With yesterday’s news that FIS will be selling / spinning off the Worldpay merchant division, it’s clear they’ve had a reckoning of identity and are doubling down on core processing. FIS most definitely has larger issues with debt service than Fiserv, but the spinoff and write down will eventually allow them to focus all of their attention on core and capital market / investment services.
As a mirror opposite to FIS, when will Frank decide to spin off our core? It’s so obvious to the entire market that we’re now a payments company and have zero interest in core. We’re certainly not committed to this space as evidenced by all of the recent layoffs, and if left unchecked, FIS will eventually eat our lunch.