Phone skills have been transferring back to FT. Website calls will move back on 03/23/2026. That leaves Retirement and Shareholder calls at FIS. After the filing deadline of 04/15/2026, those calls should move over, that date is not confirmed yet. How will that be announced? Will the remaining employees be given the date ahead of time or will the axe fall suddenly? Have no illusions, plan accordingly.
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@ta legacy FT employees were told about the transition to FIS systems. Until those were updated to process FT transactions, FT systems were used with the licensure paid by FIS until their systems were ready. The dates kept getting pushed back. Training on the FIS systems was started with legacy FT employees. They were horrified by the complicated, old systems. They were told that updates were coming. More time went by, transition dates were missed. Suddenly, systems were allegedly ready, training was jammed through requiring legacy FT employees to log in two hours early every day for systems training for weeks to meet the transition date. It was grueling. It was clear that they systems weren't ready. It was also clear that processing transactions would take much longer on these ancient systems. During training, the trainers had to caveat about more changes coming. It was not inspiring, it was nausea inducing. Everyone knows about the train wreck of the transition and what followed. That corp decided to wait for a year to begin the work is all on them. The failure is all on them.
The FT contract was signed with with completion dates and expected ramping up of staff. However, corp decided to not hire or start work for over a year, and then when hiring started, they had no laptops. Fallout was to layoff the actual people who had to try to play catchup and deliver on timeline they never had a chance to meet. All the while, hiring more execs and client reps and having no clue on how the business operates. There is now a more than a 3 to 1 client rep to those who actually do the work. They are continuing to layoff all those with knowledge on the system while drowning in issues with no one left to know how to solve.
@a7 it was widely reported that FT was their biggest client. Because they could not meet the terms of the contract, FIS had to pay huge fines to FT each month. Both sides lost millions in wasted time when the goal was for FT to save money on their Transfer Agency. FIS would have been able to use the success to attract more business. Now, FT is saddled with FIS sh---y systems. What the impact will be after Customer Service has completely moved over is anyone's guess. It's not going to be positive. Chin up, Stephanie, Bob and Ian will be there to see everyone through, collecting their salary and bonuses for a job well done! It will be interesting to see if Ian moves back to FT.
What is the money impact behind this? I am sure will trigger new wave of reductions.