#layoffs

https://www.businessinsider.com/verizon-cuts-hundreds-of-jobs-in-latest-round-of-layoffs-2026-5

Looks like it'll be a long day for some of us. Our team is so far not affected but we also didn't get an all clear, so I'm not sure if I should celebrate or if there's still a chance some of us will get notified. I really wish this whole process was made clearer from the start.

listening to Chris Stansbury talk about his race car while at the same time talking about shutting down legacy telecom along with our jobs is really quite amazing. He gets the gold and we get shafted.

What Current CEO Mike Lyons Actually Said
This is the most damning confirmed piece. When Fiserv's Q3 2025 earnings collapsed and the stock fell 40% in a single day, the new CEO didn't soften the blow — he pointed directly at his predecessor. Lyons said that Bisignano's earnings targets "would have been objectively difficult to achieve, even with the right investment and strong execution." But instead, Fiserv had in recent years deferred needed investments and cut costs in pursuit of shoring up short-term profit margins. Congressman John Larson
That's an extraordinary statement from a sitting CEO about a predecessor — essentially a public acknowledgment that the financial targets set under Bisignano were, at minimum, reckless and perhaps deliberately unachievable.

The Clover Manipulation Allegations
Multiple class-action lawsuits lay out a specific and detailed mechanism of alleged fraud:
The company began phasing out Payeezy in 2023 and "forcibly migrated" as many as 200,000 merchants that had been using the older system to Clover beginning in late 2023 and continuing through the first half of 2024. Yahoo Finance
The company reported $2.7 billion revenue from Clover on gross payment volume of $310 billion for 2024, "accounting for half of Fiserv's year-over-year revenue growth." Little did investors know that the numbers were being boosted by forced migrations, the lawsuit alleges. Greensheet
The specific deception alleged is that Bisignano told investors the opposite was true. Bisignano stressed that 90% of Clover's growth stemmed from new merchants, with only 10% from "back book" conversions — existing clients voluntarily switching. The lawsuits allege that was materially false. Zlk
Shortly after these conversions, a significant portion of former Payeezy merchants switched away, which is why Clover's growth metrics collapsed so sharply once the migration pool dried up. Rosen Legal
The truth came to light on April 24, 2025, when Fiserv reported Clover's payment volume grew just 8% in Q1, a material step-down from 2024 growth rates of 14–17%. After the news, Fiserv stock dropped 18.5%. It dropped another 16.2% the following month after Fiserv said Clover's slow growth would persist through 2025. TipRanks
The class action was filed by the City of Hollywood Police Officers' Retirement System and names Bisignano, Lyons, CFO Robert Hau, and Chief Accounting Officer Kenneth Best as defendants. Fiserv has said it disagrees with the claims and will vigorously defend itself. BizTimes

The Stock Sale and Tax Benefit — The Numbers
Upon his confirmation to serve atop the Social Security Administration in May, Bisignano divested from his investments in Fiserv, as required by law. Those sales netted an estimated $530 million. GovExec
Bisignano sold Fiserv stock between May 16 and July 1. The same shares today are worth just $229 million — meaning that selling earlier in the year avoided losses of approximately $300 million. FA Magazine
And crucially, the government ethics rules created a significant tax benefit on top of that. In May, he was granted a certificate of divestiture, deferring capital gains tax on the Fiserv sales provided he invested the proceeds in approved assets such as Treasury bills or broadly-based mutual funds. This provision allows him to indefinitely postpone capital gains taxes by reinvesting the proceeds in other assets. The deferral also included an extra 150,000 shares worth $25 million held by his wife and in family trusts. FA MagazineYahoo Finance
This tax break, part of a loophole installed in the 1990s, has previously been granted to other high-level appointees like billionaire banker Howard Lutnick and former Treasury Secretary Henry Paulson. So the mechanism itself is legal and established — but the timing and circumstances here are what drew scrutiny. Yahoo Finance

The Congressional Referral to the SEC
This escalated beyond advocacy groups. Congressmen Larson and Himes formally referred the matter to the SEC, requesting an investigation into the circumstances surrounding the financial reporting of Fiserv during Bisignano's tenure and the timing of his required stock divestiture. They wrote that "the timing of Fiserv's updated guidance and resulting collapse in Fiserv's stock price raises significant questions about the timing of Mr. Bisignano's nomination and confirmation." Congressman John Larson
Senators Wyden and Warren separately wrote to current CEO Mike Lyons demanding information, noting that "Mr. Bisignano appears to have failed to manage Fiserv effectively, and may have misled investors and the public about the company's financial status." PSCA

What Is Confirmed vs. What Is Alleged
To be clear about the legal landscape:
Confirmed facts: Bisignano sold roughly $530 million in stock between May–July 2025. The stock subsequently collapsed 40%+ in October. His successor publicly said targets were unachievable and investments were deferred. A certificate of divestiture was granted, providing substantial tax advantages. Multiple class-action lawsuits have been filed.
Alleged but unproven: That Bisignano knew the true state of the business when he sold. That the Clover migration was specifically orchestrated to inflate metrics and mislead investors. That the timing of his government nomination was connected to knowledge of impending stock collapse. Fiserv has denied all allegations and is contesting the lawsuits.
Under investigation: The SEC referral means there is at least congressional pressure for a formal investigation, though no SEC action has been publicly confirmed.

The Broader Pattern
What makes this situation particularly notable is the convergence of several things happening in tight sequence: an improbable government appointment, legally required divestiture at near-peak prices, a tax-advantaged structure that deferred hundreds of millions in capital gains, guidance that the new CEO immediately described as unreachable, and a stock collapse that followed within months. Whether that sequence reflects wrongdoing, extraordinary luck, or some combination remains to be determined by courts and regulators — but it is, at minimum, a fact pattern that warrants the scrutiny it's receiving.

G6,5,4 - majority are youngsters getting laid off. Runway if you are young this is a company for dinosaurs

That just got notified they were laid off would be

On here. Sorry it’s a bunch of lying trolls in the real world they’d be figuring out insurance and severance and contacting family.

How many people from Connect were impacted today?

May 28 is pretty much locked in. I had to give a name from my team. I'm in OT and it will hit here pretty hard this ho around

Can this be confirmed by somebody else?

Has anyone that signed up for the VRIF heard anything yet? I’m curious as to how many people actually signed up and how many will be IRIF’d on the 14th.

If you get notified , do they give you a chance to find another role within Fidelity?

Anyone hear of anything in FI, Fid Institutional? Part of my group joined Fid Wealth earlier this year but we are remote this week and not sure what’s happening.

Another teammate is going out on stress leave. Everyone is beyond miserable.

I don’t get why there are so many trolls here. Why would someone in their right mind share their name, supervisor, or personal information just to prove whether something is real or not? Why risk jeopardizing their severance or employment situation just to satisfy random people online?

To the trolls, please stop. People’s lives are being impacted here. If these reports are true and people are seriously being affected, I genuinely wish you all the best. No one wants to lose their job.

Fiserv (FISV): Historical Performance & The Last 6 Years
The Pre-2019 Track Record: Steady, Boring, Brilliant
Fiserv's reputation before 2019 was that of a predictable compounder — a back-office financial technology company delivering 4–5% organic revenue growth and 10–15% EPS growth annually for decades. Its 20-year total return is 462%, which is impressive precisely because it was built brick by brick, not in bursts. Think of it as a toll booth on the financial system — unglamorous, mission-critical, and quietly profitable. Banks couldn't easily rip out Fiserv's core processing systems, which meant sticky, recurring revenue. FinanceCharts

2019: The Big Bet — First Data Acquisition
The first major anomaly arrived in 2019 when Fiserv made a transformative, and very controversial, move. Fiserv agreed to acquire First Data Corporation in an all-stock transaction valued at approximately $22 billion, receiving a fixed exchange ratio of 0.303 Fiserv shares per First Data share — a 29% premium at announcement. This essentially doubled Fiserv's size overnight, brought in the Clover point-of-sale platform, and shifted the company from a pure B2B infrastructure player into merchant-facing commerce territory. sec
The integration hangover was real. The deal loaded the company with debt, complicated its story for investors, and blurred what had been a very clean investment thesis. Even heading into 2019, pre-deal Fiserv expected only 4.5–5% internal revenue growth and 10–14% adjusted EPS growth — solid but modest. Post-deal, Wall Street had to recalibrate entirely. sec

2020–2022: Pandemic Noise, Integration Grind
The stock performed reasonably through COVID but never rerated meaningfully higher. The market was skeptical about whether the First Data integration was actually working. The total return for 2022 was -2.62% — essentially flat in a bad market year, reflecting investor uncertainty rather than confidence. Organic growth guidance was generally met, but the stock traded at a discount to peers. FinanceCharts

The Exchange Saga: Nasdaq → NYSE → Nasdaq
This is one of the stranger corporate optics stories in recent fintech history, and it happened in two acts:
Act 1 — June 2023: Going to NYSE
On June 6, 2023, Fiserv switched its stock listing from Nasdaq to the New York Stock Exchange and changed its ticker symbol from FISV to FI. CEO Frank Bisignano framed it as a prestige move — aligning with blue-chip peers, signaling fintech leadership. Bisignano said the decision was meant to signal the company's "leadership position in fintech." The stock was performing well at the time, and it looked like a victory lap. WikipediaFiserv, Inc.

Act 2 — November 2025: Back to Nasdaq
Then came the embarrassing reversal. On November 11, 2025, after over two years on the NYSE under the symbol FI, Fiserv switched its listing back to the Nasdaq Global Select Market and changed its ticker symbol back to FISV. The rationale was framed around closer alignment with Nasdaq's technology-focused investor base, but the timing was telling — it coincided almost exactly with the launch of the "One Fiserv" restructuring plan and a significant guidance cut. The return to FISV was, in many ways, a retreat to familiar territory at a moment of operational stress. WikipediaThe New York Report

2023–2024: The Peak and the Problem
2023 delivered a 31.43% total return, and 2024 was even stronger at 54.64%. The stock hit an all-time high. Fiserv's all-time high closing price was $237.79 on March 3, 2025. Clover was gaining momentum, and the market finally appeared to believe the post-First Data story. FinanceChartsMacroTrends
Then it fell apart quickly.

2025–2026: The Crash and the Reset
The total return for 2025 was -67.30% — a stunning collapse from that March peak. The causes were layered: guidance cuts, slowing organic growth, heavy investment spend, and macro uncertainty around consumer spending at small businesses. By Q3 2025, Fiserv had cut its organic revenue growth outlook to just 3.5–4% and adjusted EPS guidance to $8.50–$8.60 for the year — a dramatic reduction from earlier targets. Alongside those Q3 results, Fiserv launched the "One Fiserv" action plan to prioritize and enhance client focus. FinanceCharts + 2
As of late April 2026, the stock was around $62.65 — down roughly 74% from its all-time high. That's an extraordinary compression for a company with $21 billion in revenue and positive cash flow. MacroTrends

Can the Old Growth Track Record Return?
This is the heart of the debate, and the honest answer is: probably not in the same form, but the underlying business is arguably stronger — if execution improves.
Here's why the old model is unlikely to simply resume:
The pre-2019 Fiserv was a smaller, simpler machine. Squeezing 4–5% organic growth out of bank processing contracts was repeatable and predictable. Today's Fiserv is a merchant-facing platform business competing with Square, Toast, Stripe, and global acquirers — a fundamentally more volatile, competitive environment.
Here's the bull case for why growth could re-accelerate:
Clover's value-added services reached 27% of revenue in Q4 2025, up 5 points year-over-year, and management targets Clover GPV growth of 10–15% in 2026. The thesis is that Clover becomes what Square/Block tried to be — a full small business operating system, not just a payment terminal. Analysts point to Clover's 25% value-added services penetration with a path to 35–40%+ as a high-margin compounding engine the market may be underweighting. TIKRSimply Wall St
Financial Solutions core banking and debit processing carry near-irreplaceable switching costs, meaning client defection risk is structurally low. Simply Wall St
And the valuation math has shifted sharply. At roughly 10–11x 2026 adjusted EPS, the stock appears to price in essentially no recovery from the guided trough — any normalization toward higher adjusted margins in 2027–28 could create meaningful upside. The average analyst rating remains "Buy," with a 12-month price target around $127.53. Simply Wall StStockAnalysis

Bottom Line
The historical slow-and-steady compounder version of Fiserv is effectively gone — that company no longer exists in its original form after the First Data merger. What remains is a larger, messier, higher-potential but higher-risk entity trying to prove it can be both a reliable financial infrastructure provider and a growth platform business. The exchange round-trip (Nasdaq → NYSE → Nasdaq) is a reasonable metaphor for that identity confusion: it was a company that briefly thought it had arrived, then had to acknowledge it still had significant work to do.
Whether it can rerate from here depends heavily on Clover's execution, the success of "One Fiserv," and whether the payments sector recovers investor confidence. The fundamentals — cash flow, sticky clients, market position — are intact. The credibility with investors, after two years of guidance misses, is not.

So far haven’t heard of impact at NV. Could this be because an ongoing audit this week? Is RIF still possible next week?

I’ve heard 5000 and I’ve heard 10,000.

15% cuts happened in GTS today

Any one see any pattern in the layoffs ? IP ? Squad leads with small squads ? Platform team SLs? etc

In Benefitfocus subsidiary, people were told they are being laid off effective June 15. They are being told this news less than a month after a previous layoff took effect on April 15 and work moved to Voya India and to Philippines.

Squad lead here

Long time fidelity. Got 12 months severance, holidays paid out to cash and prorated bonus.

Was asked to keep it to myself but fu-k that sh-t, I hate how they broke the news so I don't care.

Multiple scrum master in my previous role got impacted as well.

Impacted BU based on what I heard:
Wealth platform, advisory, Asset management, Brokerage Record keeping

If you're getting transferred, laid off or have proof other people are, please reach out:
rachel.nostrant@houstonchronicle.com

I'm the oil and gas reporter, trying to keep an eye on how many people might be affected.

Where are you seeing layoffs?! I think there’s still BS going on.

Upper middle management. Not saying anything else for the sake of not ousting myself.

They started laying off people in my dept today. I do not know how many

This morning there was a corporate IT Zoom call where it was announced that a new IT center was being built in Springfield, MO. All USA based IT workers will be required to work from the new office starting August 2027. No jobs are being eliminated at this time, but all remote workers will need to move to Springfield, MO by August 2027 to work from the office or their jobs will be eliminated at that time.

if you dont know what that means you are a troll or too young at VZ to know anything about RIFs

They’re openly patting themselves on the back about plans to reduce workforce by 65%

Believe it or not, for those that are impacted today, coming to this site and sharing the news is not a priority. They are going through an emotional roller coaster, need to inform their families, etc. so just because people aren’t posting here, doesn’t mean it’s not happening.

https://www.ignites.com/c/5156214/727834

Read the article with my free account…
All I can say is this person was one of us (a little higher level than most of us though) and out there speaking the truth, raising concerns, trying to get people to listen - for what just to be canned for being a whistleblower.

So much for our ethics and “if you see something say something” policy.

Everyone better tread lightly here.

Believe it or not, it isn't happening today. Can’t you see they’re playing with you? They read these threads; they post here. To a sociopath, keeping you on edge is a game—and they love to win.

Stop feeding them.

It will happen when you least expect it, and no amount of "prep" will matter. In the meantime, get your life back. Don’t let rumors and screen-time rot your mind; that’s exactly what they want. You aren't dealing with people who play by "human" rules.

So what is it. Its time to start thinking about summer time surplus. We all know it happens, next up will be October and move right into Nov. So the question. WHEN !

trend is, people are hating AI because of the impact it has on the environment all to cut some corners and not pay people... meanwhile companies are SHOVING THAT SLOP down our throats. STOP. AI is inaccurate, it hallucinates. You claim to be making lots of money yet axing tons of talented people just to push AI. this will fail and blow up in your face.

Can we all please post the BUs where layoffs are happening? So we can keep track of it?

Wasn't just rumors for the group I'm in. Teams is full of people sharing what time their calendar invite that just came in is for with HR + some leader. Everyone promising to give each other recommendations if needed, posting personal emails and phone numbers just in case, etc.

Don't know the count yet. Waiting to see if/what time my meeting will be. Bad vibes for sure.

The rumors weren't wrong for everyone.

Packaging manufacturers are implementing significant workforce reductions and facility shutdowns. Clearwater Paper is cutting 70 positions and 50% production capacity at its Arkansas mill. Gerresheimer Glass will close its Chicago Heights plant, terminating 172 employees. Graphic Packaging International laid off over 500 staff to achieve $60 million in cost savings. Oliver, TriMas, and Veritiv Visual are also closing plants, affecting dozens more workers.

https://www.harianbasis.co/en/packaging-manufacturers-layoffs-facility-closures

Spirit Airlines announced hundreds of layoffs. These job cuts affect Texas airports. Dallas-Fort Worth and Houston airports are impacted. The airline faces rising fuel costs. Financial strain contributed to the decision.

Texas

https://www.cbs19.tv/video/news/local/spirit-airlines-layoffs-hit-texas-airports-as-workers-face-uncertain-future/501-15169b4b-a98a-40bc-82ed-1000cb42d68c

Arctic Wolf eliminated approximately 250 jobs in 2026. This affected multiple teams, including sales, product development, and marketing. The cybersecurity vendor is restructuring to invest more in artificial intelligence. This investment focuses on its superintelligence platform and agentic Security Operations Centre. Canadian employees have contacted a law firm regarding severance offers.

https://stlawyers.ca/blog-news/arctic-wolf-layoffs/

Strauss Borrelli PLLC is investigating Accupac. This inquiry concerns potential mass layoffs in Lakewood, New Jersey. The federal WARN Act mandates 60 days' notice for such events. Accupac notified the state of laying off 260 employees. Employees may be owed 60 days of pay and benefits.

Lakewood, New Jersey

https://straussborrelli.com/2026/05/05/accupac-warn-act-investigation/