the layoffs are part of a plan. to what?
maybe the plan is to strip certain business units of their expenses and sell them off?
units like c.u. providers.
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When Frank first arrived in FD he did tours telling us how he was a self-made man through hard work and how he was refusing to sell any business units. Instead, we will grow our way of out the FD debt.
Of course, that was lies. Businesses were almost immediately classified as Legacy, Maintain or Invest. If you were in a Legacy platform you were eventually sold or shut down. If you were in a Maintain platform you were given just enough resources to keep the lights on but your customers were eventually migrated to another platform and you lost your job, or you were sold. If you were an Invest you had the honour of working 70-hour weeks to meet deadlines and people were still randomly fired depending on the share price.
When we thought the worst was over, the merger happened, and everything started again.
They’re getting out of online banking. Clearly want to focus on clover and payment processing.
This has been brought up several times before on this board. Many do believe the business as-is will not resemble the business in one or two years. Small, adjacent businesses have already been shucked. Others will follow. It was mentioned here yesterday that FB is a banker and that’s true. He doesn’t know how to make money with tech. Unfortunately, banking isn’t se-y. Consumers don’t want to pay for banking services anymore. The internet is free. Credit cards, debit cards, core banking - it’s all a utility to the consumer. Real tech advances in that world will come from outside Fiserv and those tech wizards will eat FB’s lunch.
I could definitely see where it could be part of a plan to sell if BU's, especially the banking cores.