When FT took back their Customer Service, they left Main Office Services and Customer Operations at FIS. Today, at a BPS Fireside Chat, SVP Ian McCoy and Client Services Manager Sandy Edmunds announced that FT is also taking back MOS and OPs, thereby terminating the ten year contract. Was only able to read the questions in the chat, have not see the recording yet, if there is one. The chat questions involved employees in those functions asking about their futures. The answers were not comforting. Sandy implied that FIS did not understand why the contract was being terminated. It was because they did a sh---y job and impacted FT's relationships with their own clients. She went on to address timing questions by stating that she did not know who the new vendor would be "unless they went behind their backs." That is a stunningly deceptive statement. FIS failed to deliver on every level to meet SLAs or they did a sh---y job whichever anyone prefers. It was shocking to read that. Will see what else can be gleaned unless someone else reading here knows more. Cue up the Mission Impossible theme...
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@ab Ian was tasked by Basil Fox, President of Franklin Templeton Investor Services with outsourcing their Transfer Agent, to save money. Whose idea it was, is anyone's guess, It fell to Ian to do it along with FT SVP Heidi (last name, anyone?) to execute, They sourced and finally contracted with FIS. The FT TA employees had to watch this unfold over several years before the announcement that a contract had been signed. Then they endured the re badging to FIS and the total debacle (several delays of deployment of FIS systems, training on their systems, etc.) of the transition to FIS systems. The inadequacy of their systems, which received some glow up for Franklin use, is what caused the contract to fail. By any standards, they hail back to the Nineties. If this is how the world banks, it's hard to see how that happens on a day to day basis. Processing transactions for the mutual fund companies contracted with FIS is a nightmare. As has been mentioned here repeatedly, both FT and FIS are responsible for the failure and the cost. It's the employees who were ground up in the gears that paid the price.
@ax they just told the audience to look for internal positions and upskill using AI. The f-kng nerve
@ad it has been confirmed that the meeting was NOT recorded and that senior leaders will disseminate after the talking points are released tomorrow. The mere fact that an entire meeting was held with close to 1000 attendees suggests that this is serious. Read between the lines. Why else inform the employees that will be "impacted." Having listened to Ian's song and dance promoting...whatever, over the years, it was disappointing to miss this. Place your money on him returning to FT when it's all over. Ian always lands on his feet in a corner office.
@ad That's totally Ian and the rest. They always give us less then 10% and pretend they don't know anything. They do know and I would guess the contract is already off.
Has FT already terminated the contract, or are they still looking for a new vendor and will terminate the contract once that's done? Wouldn't that be pretty big news if the contract had actually been terminated? And since you've only read the questions in from the chat, how would you know? Please help me understand.
Ian and the others kept being obnoxiously vague and seemed to know way more than they were letting on, but unless I misunderstood his words completely, the FIS-FT divorce isn't happening yet and if FT decides to say bye-bye, the current employees won't be laid off right away, because they will have to help transfer everything to the new TA.
Oh, and the meeting wasn't recorded. Those who didn't attend will only get a summary, which seems on brand for FIS. That whole meeting should've been an email, since they refused to give us any solid answers.
God, that is so awful. That's a ton of people that will be laid off. Imagine the terrible job they had to do for FT to cancel that after so much preparation to move the teams in the first place. Wonder what will happen to Ian, after all he was a big part of the move to FIS, wasn't he so much for it?
Cognizant and zensar will do the same thing to FIS