I read the transcript of the earnings call and have two comments. First, the “synergies.” If you weren’t paying close attention you missed him patting himself on the back for reducing headcount. The synergies is a euphemism crated in the merger document where Fiserv committed to $500 million in reduced salary expense due to duplicative jobs across the merged companies. He’s blown by $500 million to $600 and headed for $700. Read the transcript. Secondly, Clover and Carat. That’s all he talks about. This is a merchant payments company in his eyes. Consumer banking and credit cards are already in his rear view mirror. Sadly, most employees work on that side of the business.
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@Caitlin. Ill send you an email…got a lot to talk about…layoffs, inconsistent application of policies, Sr management focused on badge swipes, not the business. Forcing people to drive 2-3 hours to an office once a week.
Go get your notebook and tape recorder
If average salary plus benefits is $100k then $700M in salary cuts equals 7000 employees so yes the new Fiserv workforce is probably around 37,000 now.
With all the layoffs and the rats jumping ship, still 44,000 employees? I think not.
1kwk+1hVMz0gb. Yep. Sure. Whatever you say Frank.
The numbers you are seeing on workday do not include all employees. There are several large business units that are not reported in workday. Sorry to burst your imaginary bubble. Yea I know your next response will be 'You must be an HR stooge because workday is the most accurate system in the world and it just has to be right'
No longer 44,000.
More like 37,000 now.
Check on Workaday.
Stop pushing false information.
It is so clear that the corporate spin folks are attacking this website forum because the press and investors are smelling out a rat.
They are packaging the Banking area into a spin-off or offering it for sale. If they do decide to spin it off into a new company, do not own the stock of that company. They will load so much debt onto it that the company will not be able to succeed.
Headcount was 44,000 still 44,000 so too the reporter, not much of a story here, sorry, but Fiserv did have an “astonishing” quarter so maybe best to repeat that!
Hi there, my name is Caitlin Mullen and I'm a reporter for Payments Dive. I'm looking to get a handle on recent Fiserv layoffs -- if you're up for talking with me, my email is cmullen@industrydive.com
Right. The company is actually only First Data. Frank just needed to wipe First Data’s debt off the books by acquiring Fiserv.
Mission accomplished it’s back to First Data business as usual.
Not difficult to understand.
I’m not saying it was right but it was effective. OFD had a great business but too much debt. Fiserv business was slowing but a great financial position. So you put them together and you’ve vastly improved the prospects for the combined company. OFS execs cashed out and did fine. But It is OFD not OFS anymore