I heard from a reliable source within the company, there will be layoffs in the month of March 2023. Apparently expenses for first quarter are through the roof and their first option is to lay off.
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Legacy Bread is a drain on finances, there is way too much overhead there and CARD associates will have to pay the price.
What departments?
Don't be surprised if we see layoffs soon. I'm guessing around October 18th. They say there is no plan for that, but realistically they don't have a choice. The mishap last year caused an excess of employees..
More layoffs June 2023 announced to warn system for ohio unemployment
Now the CRO has left the company. What’s the story behind that? Three CEOs, three CFOs and now this …. in the last 5 years! Expenses are high due to so many perks given out. What are the next steps?!?!?!
It's been sad watching wave after wave of senior-level people come and go, each bringing his or her ideas along. The ideas fail, the people leave their messes and head off to their next paycheck. If they were any good at their old company, they wouldn't have left to come to ADS. They are He-l-bent on making ADS an offshore company. The layoffs today were mainly in the US, including VERY seasoned technical resources.
They're "saving" some pennies by hiring lesser talent, with much greater turnover, not caring about the longterm, because they'll be gone in a couple years. Fiserv and TATA were the latest worst ideas. The choice of consultant companies is a very close runner-up. It takes some work to turn a $300+/share company into what "Bread" is today. It will be impressive if Bread is still in business in 2024.
Actually IT&O, lost 40 employees today. 6 in India and 35 in the US.
Just 40 ppl as they just announced
What departments are getting hit right now?
Today actually. March 8, 2023.