Has anyone else heard about lay-offs coming this Thursday in the electronic payments division? Trying to not have to pay out March bonuses ?????
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Fiserv / First Data already did efficiency studies in our group in Epayments to analyze headcount. My group was doing the work of 6 people so we were told not to worry. This isnt my first rodeo so I know better. I think everyone is actually looking for a job now. It's very demoralizing.
Looks like that source was accurate
https://www.bizjournals.com/columbus/news/2020/02/04/large-dublin-employer-cutting-more-than-100-jobs.html?iana=hpmvp_colum_news_headline
@2izk+13iVvffG That’s horrible. This was before the merger was final so it’s all on Fiserv.
If you are layed off before the bonus pay out date, I don't think they are under any obligation to still pay it even thought it was for 2019.
I was layed off in early March of 2019 not long before the pay out date and was not offered the bonus with my severance.
That's pretty low but given the people who run the place now, I would not doubt this.
The only way to achieve savings of 900 million is to reduce payroll (layoffs) and reduce real estate. Everything else like consolidating debt at favorable rates and tax efficiency is small potatoes.
If there are layoffs they would not impact March bonuses, which are based on 2019.
However, given the pressure to reduce costs, there WILL be layoffs to ensure a leaner operating plan for 2020 for the business units. Layoffs will be picking up this week and next.