Fiserv Inc.
Fiserv Announces Expected Impairment Charge of $400M to $600M for Wells Fargo Merchant Services
Summary
Fiserv, Inc. has announced a non-cash impairment charge of $400 million to $600 million for its equity method investment in Wells Fargo Merchant Services (WFMS) due to the expected expiration of the joint venture on April 1, 2025. This impairment is expected to be recorded in the third quarter of 2024 and will not impact the Company's 2024 adjusted earnings per share. In connection with the expiration, Fiserv and Wells Fargo entered into a multiyear agreement for Fiserv to provide processing and other services to Wells Fargo's merchant business. The Company does not expect this impairment to affect its medium-term performance outlook for 2025 and 2026.
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About Fiserv Inc.
Fiserv Inc. is a leading global provider of financial services technology solutions. The company's primary function is to offer comprehensive financial service offerings aimed at improving customer experiences and streamlining operations for financial institutions. Fiserv specializes in digital banking solutions, card and payment services, risk management, and core account processing. Its technology enhances transaction efficiency and security for banks, credit unions, and other financial entities across various sectors. Notable for its influence in the financial technology sector, Fiserv develops innovative platforms that facilitate seamless payment processing and data analysis. This integration supports businesses in optimizing their payment technologies and customer data management. The company's robust suite of services plays a crucial role in the digital transformation of financial services, making it a significant entity in the market. Fiserv's impact extends worldwide, catering to clients ranging from small community banks to large global financial service providers. With a focus on advancing the digital economy, Fiserv drives growth and efficiency in financial transactions globally, ensuring its place as a pivotal player in the financial technology industry.
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