Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BROOKFIELD, Wis. – Fiserv announced a one-time, after-tax realized loss of $10 million in its Securities Processing Division resulting from a fraudulent trading scheme at one of its broker/dealer clients. According to Fiserv, the scheme revolved around short-selling, which is the broker/dealer’s primary business. To offset the loss, Fiserv has sold investment securities totaling a one-time, after-tax realized gain of $10 million. Fiserv entered the securities processing business in 1987 and has made a handful of company acquisitions in that area. With offices in Philadelphia and Houston, its Securities Processing Business has 400 clients, 600 employees, and accounts for approximately 5% of Fiserv’s revenue. The company is evaluating the occurrence to see if it needs to make any procedural changes in its Securities Processing Division.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.