Heard there is a big reorg happening in DNA and Signature and RTO will be forced again in September? Anyone know what is happening?
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Re org email came out today.
So who's the fixer? Labor Day Monday aka Tuesday has passed no shake up??
No one ever said it didn’t need work. Most people have worked their tails off trying to keep the ship afloat against internal headwinds and roadblocks that have continuously been thrown at them. Those same people are being cast aside like tarnished goods that did something wrong versus what they were told. It’s okay, some day your lever will get pulled too, it’s the only constant here.
@2yvv+1ufZpaFC. You have no clue what you are talking about here. Let's give whomever the opportunity he or she needs to right a ship that admittedly needs work.
I read through a bit of a lawsuit and I cannot help but think of the regular people who worked their tails off, sacrificing countless evenings and weekends, only for it to fall apart and know darn well the C suite folks blame * them * for the failure.
It's just sad.
As a side note, one part really did stick out to me - the individual who made admissions to the client about overpromising. I am so glad I rarely worked with clients. The few times my team did, the person running the show said said, "Keep your mouth shut". We did. Just one quick, casual (frustrated?) comment and you're a line item in a lawsuit against your company. That cannot end well for the person.
The inbound fixer is not a fixer. Just another marionette wanting an SVP title willing to sell their soul at the expense of others. A fixer would have worked their magic the first time they had the opportunity. I am sure more kool aid will be poured, the decision will be if you want to drink.
Sadly all true. Fiserv should settle keep this out of court nothing good will come of it.
In 2020 Fiserv sold cores as it had for the last decade let the sales team miss represent the systems capabilities, promise vaporware do whatever it took to land the contract. Leave the mess to the core product and development teams to figure it out. The senior VP mentioned in the filing being the ringleader. Heard him speak on many an internal call dismissing the complexity and the amount of work in an effort he misrepresented (being kind here) during the sales process. NYCB had some of the same asks we know they will never be delivered.
As for the UX it fundamentally has had design flaws from day 1. Many centered around the concurrency architecture, the team still has no idea how to design a robust user facing application. Fiserv should have thrown in with MX years ago. In my view its now too little and too late to save the product.
Take it for what its worth don't bring back DNA 'VP's or keep any that are still hanging on more of the same excuses and politics.
@2aof+1ufZpaFC Yeah, its a holiday, that's the change?
Funny too that they "sold" conversions to some of Precisions biggest banks, migrating them over to DNA. I say "sold" because they performed the conversions free of charge, but by re-upping the contracts again they locked these poor clients into situations they can't walk away from without paying out the nose. They really care about the clients don't they?
Fixer inbound to DNA. This Monday things will change in a good way for DNA. Stand by for action.
Revenue? We are getting away with CPI increases and termination fees. If you strip out the term fees that we are getting… I highly doubt the numbers look so good on the FIG side.
Service contract guarantee revenue over a period of time.
Terminating a service contract increases revenue for Fiserv from the penalties the banks have to pay.
Are you going to be able to sell at the peak before the whole thing collapses?
If things are in such disarray where is all the revenue coming from? They've been rocking revenue, much of it organic, the last few quarters. Revs don't come from layoffs or any cost cuts.
I'm just a curious outsider looking in.
Fiserv will offer GSB a free conversion to Premier and one year free. It's all part of the plan.
I worked on a core conversion one time. The client was confused and produced a picture they took of the UI of the core during the sales demo. It was found out the sales team showed one core to the client but sold them a different one because it was "close enough". This was like 10+ years ago, this is nothing new. The problem now is so many are gone the house of cards is falling. The GBS sales rep probably is now at FIS or JH (probably left right after they got their bonus).
Excerpts from the lawsuit docs provided in the link from archive.org, TLDR:
Fiserv's employee turnover (over 35 different Fiserv employees have left the GSB
project) created serious continuity issues from repeated personnel changes to critical roles.
...a Fiserv employee admitted in a meeting with GSB that the Fiserv sales team often includes products / solutions / functionality in contracts even if the sales team has no idea if such product / solution / functionality will be available at the go-live date.
GSB's damages from Fiserv's material breaches of the Master Agreement exceed
$12 million.
Fiserv's interpretation of the termination fee would require GSB to pay it approximately $45 million dollars, which is $17 million dollars more than GSB would have been
required to pay if Fiserv had fully performed over the life of the Master Agreement.
When contracts are multi year they will continue to fire expense cuts. They may replace some but many are not or are over seas.
I still find it impossible to comprehend how Egor (Frank) can ask stuff like “what happened guys?” And continue to over promise to really any client he talks to in the Core space when he knows fully well he caused the talent exodus needed to actually deliver on these products. Unbelievable.
How many other cases are there?
Thanks to whoever shared the GSB case. A complete exposure of what we have all known to be true for years. Had to laugh that Fiserv had to request an extension for responding to the complaint. Nothing ever gets done properly or on time at this place.
Post ID: @aie+1ufZpaFC
New leadership? Rumor is old leadership is being brought back to continue on the same path that is exposed in the GSB post. How we treat employees is how we treat our clients. Just bait n switch games with the only winners being those who have platinum parachutes to jump out of the plane. Unless of course regulators get involved. Fraud talk usually leads to that. And then maybe platinum bracelets.
DNA the remaining remotes will be exited by November. DNA is already in bad shape and it is only going to get worse. The old leadership of DNA just needs to go, CV, CP, LT, MP all need to exit. Only new leadership can fix this sinking ship and years of bad decisions.
Return to office and then closing the office is how they ki-led Precision.
They have told you that there will only be four banking cores and one Credit Union core.
Read between the lines.
When they give you your layoff date, you will want to be in the first half of the people who leave. If you are not, then find your next job early. Do not wait for the severance. You do not want to be left behind to clean up the mess as the core closes down.
https://archive.org/details/gov.uscourts.mowd.176159
details of how bad it is at DNA
I've heard DNA is in terrible shape. Signature not too far behind. Guess that's what happens when the teams have been decimated and knowledge is gone.
Imagine having an INC and no one picks up the page from those teams.