I have it on good authority that ~500 LANIDs were disabled in the last 24 hours. Not sure of business unit, etc. but that is quite the number.
500 people just lost their jobs in a market that nobody is hiring in.
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I was one of those probably ( i work in EMEA) . Being a freelancer in sales just got made redundant. Took the exactly 5 mins to tell me i was let go, after working for almost 10 years with them.
The massive debt Fiserv has accumulated will be the tail that wags the dog. When they did the merger, in true Yabuki "reality distortion" style, I'm sure their market conditions study assumed a rosy sunny business environment going forward with a mild recession let alone a massive global downturn being an unlikely possibility in the near future. I'm sure they planned that the rosy business environment with modest layoffs (aka "synergies") would keep ahead of the debt service. All that has changed now and they will have to lay off a lot more people than they ever planned initially but the vexing problem is that they can only do so by compromising service delivery. If Fiserv was Berkshire Hathaway with billions in cash instead of billions in debt, would they be laying off all the people they are now? Not with all the work that needs to be done to meet client needs.
But like I said, the debt service will the tail that wags the dog going forward.
The problem remains, if they keep reducing workforce how on Earth will Fiserv deliver what they have already committed to? I wasn't surprised about the elimination of contractors because FB stated in the quarterly earnings call in November in reference to cutting expenses:
One of the first targets will be vendor expenses, which Bisignano pegged at $4 billion annually, as well as overall corporate expenses and duplicative technology spending.
Contractors are cheaper but if you get rid of them you don’t need to do a WARN notice so they can slip under the radar. Also shows immediate cost savings which sounds like will be needed for the next earnings call.
That's hard to believe, contractors cost the company far less money.
Rumor has it all contract engagements are being eliminated by end of April. It was a surprise to some contractors whose credentials were revoked last week. Thats what the 500 Lan ID's included.
@1tad+14uvDhUU FB thinks daily “stand up meetings” mean you don’t need a desk or a chair. More savings!
If this is true, then it makes sense. They needed to make room for the sudden proliferation of the so-called "enterprise agile coach" positions. In this position, duties include wearing a happy face while promoting agile like it is the second coming while the company goes up in flames, and also bringing donuts to the agile book clubs.
From what I see on the network I'm on there are still many user stations still active for users that have been gone for years. If they cleaned those up it would probably be at least 500 also.
These layoffs need completed by the may earnings call. So the next 2 weeks will be nerve wracking but some level of normalcy should happen after earnings
and this surprises you how? especially if you worked at OFD
Was there any indication of which site(s) form this, or where they mostly random?