No rhyme or reason for the chosen: some long term tenured, some newer, but good at their jobs. That department was being hammered by senior leadership about meeting SLAs. They will regret it later when the staffing is needed later in the year. Why, Lord, oh why?
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@be clarification: the frontline staff did not sc--w up the FT deal, FIS did. The staff did heroic work trying to wrangle systems that were not designed for that volume of transactions or the flexibility needed from FT. And right out of the box nothing worked so the hold times were hours long, literally. They took the abuse for that too, right in the chest. Just to be clear about that sh-tshow.
@am it's the Transfer Agency for handling mutual fund clients such as Victory, State Farm, USAA, etc. It was the group that sc--wed up the Franklin Templeton Transfer Agency deal. These are front line staff servicing those mutual funds that were laid off. The staffing level is critical for meeting contractual SLAs. If it is Average Speed of Answer, they won't be able to meet the KPI with fewer staff. They are losing ProFunds on 08/01/2026 which belongs to this group. There are additional very small fund groups who get their staffing there too.
What is BPS TA?
@OP were those people management or analysts?
What is FIS TA? What group is that TSYS Analytics?
One of the genius things about this decision is that FIS TA does not calculate and publish Required Minimum Distributions for their mutual fund retirement accounts on year end statements like other mutual funds. You know why? It costs money to do that. Anyone over 73 with an Individual Retirement Account has to take their RMDs every year because the money has never been taxed. The IRS rules allow that money to be sheltered until people are 73. Determining the yearly RMD is based on the previous year's ending balance and factors that the IRS uses. It changes every year to ideally deplete the money by the time the shareholder dies. Yes, the IRS has an actuarial table for when you will die. Other mutual funds publish the RMD for their shareholders on their year end statements. Not FIS, though. That means that for every RMD call, the staff has to manually calculate it using an excel spreadsheet that produces the dollar amount...on every single call. That takes time. Then the calculation has to be quality checked by someone else. No problem, FIS won't spend the money for the programming and feels comfortable with that risk. This lengthens call time which is where the money is in meeting SLAs. Let's make jobs as difficult as possible and design them to add risk to the company. This does not account for other seasonal call volumes such as parents calling to make redemptions for college in August. There are other end of the year issues that increase the calls and require expertise. Beginning in January, tax season. How does laying off four people help their bottom line here? This was a reduction of about 10% of the staff.