Earnings will be announced in a few hours. My suspicion is that JY wants to announce better than expected results for the merger cost reductions, and will say that they're ahead of schedule.
FB is in charge of this so guess what, more Fiserv associates heading to the chopping block.
Lets bee honest here - there is a lot of duplication now that both companies have combined. The first to go should always be at the top. Both companies are majorly top heavy. Way too many directors and Vice Presidents that are not necessary. Then the support positions, sales, training, etc. The client facing positions or client critical positions should always be last. Who knows if they will follow that.
Regardless if anyone isn't worried about their job then they are in denial. Expect a lot more reductions. That is the fastest way to cut expenses.
Oh and I know at least 5 people who were laid off in groups that did not have redundancy. It was done at a higher level so two levels of supervisors had no say in who was released.
I listened to the call and Frank is clearly in the drivers seat for integration. He said that they were trying to push faster but focusing on duplicative functions which I know isn’t all, they have been cutting things without an overlap. I heard Jeff say 44000 associates which already is lower than what each company had together before the merger. I bet it will be 42000 or 40000 next earnings call.
If earnings were poor, more employees heading to the chopping block anyway. Either way you slice it, more to the chopping block. That is FData, not Fiserv of course, driving this action.