phase of ER will be way bigger in job lose then anything we just went through. Another few hundred jobs will be eliminted and moved to India in 2026 and will be higher in 2027.

Investment bank Jefferies disclosed on Wednesday that its Leucadia Asset Management fund holds about $715 million in receivables linked to bankrupt auto-parts maker First Brands Group.

https://www.reuters.com/business/finance/jefferies-discloses-715-million-fund-exposure-first-brands-bankruptcy-2025-10-08/

Could Penny have sc--wed this firm up any more if she was trying? I would doubt it. She probably needs to pull a George Costanza and do the opposite of every single instinct she has ever had. If she did that the firm would probably soar. Penny is a minnow swimming with sharks. Sorry, Penny, you are in over your head. You just need to admit it and step down.

Some folks have received the memo, communication already.

Others will have the decision communicated today and in stages rest of the week.

Bob's reshuffling at the top has fueled another change, no one is immune.

If the numbers are to be believed, expect ~6k associates to be impacted

Entire 6k will not be this week but in stages, until Q1 2026

If your manager tells you otherwise, they're lying of course

KM4 roles. Outsourcing

What are the actual benefits of the small business index provided by Fiserv?

Mutual of America Financial Group Data Breach – Investigated by Federman & Sherwood
Oklahoma City, Oklahoma (August 22, 2025) – The law firm of Federman & Sherwood announces that it is investigating a data breach involving Mutual of America Financial Group, which recently filed a notice of data breach with the Attorney General of California.

According to the company’s notice, on July 22, 2025, Mutual of America inadvertently.

How much longer is the board going to allow management to destroy the company? MOA was known for exemplary customer service, now, the amazing customer service leaders are gone, and the new horrible ones remain - and of course - Moriarty who has single handedly caused the most damage in operations/customer service - think new system and removing service from the Field Offices. It's not shocking to see that complaints about service continue to plague them...From BBB

Date: 05/19/2025
1 star
Our woes with Mutual of America I, and my sisters, *** and **, lost our mom on November 5th, 2024. In February, Mutual of America contacted me about a policy, with a small payout (just under $5K). Neither of my sisters received any information about this policy.However, I was paid a much larger amount. Mom had 2 policies, which were paid to me, 1/3 of each policy; my sisters still had no documention about either policy. They had to call to get forms sent to them.Several weeks later, my sisters had still not been paid anything. *** started calling (14 times now, so far), usually being told she just needed to wait a couple more days (this is their normal response).One day both *** and ** called seperately, *** was told it would be 6 to 8 weeks, while ** was told 10 - 15 days. Same day, different results. *** was told there was no supervisor she could appeal to.April 28th, MoA contacted me and told me a mistake had been made in my payments. had set a 40% 40% 20% split on her larger policy (but not the smaller policy which was equally split) and I was the 20%, but had already been paid 1/3 of that policy. So, they asked for the overpayment returned to them. I mailed them a check, cashed May 9th 2025. ** was told it would only take a couple days after my repayment came through for them to pay out the policies. As of May 19th, neither sister has received any of their money.We're extrememly frustrated with the runaround this company has given us. ** seems to be programmed to say "A few more days", until the next call, and programmed response that it will always be just a few more days.Update 5/19/25 Another call, another 5 day wait to "investigate". They are currently saying the repayment check was not showing as cashed (it cleared 10 days ago). They said they needed time to investigate. Again, nothing is happening.
Date: 04/17/2025
1 star
I wish I can give them zero stars!!!! This company in the worst company in the history of business!!!! They are liars and crooks!!!!! I been trying withdrawal my money for a year!!!! I did everything and when I finally got the approval they came with other excuses!!!! I gave them my bank to send it straight deposit they said my bank could not do it smh then they said they was sending a check and said it was the wrong address and that it was sent back to them and they said someone cash it!!!! Then they saying they had the wrong address but I was getting information from my address they said they didn't have in my mail!!! Now they saying I have to sign a document talking about the check was cash so I can get my money!!! These people are liars and crooks!!!! If your company put your money here I suggest you get it out asap! And we track the check it was cash from someone that work there offices! The manger was very rude and disrespectful it's disgusting!!! The people that work there don't have a clue and will put you on hold forever!!! This company operates like it's 1987 smh
Date: 02/25/2025
1 star
Employers and account holders of 401 accounts be CAUTIONED with using this company. Mutual of America has purposely made it incredibly difficult and confusing for anyone to do a proper rollover. I've spoken to multiple customer service representatives to deliver a withdrawal/rollover account. Each time I am given contradictory information, and I've been careful to ask, is this the right form, their answer, "correct - everything should be good to go", and after receiving a document this has been processed, it turns out NOTHING has been processed. I am now being told there is no clarity from processing and they're all awaiting a response - we are hitting two months now and I am not receiving any assistance. The amount of time and energy to just get a rollover is incredibly inappropriate and the company should be held accountable. I can't imagine how many others are experiencing similar issues. This has been a disaster and they are creating more friction, and barriers than needed to roll over your account. I have never dealt with such confusion and bad actors for a company as big as this!
Date: 01/14/2025
1 star
Terrible organization to do business with. Communication, service, ethics, morals all lacking...
Date: 11/24/2024
1 star
Unbelievably bad communication. I am trying to get my 403b rolled over after years of not working at a former employer and its been a total disaster. Their employees gave me contradictory information with every call, messed up forms, initiated a forced withdrawal against my wishes despite having enough money in the account, and to add insult to injury after weeks of discussing with 3-4 different employees how to process this request online, get a form letter saying that this is impossible and I have to mail them something. RUN away from doing business with these buffoons.

Date: 10/16/2024
1 star
Money has been missing from my account since Oct 2 and they did not enlighten me to where this money can be.
Date: 08/28/2024
1 star
Do not sign up with these people through your employer or anyone. They Are scammers. They will take your money from your paycheck and it will be extremely hard to get it back once you are no longer employed. ** is terrible and they will keep lying to you every time you call. This is the worse investment company out of all of them stay away from these people!!!
Date: 08/15/2024
1 star
Absolute worst customer service. Although, I have email receipts of when documents were submitted they claim to have no knowledge of ever receiving them.This is after speaking with one their representatives a week prior who at that time noted that my application was received and in process. Only to call back and have them tell me they have no knowledge of receiving anything from me. Furthermore, they refuse to take the time to patiently and with tact resolve the matter. They are uncaring, short, and well beneath the basic standards of conducting business.

Horrible Job MOA team - you should all be ashamed of yourselves for not providing any good customer service, someone needs to pull the plug at MOA...looks like there is no hope left. If you are still there, run - fast - run, and leave the trauma of the job behind.

I know the first thing I’m going to do is move all my assets out Edward Jones. That way they can’t make any profits off of my investments now and the future. Will also tell family and friends to do the same.

If you are affected and if you have a Jones account, will you be keeping your money at Jones? I realize most of us are small fish to leadership so it probably wouldn’t even be noticed if I took my money out. I have nothing against my financial advisor but I’m not sure where I would go. Any thoughts?

Some of my colleagues confirmed last day 9/30/25. Most are ready to retirements

the warning posts were correct, had a HR meeting this morning for my whole team we were laid off, I don't know which other teams or lacations where affected but heard 75 total laid off in KYC our team is only 13 people.

Been away from Fidelity for a while. I was wondering if the 401k expansion order the current cabinet is working on will effect how Fidelity's 401ks work.

As far as I know, it's just a bill, so nothing is guaranteed. But, if the bill passes, then 401ks will ideally have more potentially asset options to invest in. Those would be private market, real estate, cryptocurrency funds (NOT actual crypto), commodities (physical gold or gold contracts), infrastructure financing, and income. The Department of Labor is now working with the SEC to see how many of the 6 things can pass. Again, we don't know if any of them will pass. But if some of them do pass, then it'll be up to the employer to decide which of the options that are passed can be invested in.

So let's speculate. Of the six potential options, IF they become a real thing, which investing options would Abby and co. offer to Fidelity employees for their 401k? There's a lot of hulabaloo about the current state of dynamic work, but would this make Fidelity a more attractive place to work?

I know I mentioned this is the trump administration, but let's please keep political opinions out of this.

I love this video for reference, although I'm good at budgeting and financial literacy, I'm not THAT good. Plus, anyone can use this for educational purposes, too: https://www.youtube.com/watch?v=5WzlS8qEIKw

SS&C announced today that it has entered into an agreement to acquire certain Algorithmics and related assets from #IBM.

Algorithmics provides leading #risk #analytic products and services for the #financialservices industry worldwide.

The addition of Algorithmics will extend SS&C's #riskanalytics and regulatory offering. The acquisition is expected to be completed in the fourth quarter, pending the completion of customary closing conditions.

I work in the accounting department and rarely does any new application work as designed. Instead we spend months cleaning up issues. Look at Hyperion, what a giant waste of millions of dollars, it should be scrapped.