Thread regarding VISA Inc. layoffs

I am saddened by the news that Visa has let go of so many people, although they've been doing this in smaller layoffs every year for the last little while... My heart goes out to those who lost their jobs. I honestly feel that those who where let go are great workers striving to do the right things. I was at Visa for over 1.5 years (not too long) before being let go about 2 months prior to this major layoff (let go in late July, 2016). I was told that there wasn't the right synergy on my team. What I heard was, "we're in-sourcing your job to India". For those let go, I honestly wish that they would have looked to realign those employees into new opportunities where the business needs their skills and knowledge and growth. It's also hard to see employees go when the company is reporting record profits!

Shortly after I was let go, I sent a message my SVP, asking him "why would Visa choose to eliminate so many key jobs recently (including mine) and in effect get rid of so many great individuals, all in the name of transformation while simultaneously striving to hire great employees?". He told me, "We are making tough decisions and increasing the technical resources that are needed at VISA to execute the transformation."

I do not regret working for Visa. They payed me well and allowed me to buy my first home for my family. They also payed for a number of my certifications including ITIL, Six Sigma Black Belt, and Lean IT (thankfully, these were payed for in the 2015 budget. I was told that the 2016 training budget was cut by about 60% from 2015). I was also fortunate to work with some amazing people and I gained skill sets and knowledge that allowed me to get my new job (started a month after being let go).

Visa confirms layoff of hundreds at Foster City campus

Nov 16, 2016, 4:00pm PST Updated Nov 16, 2016, 4:19pm PST

http://www.bizjournals.com/sanfrancisco/news/2016/11/16/visa-layoffs-san-francisco-fintech-payments-jobs.html

San Francisco-based Visa cut 213 workers at its Foster City campus, the payments giant told California regulators.

The layoff notice, filed under the Worker Adjustment and Retraining Notification Act, was received by the State of California on Nov. 7. The layoffs are effective Jan. 6, 2017, Visa said.

Earlier this month, Visa (NYSE: V) told the San Francisco Business Times that it was eliminating positions around the globe as it digests its $23 billion purchase of Visa Europe and adjusts to the rapidly shifting payments landscape.

Visa said at the time that "a variety" of job cuts were being made, but offered no details such as size or scope of the layoffs.

Both current and former Visa employees have told the Business Times that Visa was cutting between 800 and 1,500 jobs globally, hitting morale in the process.

"Visa was once a great company," lamented one long-time employee, citing a reduction in employee benefits since the company went public in 2008.

Visa, which employs 4,000 people in the Bay Area and 11,000 worldwide, defended its decision to cut staff.

“The acquisition of Visa Europe, combined with changes in our industry, provide us with the opportunity to reassess our cost structure globally and make adjustments," Visa said in a statement. "In undertaking this assessment, we have decided to eliminate a variety of roles globally, while also creating new roles that better align with our future growth plans.

"These changes position Visa for continued growth and allow us to better serve the needs of clients in a rapidly evolving payments environment,” according to the statement.

One group not complaining at Visa is the shareholders. The company, led by the soon-to-depart CEO Charlie Scharf, recently boosted the quarterly dividend 18 percent.

Visa shares closed in New York Wednesday at $80.08, up $1.68, or 2 percent. The company's shares changed hands at an all-time high of $83.96 on Nov. 10.

I agree with you use other cards and tell your friends and family.

Malarky. Charlie got his golden parachute and majority screwed a very dedicated workforce that was therelong BEFORE he was.

Pushing out "older" employees, in age as well as experience, to fill rolls with new? In the same locations, in some cases. Some rolls moved to Austin.

Everyone knows the new staff are brought in at higher wages than their colleagues that have been on staff for years. Old staff tends to hit a ceiling and the greedy execs don't do anything about it - layoffs are the easy way out.

This smells bad.

Use your AMEX and MC and DSC cards.