FIS lost the FT TA contract, their largest which includes Customer Service because they could not successfully provide the kind of service that FT financial professionals and their shareholders were used to receiving. FIS platforms su-k, the rollout of the new websites was equally bad. So many top producing financial professionals moved their business out, that FT is in the process of taking back their TA. It is a sh*tshow of the highest order. Didn't see this mentioned in this thread. Everyone who was moved over to FIS, will now have to try to get their jobs back at FT. The legacy FT employees did not cause this, but they have to live with the consequences which includes layoffs in May of 2026, if not sooner. Will the shareholders at both locations notice? Which line items on the budges will reflect this total failure? How will FIS sell this one?
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If this happens they will lose everyone of their TA clients within a year. The Indis staff simply do not have the system or industry knowledge required. Every day there are issues that show not only was something coded incorrectly but in a lot of cases could never have even been tested. They rely on the remaining domestic staff to resolve and correct.
Almost all TA development has moved offshore, including core support. The rumor is those remaining in the U.S. will be let go March/May 2026. The only 'safe' people in the U.S. seem to be the customer support staff who deal directly with the clients in a daily basis.
@fa As an ex-FT employee, I can say that the experience at FIS is terrible. Going from a rather nice in-house position to FIS with all of the cuts happening all around and the chaos + bad management is not good.
Wouldn’t surprise me at all if it all went back to FT. FT has been dissatisfied with everything leading up to and after the data conversion. FIS was hemorrhaging money due to this “deal”. And FT was a client of SunGard, bought the system and reconfigured it on their mainframe. SunGard was acquired by FIS (one of the companies who initiated the TA business). FIS along with FT, has discounted the expertise of the long term individuals with the TA, resulting in delays, errors, mishandling of key elements. The management is almost exclusively ex FT, and when layoffs occur, it’s the old FIS employees getting the ax. There are several core FIS clients who are very unhappy as their projects and initiatives have been pushed further behind because FT took up all of the air in the room. At least one client has left, one or two are very shaky.
When a group has been acquired, that group typically has to then adapt to their new company. Ex FT employees want everything to be the same as it was at FT, even to changing terms and names of teams. Never seen anything like that before. Plus, most of their time is in meetings and expect tech to do even the most mundane tasks for them. Obviously, the roles were very limited in scope, so when having expanded roles due to continuous staffing cuts, a lot are floundering. It’s another mess brought on by inept FIS management.
@cb my understanding is that Customer Operations (processing) and Main Office Services are staying at FIS. Customer Service (phones) is returning to FT in May 2026 after Tax Season.
Is that just for the Customer Service or are Operations and other supporting teams in GBS & SS going as well? I have only heard about CS thus far and this has been communicated in a few leadership meetings.