Didn't we already go thru this earlier this year? Were not enough laid off? So many teams are so thin already. How are you expected to support clients and give them excellent service if we are already so short staffed as it is? And supposedly this company wants to invest for the long term so how do you do that with more cuts? Clients are not going to be happy if there's not enough people around to make these products better and to serve them with quality and speed. Make it make sense....
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@sg PS working long hours doesnt make up for being a bullsh-tter with a short cut mentality. Just work a regular day properly and go home without your head up your a-s.
@qn India team hoarde control of projects and micro manage and most don't do the job right. You start to realize if 90% of H1B have bullsh-t credentials that you can't imagine how much bullsh-t is spun in the outsourced positions. A few are good. It's futile to care too much. Do a good job and dont think about what you can't control. Jump if and when you can.
It is What Fiserv does and does in on a regular basis!
Here are the reasons: Very Poor Stock performance and lower-than-expected earnings, etc. - Google it for your self.
Stock drops due to senior leadership and board changes. - And yes they needed to go.
They traditionally layoff people (with 60-day Warn Notification in March and the Fall, always getting ready for the next quarter's earnings call.
Questions for you/business Unit
- Are you making your numbers? If not, someone has to go.
- Are you still doing any development work on new or existing products? If not, that is a big red flag- several will go. No product development - lots of people will go. Has your team gone to Bugs only fixes? Sorry, team - start looking for a new Job!
Back a few years ago - Frank just wanted to "Rip the band-aid off" and start to get to the other side. Well, we all saw how they fell: a 75% Stock price loss and lawsuits against Fiserv.
What is the Tenure of most employees these days?
Before the Hack Job that FB put the company through, there were 10 - 35, even 40 year employees around. Do you still see that level of Fiserv, system, and financial banking knowledge?
There is still an increase in H-1 B visas going on, they come in at a lower price tag than a US employee. And they still have LOTS of India-based resources. Again, just Google it, the info is there.
It is all about $$ price point, and they give 2 Sh!ts about the employee - you are just a number.
So what exactly is the case. Many are saying Q3, others are saying mid September, while some saying its start of month.
Is it layoff or fire?
Anyone has insight
What is left to cut? Everyone who actually does the work is maxed out.
I guess the MC could fire themselves. No one would notice the difference and we’d save a huge chunk of money.
@e9 that position likely could be automated with AI.
Maybe they should create layoff list Bottoms up! The first SVP to go would be DW! How is he untouchable!?!? He was once again MIA at Forum... ditched clients to hang with Wifey. I am sure those meals and entertainment was expensed. You see this bad behavior over and over and now he goes on vacation for the week. People leave because sc-m like him are never held accountable
@e9 Multiple layers of SVPs/VPs, all claiming “high contribution” feels redundant. It’s really about accountability. These are the people deciding who gets axed. But if you keep cutting headcount with no one left to do the actual work, who fills that gap?
with ai magic
@aa In a " prominent Core Banking Division", there is an SVP for " time sheet management" for everyone else in that whole Org..
Should a SVP manage time sheets for ALL ?
SVP's thought process level should be high and very contributing to the employer..
@ba Well Groomed info.. MORE layoffs are coming soon.. Hard working tech professionals, just think about YOURSELF and your future.. This place had turned into a cr-p.. I am not a random guy.. worked here 25+ years.. Pre-First data Fiserv was BEST in almost all aspects.. Not any more..
It’s all optics for Wall Street to show we’re adopting to AI but in reality we will hire back at a higher cost and get less talent individuals.
When execs say "invest long term" they mean shove as much into their pockets as quickly as possible. The only future they are investing in is their own.
@b7 regarding Project Elevate, management said it identified opportunities for efficiency in both direct and indirect personnel targeting $500 million of net cost reductions by 2029 and to begin moving into execution during the second half of 2026 and expects full implementation during 2027.
There isn’t logic, it’s literally just the commitment they’ve already made to the board. Project Elevate is nothing more than an expense exercise and the executives demand a blood sacrifice. Don’t worry, we will rehire a bunch of H1Bs or offshore workers in a few months to close the gap.
@aq LOL this is truth
Haha silly one.. you must be new.. I was there over 30 years.. this is a yearly event(s)..
It’s every year twice a year with this new(ish) mindset running the company. This new leadership is not all too different from the previous FRAUD running the company. Many of the investors are still the same. The investment in the future and support is all AI.
8%
Excellent Service? We don't have enough for contractually obligated service. SLA's are just suggestions anyway.
I think it’s time for SVPs and EVPs to trade their conference badges for a keyboard to share this workload. Fiserv could save a fortune on hair gel, make-up, flights and hotels. What else can justify that huge paycheck instead?