Fiserv’s $30 Billion Plunge Followed Client Backlash on Fees (2)

When Mike Lyons joined Fiserv Inc. early this year, he was stepping into a fintech riding high with a record stock price. But the new top boss soon found himself firefighting a series of customer gripes.

Over and over, clients repeatedly voiced frustration that they’ve had enough of the superfluous fees they were being charged for Clover, Fiserv’s flagship point-of-sale system, according to people familiar with the matter, who asked not to be named discussing non-public deliberations. They were increasingly looking to take their business to cheaper alternatives, like Block Inc.’s Square or Toast Inc., and they weren’t ...