Agree. Also as a side note, Bloomberg Intelligence Analyst stated that Bank of America is unlikely to exit its joint venture with First Data, as the Wall Street Journal reported it was considering, given this would require the massive undertaking of either launching its own payment-processing capability for merchants or switching to another major provider.
BofA may end up negotiating better terms, though, to extend the venture, which we calculate to be about 10-12% of First Data’s revenue.