The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

Fiserv, Wells Fargo set to end merchant services joint venture

Wells Fargo in San Francisco and Fiserv in Milwaukee are planning to end joint venture Wells Fargo Merchant Services.

Fiserv disclosed in a regulatory filing that it expects to record a noncash impairment charge in the third quarter. The company, which inherited a 40% stake in the WFMS from its 2019 purchase of First Data, said it the venture is expected to expire on April 1.

Fiserv said that, upon expiration, it should receive a cash payment or assets equal to the value of its share of the venture. Still, it expects to record an impairments charge between $400 million and $600 million.

Leave a Reply

Your email address will not be published. Required fields are marked *