Thread regarding TIAA (TIAA-CREF) layoffs

I’m in before this entire thread gets deleted. Talking about systems/tech here. Y’all are as smart as a box of rocks.

@gv do you know how integrated we are with FIS products? It’s not going to be plug and play with a new RK platform. It will take probably 4 years minimum and close to a billion$ or more to switch, especially now.

Sure FIS is a dinosaur. But it would be different if we (or Nuveen) were running at least one other RK platform simultaneously and can (slowly) migrate plans over to the better one. Even brokerage is intertwined with FIS. What you talking about is a complete RK transformation which is what we’re doing but on a much smaller scale due to all the contracts, costs and loss of talent that got us stuck here unable to change. Also FIS is expanding their technology so it is more likely we will migrate to that new and better product offering versus find a new vendor.

TBD will be long gone by then or TIAA be under another firm.

Accenture isn’t doing jack here and won’t be once they let the TIAA contractors go.

@gv show us where this will occur. Accenture trying to do stuff after almost a year and is not working. Most of what they are doing is busywork and honestly not improving a darn thing. They’ll let the TIAA now Accenture contractors contracts end and our relationship will be over in 2 years. They are shook as to what they got into and I highly doubt they will do anything better than TIAA has done.

Plus the FIS contract is longer than 2 years for TIAA associates who moved to Accenture, I believe we just recently signed a new one so that would be a big bailout.

Will TIAA try to walk from FIS for a new RK platform Sure but not for at least 6 years. And a 3 year transition like the original FIS one back in 2003-2006. It’s highly possible TIAA will be ransacked and bought up by a bunch of other companies before that happens.

@ga You must have missed the memo, but TIAA is moving away from FIS with the move to Accenture. When TIAA moved to FIS in 2006, it was a disaster. That really began the downfall of TIAA. The move to FIS, poor planning, and then the letter TIAA sent out to clients under $25M that there would be no more on site visits. Don't believe me ? Do your own research sonny boy. Everyone know the "Empower Intimidation" factor in Colorado scared the ELC & TBD so much they could keep taking the physiological hits that kept on a coming from Empower. All the big wins. Ed Murphy and the great executive he assembled along with huge backing from Empower Corp in Canada, eh. Fact is, FIS is a dinosaur for recordkeeping platforms as they go and there is much, much better stuff in the market place today. FIS is laying off tons of people and the programmers are no longer top notch.

@g6 dude. WTF are you talking about?!?!?

Empower is Headquartered in Greenwood Village, CO. Which is not near the downtown Denver TIAA office at all (a 15 minute drive) and is in Arapahoe county not Denver county.

@g6 you don’t know what you’re talking about. Have a long FIS contract no end in sight because the entire RK platform runs it and has for 20+ years. Good luck trying to build an in house RK system we can’t even get in office average days right here. Not much else and would be a MASSIVE project to convert to some other platform with the convoluted customizations we have to do to appease clients. Letting Denver go will lose a ton of experience for people who were that conversion and other changes since. So be prepared for tons of contractors (many former TIAA Denver and former TWS folks) being paid boatloads of money if that is the case.

Also contrary to common belief… Empower is NOT in downtown Denver. So they are not forcing TIAA out. They have their own campus 10-15 minutes south of downtown 3 huge buildings and free parking. If anything Empower may take more of TIAA business or acquire former TIAA Denver associates.

Sit down and “ice up son”…

@c1 TIAA should have stayed in Denver. Expand Charlotte if anything. Not moved to Texas. Because of the decoupling from FIS and the problems with FIS and Jacksonville and the disastrous pivot to Accenture in India, I can see closing Jacksonville. Jacksonville is an armpit and ghettoish. Everyone knows TIAA was run out of the mile high City because of the "intimidation" of Empower. When TIAA lost the City and County of Denver several yrs ago, that was the beginning of the end.

@bx when she can find a way to get 2,000+ folks hired since maybe 150 or so Denver associates relocated. She probably thought 50-60% would move.

Most people young and old in Texas are going to the plethora of other FinTech companies in DFW/Frisco area.

@bw not sure what you mean by that. Empower is not our direct competition and many Denver TIAA folks worked for them previously and may do so again.

They are also sort of a client for some of our products. A lot of TIAA Denver folks will wind up at Empower working on products we work with them today on already.

They have 3 huge buildings and free parking.

If anything it is adding insult to Injury to TBD and others decision to close the office and offload hundreds of people with decades of experience. So Empower will win out in the end gaining fresh experienced talented ex TIAA folks looking for a company with better morale and a brighter outlook for future growth.

@OP when does TBD get to collect that $18m from the wheelchair Bound wingnut governor of Texas for relocating to Jerry Jones’ the Star in Frisco ?

@bq and to add more insult to injury to the TIAA Denver folks, all at Empower Field nonetheless.

At least the Broncos got the last laugh and beat the Cowboys. Again…