When Donald Trump nominated Fiserv chief executive Frank Bisignano to serve in his administration 11 months ago, his company was held up as a Wall Street fintech darling alongside the likes of Visa and Mastercard.
Now the business Bisignano helped build is in freefall.
Shares of Fiserv, which runs back-end technology for banks and payment networks, fell 44 per cent and lost $30bn in market value after disastrous third-quarter results on Wednesday. The company disclosed several problems that had been festering for years and analysts described the earnings as “shocking” and “impossible to sugarcoat”.
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