The businesses will continue under the Fiserv Securities, Inc. name and report to Larry Donato, President of Fiserv Securities, Inc.
This change positions our combined talents to meet the needs of our clients, and affords all Fiserv clients the best in securities processing services. The Fiserv Securities solutions are cutting-edge in our industry, and will only be enhanced through our newly combined organization, said Donato.
Fiserv Securities has long been a leader in the technology necessary for today’s correspondent clearing services and I am sure our clients will benefit greatly from this move. Our combined Internet capabilities will enhance our clients’ ability to profit from this distribution channel. I look forward to being part of this new
organization in Philadelphia, said Dennis Donnelly, President of Fiserv Correspondent Services.
Fiserv Securities’ high level of service to clients and hallmark flexibility in the technology area will empower the clients of Fiserv Correspondent Services to increase their productivity and service to their customers, said Bob Beriault, President and COO of the Fiserv Securities Group. Our decision to combine these two fine Fiserv companies is based on our strategy to leverage our single most
efficient platform to deliver a superior product and level of service to our clients.
The combined forces of these two companies will service more than 400 independent broker dealers, insurance companies, banks and investment advisers located throughout the United States and in Puerto Rico.
As a result of this consolidation, Fiserv’s Securities Group will be eliminating or reassigning approximately 300 jobs and closing its offices in Denver, Colorado, and Boca Raton, Florida. The expenses relating to these actions will be offset by a termination fee being paid by a broker-dealer recently acquired by a third party. The Company is reaffirming its projections of $460 million to $470 million in revenues for the second quarter of 2001 and its projected diluted earnings per share of $0.39 – $0.40 for the second quarter and $1.60 – $1.61 for calendar year 2001, excluding any recognized gains on sale of investments.
