They think laying off people who are great at their jobs to save some money and then hiring newbies who will take more than a year to become productive is going to result in cost savings. Even a fool could see how much productivity and institutional knowledge is lost like that. We lose every single time it happens. But nobody cares. As I said, Fiserv logic.
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The stock is through the roof because of their stock buybacks. They can buy every dip to artificially juice the stock price... in fact they have spent 3 billion in the last year.
That is billions they could have spent on developing new products to sell or to reduce the risk of default by paying off debt.
It is short-term gain at the expense of long-term value. The market can turn on a dime and all those billions spent to goose the stock will be for nothing!
You mistakenly give Yabuki too much credit. He would have had to make the same changes as current management to lead in this competitive landscape. Why do you think got out when he did?
It’s not just Fiserv’s stock that’s up, it’s everyone’s. All competitors, all of the nasdaq. Fiserv is just riding the surge, following the same pattern as all stocks and just happens to be under this regime.
OFD employees were once excited about the merger. We had hopes of getting rid of Frank, WFH, better benefits, etc. Instead his goon squad expanded like a fu---s spreading faster than C-19
Frank knows what he's doing, for this minute. Maybe the next if he gets lucky.
He's a short-term thinker, which is fine for him and his lackeys to make a quick buck, but good leaders have vision and direction to grow things. He has neither of those attributes.
He's a buffoon counting cards at the poker table in Vegas.
He might get out with a windfall, but everybody at Fiserv actually doing the work is going to be left holding the empty bag.
Hold it for the next ten years if you are so confident.
I left Fiserv a while ago and dislike them as much as anyone, but it has consistently been the best performing stock in my portfolio. To say Frank doesn't know what's he's doing is inaccurate. He employees and customers hate him, but his shareholders love him.
Fiserv wasn't so bad until Frank showed up.
First Data wasn't so bad until Frank showed up.
Maybe it should be "Frank Logic"?
You keep associating "logic" with Fiserv. I guess you haven't worked there long enough to know conventional logic doesn't apply. I will agree, after the merger and Jeff's departure, it's been a clown show the whole way. I suspect FB is doing everything he can to bump up stock price, so he can sell and get out. Why stay on the Titanic when you can steal the jewels and jump ship before it crashes?
It's First Data logic, not Fiserv logic.
Make no mistake. After the merger, FD management took the helm and ki-led anything and everything Jeff Yubiki built. Fiserv is essentially rebranded First Data.
The thing is the newbies don't save them any money. Some, if not all of them, are hired in at higher salaries than the veterans. It will take them years to make up for the loss, but in the meantime, there is no one left to support them. The 'Fiserv' logic escapes me....