Once again FDC, led by Frank Bisignano and Big Bank executives elected to lay off an estimated 20% or 3,000 business consultants and mid level managers. Wall Street analysts demanded expense reductions to combat low stock price...their way is to just slash people and jobs at will. At the end of the day, FD clients will suffer too.
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There you have it !!!! scammers and liers
Synchrony financial might want to look closely at the recent escrow deposit project that was a requirement of the contract renewal. It fails to meet the requirements and First Data upper management is well aware of the issue. They chose to ignore the problems and continue to lie/deny, turn a blind eye, and push all responsibility to the low-level application programmers.
Right on, Wisdom~ KKR tried to Transform FDC into a Tech company with Clover POS and paid apps in the Clover Market, however, reality quickly set in with new management in that they can't replace the card processing revenue, it's their bread and butter, however skinny the margins are. So back to their good customers, as you said, to raise their rates twice annually. Thankfully, new merchants shouldn't be in a 3 year contract and can get out ASAP. Repeat, Strong sell, get out quick.
They have been raising rates on the good paying customers over the last several quarters to raise money to meet revenue targets most likely to meet quaterly income goals now that they are a Public company. Couple this with the forced movement out over the last two years of already over 50% of their best sales employees and now add this latest slash to the mix. The problem now is they can no longer afford to continue to just overcharge good customers and throw away good sales and managment staff who worked hard to bring in the good customers without a long term negative impact. Strong sell.