We are not a better organization in any way, shape or form than we were before the ELT decided to spend a year or so with practically non-stop layoffs. The stock didn't skyrocket as some predicted because "Wall Street loves layoffs." Work certainly didn't improve. On the contrary, productivity suffered because so many of us are now overworked and don't have enough time to finish everything that's expected of us. So what was the point?
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What the layoffs have achieved is chaos. If you could see what's left of our team right now. Woo-boy. I feel bad for whomever is going to pick up the pieces. It won't be me. I'm setting sail at the end of next week.
Frank will indeed cash out, as o e poster said, but not any time soon. His goal in life is to be a billionaire. He’ll stay on this ride as long long as possible. The board can vote for his ouster but he has two votes and gravy-train cronies in his pocket. He’ll be around a while.
Yep it’s being built to last until Frank cashes out in a huge way. He’ll exit with a fat parachute and leave a disaster behind. Leave now if you can
Selling the bu’s will give the accountants enough cover to manipulate the stock price. Then you’ll see some really bad behavior
When you have Bank Solutions (aka Account Processing) or whatever they are called making horrible deals too, it isn't going to help earnings. I wont name any names but how about the one client's they keep saying they will put on dedicated hardware. They need to stop that. One of those clients was like 1,000 servers alone. How about the fully automated patching? I wonder how that is going? The one thing I do find interesting is not many OFD SVP's have left, they must be banking some serious $$$. I thought the new CTO would have cut some of that fat by now. I agree 100% I think Account Processing gets sold off this year. Then they spend the next 10 years figuring out how to get it out of the Fiserv data centers.
P.S. You can spend all you want to McKinsey, Deloitte, PWC, IBM, whatever is the greatest consultant you can find. It is going to take years to move that legacy cr-p out. Oh and everyone that knows how it works has been let go, quit or retired.
This year whole business units get sold off
And if you have good leadership, talented staff will produce exceptional results. And that increases shareholder value. Reduction of critical or talented staff results in inferior results which drain the business of value, clients and decreases shareholder value. See, easy enough is it not.
The point is to be able to report higher earnings in the short term
When firing people is your only talent, you fire people. Get better leadership, get better results