Is there any truth to the RIFs being more frequent? Like I hear every 1-2 months now but originally it was stated once a quarter. Just watch as some of my team members put in their last day last week. I’m normally a positive person with no worries but this has got me wondering why ki-l yourself taking on all the added work and getting it done if they are just going to RIF you anyways!
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@fr SRE getting canned most of them, step ahead or get let go, too antiquated and failed attempts at uptime and stability, FIS constantly paying fines to clients..along with their boss is the word. They already canned the 2 SRE execs. It's keeping the lights on while the company gets gutted. Welcome to the S#$t show.
What about the existing SRE teams? I heard there’s an influx of new SRE, what about the remaining SRE ?
Any idea if normal product development teams would be affected? Sounds like it the RIF is just about removing layers and some architecture teams.
Would a glint survey right about now.
1000 more positions to be eliminated soon. Architecture team largely ineffective and initiatives failed. VP level and down on the list in that area. New SRE teams to replace these positions
Everyone is sitting and waiting to see if they are next. So not focused on the customers, selling, fixing problems, and so on.
Revenue will drop faster than they can cut costs.
Unfortunately, this is the reality of corporate world. It’s remarkable how much the company has evolved over time; there was a period when we felt truly engaged and motivated
This is a reminder on what truly matters in life!
Stephanie probably only has through the end of this year before she "retires" and so a lot of people will be thrown under the bus or out of the door while she tries to delay the inevitable
This all sounds like a personal vendetta! If so, then it's very petty! Sad to see this happening.
Just curious if there's any knowledge on what happens once the presumed 30k HC is reached. Do the "elite" take their "winnings" and go...
Next notification has been moved forward due to the share price plummet, Stephanie was blunt and aggressive in last weeks meeting with executive leadership team she wants decimation! Directors and above notifications will take place on 9/3. Atleast 700 across Banking, Cap Markets and Payments.
@dq Sounds like you're pretty high up in the hierarchy to have known the personal dynamics among these execs. Good to see you being candid on this forum. It's a valid response to seeing an org being gutted like this.
I was part of the transition from FIS to Accenture. You're right to say that most transitioned people are planning to leave after August. The work environment at Accenture has been pretty bad. Micromanagement and bureaucracy has been through the roof. The focus is entirely on the "productivity" targets promised to FIS on paper with little concern for the quality of work.
I still work with some very good people from FPA in the FIS US/UK offices. They've got the roles you said would be targeted next (Directors+). I can only hope that they're spared and get to keep their jobs. Pretty sad state of affairs overall.
@d0 I can only speak directly about Finance. Yes, more cuts are expected in finance. Accenture has blue print plans in the US, UK and other locations coming up. Once blue printing is complete, FIS teams will shadow Accenture performance and then be let go. FPA had an initial round of lay offs the past 6 months, but additional layoffs are expected from those teams. That organizational was too large per Stephanie. This is why Nate (EVP) was let go earlier this year. Tax and other finance teams are currently starting or in the middle of blue print. They will be next to be let go next. IT was moved to Gen Pact a few years ago, finance to Accenture 24/25, and HR currently being gutted, I would “assume” non- finance teams could follow in the near future. The good news, consulting fees are extremely high and there are immediate discussions to lower those costs. Travel had been paused. Could it delay some transitions, possibly. I can’t believe Stephanie put two failures with Keohoe and Brooks on the executive finance team but then again they are enjoying this process and have a history of this similar transformations that ended up butchering those companies. Let’s be honest, Stephanie is butthurt. She did not get along with Gary, Woody, Ann, Ginny and Erik at the time of WP acquisition. It ki-led Gary to bring her back to save WP business after large write off and failed migration (thanks Katy). Stephanie hated FIS people. It has been her mission to destroy legacy FIS people and the business. Her and the activist investor got what they wanted, initial short term gain/large comp. Now, the company falls apart and she retires. The reason Stephanie didn’t go back to WP, they didn’t respect her. Legacy WP dismissed her and laughed at her. Guess she got the last laugh and FIS destroyed.
@cz is the new portfolio approach also for flattening the org and getting rid of directors and vps? Maybe that’s why there is no information on what that actually is
@cz You seem to be part of Finance. Do you expect more cuts in the Finance org in the coming months? Or are the layoffs you're talking about concentrated in other parts of the company?
Layoffs to occur monthly usually the last Tuesday or Wedn of each month. July was supposed to be the big month but many layoffs delayed. More to come. Stephanie wants the company cut in half to 30k (before acquisitions) with few EE outside of the US and India/Accenture. International EE are next. She wants the org very flat removing VP, SR Directors and Directors. She has noted to one down a desire for a small org that the company will churn and burn EE consistently. Kehoe is an a$$ who hates FIS legacy EE and the city Jacksonville. He burned down Walgreens/Boots (sent everything to Accenture) and was known as the “a-s-hoe” at Mondelez. CAO burned down Hertz and believes everyone at FIS should be fired. She is firing and/or wearing down legacy FIS finance before massive overhaul to final team. Stephanie is paying a fortune to McKensie and Accenture because she can’t run a company. She is also paying a fortune to David L & PWC to build this master flat organization. She will get paid and disappear before the 5 year renewal contract with Accenture. Accenture will charge a fortune on renewal as blue printing has not been good and they are requesting higher HC for agreed transitions. Accenture is abusing rebadge EE and they will be quitting after retention payment end of Aug. FIS had already chosen Gen Pact before Kehoe showed up and demanded Accenture and his buddies. Alex Brooks got a kick back for her friends company to implement Workiva (triple the price of second bid). It’s a corrupt executive team. Stock is flat since Jan 1, 2023 but paying 20+ million for a young inexperienced CEO that colluded with activist investor to oust Gary from FIS board so she could run his company into the ground unchecked! Gary was supposed to retire and sit on the board. Retired early and lost the board seat. People won’t leave as job market su-ks and they can collect 2 weeks severance for every year plus prorated MICP. When job market turns favorable, the EE’s will leave as burned out and company falls apart.
Everyone is playing the waiting game. This leadership has to go, and what's worst they are leaving some of the highly problematic leadership in place in their positions still with this portfolio model. Can only hope they can Stephanie after shes done gutting the org. Some of these leaders are just disgusting pigs, they don't deserve their positions while others continue to get reduced. Do the minimal. Not doing a darn for this company until they solidify something and I know I'm not going to be cut as the situation is totally abysmal. Have had so many people come to me now miserable in their positions just waiting around, management with little to no answers and being risk being cut themselves. This company is a joke. The severance pay isnt worth turning down a good opportunity, so if you find something jump on it. This place isn't going to recover and they are trying to hire up 300+ SRE's to basically keep the lights on while they go into damage control. Check FIS Careers page, listings for the SRE jobs already posted.
@a5 it definitely seems like a lot of people are in that boat, just waiting to see if they will be part of the rifs. Morale seems abysmally low.
@OP Yes, there will be more waves of RIFs this year. The next wave is scheduled for September, with more later in the year.
Makes 0 sense. Just waiting to get severance to change jobs.