#layoffs

What the he-l are we supposed to do now?

It seems no one has mentioned layoffs in the First Friday Slack channel. People usually say or inquire about it. Only the sycophants were sending messages, it seems.

I was told a couple months ago that I needed to be working/leading all the channel deals in my pipeline which has su-ked with no pay increase. Now I have heard that the channel team is going away from my AE who is usually right. Wonder if I will not have to work with partners anymore. Anyone else heard this?

A production facility in Cullman, Alabama, has ceased all activity. This plant was involved in making mattresses. Its closure resulted in a significant number of job losses. More than one hundred individuals were impacted. The entire site is now permanently shut.

Cullman, Alabama

https://www.montgomeryadvertiser.com/story/news/local/2026/05/04/serta-simmons-closes-alabama-plant-101-laid-off/89898232007/

What if on a PTO today? Few in my agile team are on PTO today. What happens if they are on the list?

Central New York cities face significant budget shortfalls. Auburn, Cortland, and Watertown are experiencing multi-million dollar deficits. These cities are considering layoffs, pay cuts, and service reductions. Rising health insurance, pension costs, and stagnant state funding contribute to the crisis. Officials are also proposing property tax increases to address the financial gaps.

https://www.syracuse.com/news/2026/05/central-nys-mid-sized-cities-are-slashing-jobs-and-services-amid-a-bruising-budget-crunch.html

Milestone Technologies is laying off 105 employees. This decision follows the end of a contract. The contract was for services at Meta's data center. The data center is located in New Albany. Milestone Technologies' work at the campus will conclude.

New Albany

https://www.bizjournals.com/columbus/news/2026/05/07/milestone-technologies-meta-data-center-new-albany.html

Ticketmaster has laid off approximately 350 employees across its operations. These cuts affect various functions within the company. The firm aims to increase focus on fewer initiatives. It plans to bring more software development in-house. This restructuring prioritizes engineering, product, and design divisions.

https://www.iqmagazine.com/2026/05/ticketmaster-confirms-around-350-layoffs/

The Port Angeles School District projects a $1.9 million budget shortfall. This deficit is for the 2026–27 school year. Declining enrollment and rising costs drive this deficit. The school board will vote on a resolution to authorize staff reductions. Proposed cuts include teaching, maintenance, and paraeducator positions.

Port Angeles,

https://www.myclallamcounty.com/2026/05/07/port-angeles-schools-consider-layoffs-amid-1-9-million-budget-shortfall/

Armor-IIMAK will close its Amherst manufacturing plant. This action will lead to 199 job layoffs. Only just over 50 jobs will remain. The French company is consolidating its U.S. operations. A WARN notice was filed regarding these layoffs.

Amherst, New York

https://www.bizjournals.com/buffalo/news/2026/05/07/armor-iimak-amherst-plant-closing-layoffs.html

Did anybody impacted by layoffs get severance? Was it any good? Would anybody be willing to post what they got?

The article link posted here says a couple of hundred, but other comments here say up to 4,000. Wow! That’s quite a spread. I would think if it’s really in the thousands the company would have to mention it to the media?

Maximus Global Services cut 123 employees at Fort Lauderdale-Hollywood International Airport. The layoffs occurred on May 3, according to a WARN notice. Affected positions included customer service agents and cleaning staff. The company offers various aviation services like ramp handling and commercial cleaning. Maximus Global Services previously worked with Spirit Airlines employees.

Fort Lauderdale, Florida

https://www.usatoday.com/story/news/2026/05/07/florida-fll-ft-lauderdale-airport-layoffs-spirit/89974073007/

Durham School Services announced significant layoffs across multiple locations. However, its Berks County operations in Cumru Township remain unaffected. A spokesperson confirmed no job reductions are planned for the 51 employees there. The company is laying off nearly 300 people in Philadelphia and over 250 in New York. These broader layoffs stem from lost contracts with school districts.

Cumru Township, Pennsylvania

https://www.wfmz.com/news/area/berks/berks-school-bus-yard-not-impacted-by-parent-companys-major-layoffs/article_93576011-9fa7-4c09-977d-9d4599b49cbe.html

I just got a flash call put on my calendar for tomorrow at 8:30am. I can’t see who else is in the meeting, but it’s with my CAL. Any insight on what this meeting will be? Will layoff notices continue to be sent out tomorrow? I thought people would be informed today.

SSM Health laid off most of its virtual behavioral health integration team on February 4. Therapists like Taylor Lazar provided free mental health services to patients. The program helped patients in crisis and prevented hospital admissions. These layoffs raise concerns about mental health care access in Wisconsin. Many areas already face shortages of mental health professionals.

Madison, Wisconsin

https://madisoncommons.org/behavioral-health-therapist-layoffs-at-ssm-health-add-to-concerns-about-mental-health-care-shortages-in-madison-and-across-wisconsin/

No news so far but folks are getting meetings from their manager/skip manager etc. Any VP IC - any layoff impact you faced?

Four people, all in their 50s and above. I'll be honest, I have no idea how we're supposed to continue without them, especially since we were stretched thin as it is.

It’s been almost a year since I was laid off from Sharp, and I still haven’t been able to find a job. I’ve submitted 92 applications, tailoring each resume to match the job description and improve my chances with ATS systems, but I’ve only landed six interviews. At this point, I can’t even secure a help desk or customer support role, despite being willing to take a 50% pay cut.

Even contract positions are difficult to get because so many people are out of work and competing just to survive. More of my family and friends are experiencing layoffs as well, especially in the healthcare sector, where some hospitals are now financially vulnerable and at risk of closure.

My unemployment benefits have ended, while the cost of gas and food continues to rise across the U.S., adding even more pressure on families already struggling to get by. These are deeply difficult and heartbreaking times.

Sturm, Ruger & Co. implemented job cuts earlier this year. The firearms manufacturer disclosed these layoffs in its first-quarter earnings report. This "reduction-in-force" occurred in February as part of a restructuring effort. The company aims to improve efficiency and support long-term growth. Ruger recorded $2.5 million in severance and related expenses.

Southport, Connecticut

https://hartfordbusiness.com/article/ct-gunmaker-ruger-discloses-layoffs-amid-restructuring-efforts/

Heard Santa Rosa will be closed - 2 year timeline, but they are going to try to shut everything down within a year. Many teams at the site completely laid off. Waiting to see what happens. Grapevine news is that there will be an onsite all-hands tomorrow morning with VP coming onsite.

Can somebody share what happened at the all-hands?

Verizon is cutting several hundred US workers. This action follows 13,000 job reductions in November. The current cuts represent less than one percent of its total workforce. Impacted employees are located across the US, with a focus on New Jersey headquarters. The company confirmed these layoffs are not due to artificial intelligence.

Basking Ridge, New Jersey

https://www.businessinsider.com/verizon-cuts-hundreds-of-jobs-in-latest-round-of-layoffs-2026-5

The Palm Beach County School Board approved a 3.5% pay raise for teachers. This decision followed months of negotiations with the Classroom Teachers Association. The district warned 250 employees could face layoffs to balance the budget. These cuts may affect teachers, administrators, and office assistants. The teachers union must still ratify the agreement for it to become final.

Palm Beach County, Florida

https://www.wpbf.com/article/palm-beach-county-teachers-win-pay-raise-as-district-warns-of-layoffs/71241817

U.S. employers announced 83,387 job cuts in April, a 38% increase from March. This total marks the third highest for April since 2009. Technology companies led all industries in layoff announcements, often citing AI spending as a reason. Artificial Intelligence was the top reason for job cuts for the second consecutive month. Overall hiring plans decreased significantly in April.

https://www.challengergray.com/blog/challenger-report-april-job-cuts-rise-38-from-march-ytd-cuts-down-50/

A&O Shearman is streamlining operations. The firm is cutting business services roles in its London office. Approximately 20 positions are impacted. These cuts primarily affect IT, finance, and marketing teams. This follows previous headcount reductions in 2024.

London

https://abovethelaw.com/2026/05/more-post-merger-layoffs-come-to-ao-shearman/

Do we have any indication on how the layoffs will be structured? Just today? Weekly? Daily? Who knows?

https://www.businessinsider.com/verizon-cuts-hundreds-of-jobs-in-latest-round-of-layoffs-2026-5

Looks like it'll be a long day for some of us. Our team is so far not affected but we also didn't get an all clear, so I'm not sure if I should celebrate or if there's still a chance some of us will get notified. I really wish this whole process was made clearer from the start.

listening to Chris Stansbury talk about his race car while at the same time talking about shutting down legacy telecom along with our jobs is really quite amazing. He gets the gold and we get shafted.

What Current CEO Mike Lyons Actually Said
This is the most damning confirmed piece. When Fiserv's Q3 2025 earnings collapsed and the stock fell 40% in a single day, the new CEO didn't soften the blow — he pointed directly at his predecessor. Lyons said that Bisignano's earnings targets "would have been objectively difficult to achieve, even with the right investment and strong execution." But instead, Fiserv had in recent years deferred needed investments and cut costs in pursuit of shoring up short-term profit margins. Congressman John Larson
That's an extraordinary statement from a sitting CEO about a predecessor — essentially a public acknowledgment that the financial targets set under Bisignano were, at minimum, reckless and perhaps deliberately unachievable.

The Clover Manipulation Allegations
Multiple class-action lawsuits lay out a specific and detailed mechanism of alleged fraud:
The company began phasing out Payeezy in 2023 and "forcibly migrated" as many as 200,000 merchants that had been using the older system to Clover beginning in late 2023 and continuing through the first half of 2024. Yahoo Finance
The company reported $2.7 billion revenue from Clover on gross payment volume of $310 billion for 2024, "accounting for half of Fiserv's year-over-year revenue growth." Little did investors know that the numbers were being boosted by forced migrations, the lawsuit alleges. Greensheet
The specific deception alleged is that Bisignano told investors the opposite was true. Bisignano stressed that 90% of Clover's growth stemmed from new merchants, with only 10% from "back book" conversions — existing clients voluntarily switching. The lawsuits allege that was materially false. Zlk
Shortly after these conversions, a significant portion of former Payeezy merchants switched away, which is why Clover's growth metrics collapsed so sharply once the migration pool dried up. Rosen Legal
The truth came to light on April 24, 2025, when Fiserv reported Clover's payment volume grew just 8% in Q1, a material step-down from 2024 growth rates of 14–17%. After the news, Fiserv stock dropped 18.5%. It dropped another 16.2% the following month after Fiserv said Clover's slow growth would persist through 2025. TipRanks
The class action was filed by the City of Hollywood Police Officers' Retirement System and names Bisignano, Lyons, CFO Robert Hau, and Chief Accounting Officer Kenneth Best as defendants. Fiserv has said it disagrees with the claims and will vigorously defend itself. BizTimes

The Stock Sale and Tax Benefit — The Numbers
Upon his confirmation to serve atop the Social Security Administration in May, Bisignano divested from his investments in Fiserv, as required by law. Those sales netted an estimated $530 million. GovExec
Bisignano sold Fiserv stock between May 16 and July 1. The same shares today are worth just $229 million — meaning that selling earlier in the year avoided losses of approximately $300 million. FA Magazine
And crucially, the government ethics rules created a significant tax benefit on top of that. In May, he was granted a certificate of divestiture, deferring capital gains tax on the Fiserv sales provided he invested the proceeds in approved assets such as Treasury bills or broadly-based mutual funds. This provision allows him to indefinitely postpone capital gains taxes by reinvesting the proceeds in other assets. The deferral also included an extra 150,000 shares worth $25 million held by his wife and in family trusts. FA MagazineYahoo Finance
This tax break, part of a loophole installed in the 1990s, has previously been granted to other high-level appointees like billionaire banker Howard Lutnick and former Treasury Secretary Henry Paulson. So the mechanism itself is legal and established — but the timing and circumstances here are what drew scrutiny. Yahoo Finance

The Congressional Referral to the SEC
This escalated beyond advocacy groups. Congressmen Larson and Himes formally referred the matter to the SEC, requesting an investigation into the circumstances surrounding the financial reporting of Fiserv during Bisignano's tenure and the timing of his required stock divestiture. They wrote that "the timing of Fiserv's updated guidance and resulting collapse in Fiserv's stock price raises significant questions about the timing of Mr. Bisignano's nomination and confirmation." Congressman John Larson
Senators Wyden and Warren separately wrote to current CEO Mike Lyons demanding information, noting that "Mr. Bisignano appears to have failed to manage Fiserv effectively, and may have misled investors and the public about the company's financial status." PSCA

What Is Confirmed vs. What Is Alleged
To be clear about the legal landscape:
Confirmed facts: Bisignano sold roughly $530 million in stock between May–July 2025. The stock subsequently collapsed 40%+ in October. His successor publicly said targets were unachievable and investments were deferred. A certificate of divestiture was granted, providing substantial tax advantages. Multiple class-action lawsuits have been filed.
Alleged but unproven: That Bisignano knew the true state of the business when he sold. That the Clover migration was specifically orchestrated to inflate metrics and mislead investors. That the timing of his government nomination was connected to knowledge of impending stock collapse. Fiserv has denied all allegations and is contesting the lawsuits.
Under investigation: The SEC referral means there is at least congressional pressure for a formal investigation, though no SEC action has been publicly confirmed.

The Broader Pattern
What makes this situation particularly notable is the convergence of several things happening in tight sequence: an improbable government appointment, legally required divestiture at near-peak prices, a tax-advantaged structure that deferred hundreds of millions in capital gains, guidance that the new CEO immediately described as unreachable, and a stock collapse that followed within months. Whether that sequence reflects wrongdoing, extraordinary luck, or some combination remains to be determined by courts and regulators — but it is, at minimum, a fact pattern that warrants the scrutiny it's receiving.

G6,5,4 - majority are youngsters getting laid off. Runway if you are young this is a company for dinosaurs

That just got notified they were laid off would be

On here. Sorry it’s a bunch of lying trolls in the real world they’d be figuring out insurance and severance and contacting family.

How many people from Connect were impacted today?

May 28 is pretty much locked in. I had to give a name from my team. I'm in OT and it will hit here pretty hard this ho around

Can this be confirmed by somebody else?

Has anyone that signed up for the VRIF heard anything yet? I’m curious as to how many people actually signed up and how many will be IRIF’d on the 14th.

If you get notified , do they give you a chance to find another role within Fidelity?

Anyone hear of anything in FI, Fid Institutional? Part of my group joined Fid Wealth earlier this year but we are remote this week and not sure what’s happening.

Another teammate is going out on stress leave. Everyone is beyond miserable.

I don’t get why there are so many trolls here. Why would someone in their right mind share their name, supervisor, or personal information just to prove whether something is real or not? Why risk jeopardizing their severance or employment situation just to satisfy random people online?

To the trolls, please stop. People’s lives are being impacted here. If these reports are true and people are seriously being affected, I genuinely wish you all the best. No one wants to lose their job.