Fiserv is marking its 20th anniversary with a program offers college scholarships to the children of its employees. Called the Fiserv Scholarship Program, the plan will award 20 scholarships a year based on a combination of academic performance, financial need, leadership, work experience, and career and educational goals. "We have worked hard since our founding in 1984 to continue the education of our employees-whether in our own classes or in university courses," said CEO Leslie M. Muma. Fiserv was formed in 1984 through the combination of Sunshine State Systems of Tampa, Florida, and First Data Processing of Milwaukee, with $21 million in revenue. Today it has $2.7 billion in revenue and more than 21,000 employees.
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The payment and commerce company's stock fell as much as 12% in afterhours trading on Thursday after the fintech missed Wall Street's earnings estimates, despite posting growth in all lines of business and increasing its full year guidance.
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Federal Reserve Gov. Christopher Waller said there was a popular "misunderstanding" Thursday regarding who can qualify for a "skinny" master account, noting that only firms with a bank charter would qualify for approval.
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The digital neobank is expecting spending to stay strong through current economic conditions, and a new credit card is projected to bring in increased revenue.
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Analysts say the fintech must "grow like a fintech, but be profitable like a bank" as its capital base shrinks to its lowest level to date.
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Comptroller of the Currency Jonathan Gould said Thursday that a proposal to reimagine bank supervisory practices is meant to empower rather than handcuff supervisors by limiting the scope of their examinations.
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A new research report this week found AI could 'unlock' $370 billion in profits for banks, though they're not yet ready to capture it. But big-bank executives say they are already seeing measurable results from their generative and traditional AI investments.
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