Please use this thread to post anything you know about what’s happening after the Fiserv/FD merger.
Even if you’re venting, this too is fine.
As of 9/26, approx 200 ppl have been laidoff in total. In ETG alone, it is rumored they are trying to deduct by 25%. Additional layoffs are expected in January and March.
I once worked supporting 13 Fiserv locations in the Western States. These included Banking Solutions, Credit Union, Digital Channels, and a few other call/datacenters. These once active data hosting sites were consolidated into ETG approved datacenters– when completed The Data Center Optimization (DCO) teams celebrated their success. However, they abandoned what still remained in these offices which included software development, office staff, call centers, and QA facilities that were still active. All of the IT staff were reassigned and incorporated into ETG leaving no one behind to support these once active datacenters. There was no software assurance, no vendor maintenance, no hardware refresh and no onsite technical support staff.
Today (Feb 5, 2020) I heard that there were additional layoffs of some of the remaining staff at the Moorpark CA Credit Solutions office.
FD has not disappointed. The takeover of FS is almost complete. FB lacks moral fiber, integrity and common sense. I expected more from FS leadership but they have all backed up into a corner like a spineless bunch of cowards trying to save their own jobs...but soon they will be gone too. I laugh at some of the FS leaders that believe they have a spot at the table...play the tape through- you too will be gone when integration is finished. Would love to see the entire workforce have the blue flu for a few days in a row. They did not disappoint, more layoffs did come in Jan and it's disappointing but reality is they are far from finished. So tired of being lied to by Corp leadership. Grow some ba!!$ and just spit it out. Own your decision. I'm beginning to believe my package is a blessing.
Wallingford is Fiserv, not OFD.
What business unit was Wallingford CT? Was that old First Data office? Any insight?
Wallingford, CT just laid off a bunch of employees this morning.
It basically means that he's a piece of S**T. Not surprising though, rumor has it they were into money laundering.
The more interesting part is that unless HE agrees his primary workplace cannot be outside 35 miles of NYC. So that executive office ain’t going nowhere.
The Executive shall be provided with the following perquisites: (i) travel on a private aircraft when the Executive travels on business on behalf of the Company, (ii) reasonable non-exclusive use of the Company’s private aircraft for personal travel for the Executive and his spouse, (iii) use of a car and driver, and (iv) financial planning.
Where do I sign up for the private aircraft and car/driver? LOL
Can anyone explain this?
https://investors.fiserv.com/node/41051/html
Does this mean we are giving him stock and he has $305 million?
Read the SEC filing on Bisignano employment contract. He made sure his accoutrements were protected, yes it actually says that. Read private planes and NYC office. . If you don’t already thing this guy is a Dxxche you will after you read the agreement. He protects his NYC location job but c-aps on everyone else and wants them in an office. Although it is apparent the headquarters will be NYC nothing would have made me happier than to see that axx have to move to Wisconsin.
Quarterly goals will mean no bonus payouts and lots of PIPs. Just wait.
News from the Western Front: Annual goals for employees are insufficient to monitor and track progress - quarterly goals have been put into place for all staffers. True.
All great and accurate posts here but sad.
Excellent advice to take a week off. Leaving a company by either method - quitting or RIF - is a first class emotional shock and you have creditors. Stress and anger and both have to be eliminated before you return to a functioning person. I used to take long walks in a forest on a trail. Two reasons. I could curse to God and nobody would hear and think me nuts and for anger, one can knock down dead trees. Sounds silly but it works great. I loved FSV for the time I was there but we parts ways, somewhat well, sometimes not. Having a good Holiday season and getting back to work somewhere else after 1st of the year.
It’s clear that all the 1Fiserv, orange color, branding and so on is just a smokescreen for a corporate raider mentality. The only thing left from the “acquisition” that’s FISV is the name and the CEO. Everything else is morphing into JP Morgan Chase II. I can’t believe that we all bought the story of Fiserv buying FD. No company buying another keeps all the execs, board members, culture and operating procedures. I always avoided working for FD. Sigh.
I left a bit over a month ago after nearly 10 years. It took me about a week of transition shock to begin wondering how/why I'd stayed so long. Fiserv WAS the company from which I'd hoped to retire someday, but that company stopped being a few years back. Even so, I stuck it out, as I was able to see the benefits of becoming one Fiserv, and as a former people manager, was passionate about being part of building that.
Thing is, I got so tired of seeing talented, knowledgeable people RIFed within 3 years of their planned retirement. In fact, during my 9 plus years of service, I personally knew of exactly 2 associates who were actually able to work until their planned retirement date. I know dozens who were RIFed because they became upper middle aged. In one's and twos, it's not a problem for Fiserv to "prove" that these associates ages were only circumstantial, but I firmly believe that age discrimination based terminations are rampant there, and that it would take very little diligence to find legal grounds for a class action age discrimination lawsuit.
Word to the wise - if/when you leave, do what I did not do. Take a week or two between employers for some occupational detox. It wasn't apparent to me until a few days into my new role that I'd become pretty badly damaged, and a few good current coworkers (who are also former Fiserv coworkers) had to endure me while I shed the scars of oppression and fear.
I'm here to tell you that leaving is hard, and it was one of the most scary decisions I've made as an adult. I wouldn't go back and change my decision for any amount of money based on what I know, still hear from friends who still work there, and from what I read here.
Best of luck to everyone and Merry Christmas.
@11exFJqK-1ksov Of course it is directed at management. We realize that the worker bees have no say in things.
I do not currently work for either company but I worked for both companies for a long time. I have friends that still work there and I continue to follow both companies. I know FD keeps getting bashed - I hope this is directed to management and not to your new colleagues. I can assure you they only want what you want. I actually liked working at FD better than at Fiserv however this was before FB was steering the ship. He was in charge for a couple of years before I left, I saw an instant decline in moral due to his ludicrous changes that impacted the employees. He likes to stack his kingdom with JP Morgan cronies. He is like big government full of corrupt puppets. I agree with the poster who stated that he is a cancer. He is indeed a narcissist that only does what is best for himself and he will cut your job without thinking twice. I had hoped he would only stay for a short period of time but its apparent he is going nowhere - after all he brought his entourage with him! I am sorry you are all dealing with this.
Aside from leaving in frustration, what else can be done? A palace coup in Brookfield?
As long as FISV keeps on meeting or beating the analyst consensus numbers nothing will happen. Business as usual.
FB will make sure that enough cuts are done to hit the numbers or slightly exceed them. Guaranteed.
There WILL be more layoffs before end of the year. Merry Christmas everyone.
Face reality. OFD leadership has taken over and legacy FISV associates are just trying to keep their jobs and their heads down.
No new posts for a while - guess all Fiserv(ers) are resigned to the fate of FData taking over totally and being fired for no damn good reason. Complacency is common.
I've been looking actively for a while. At Fiserv and seeing FD taking over the culture big time. As a lifelong resident of Omaha, NE I have always avoided working at FD as it has a reputation for being a miserable place to work with constant layoffs. Looks like FD came to me and I'm stuck with this sh*t sandwich, hoping I don't get laid off before Christmas.
Not all are layoffs by the way. One corporate department based mostly in Alpharetta, which I won’t name, has been losing people over the past year or so due to stress, overwork and a leader who doesn’t know how to say “no” to executive management and Jeff.
Linkedin news - Fiserv reported re-evaluating new HQ office in Wisconsin. More shuffling of chairs and FData moves no doubt
I have departed Fiserv and reviewing ALL of the posts here, it strikes me as so sad that a fine, upward and relatively optimistic company is being destroyed by a devil of a purchase. Many fine people have left and more will as 2020 begins or be forced out. FData is far from what Fiserv was — was used with purpose for the firm is changing rapidly. Very depressing to watch from afar. My best to all who remain and who should be looking elsewhere.
JY wanted to buy but had to get FB and the FD board to agree. FB negotiates hard for his own benefit, and notice several board cronies also came over.
JY isn’t innocent here. He could decide to cash out and retire if things go badly. The associates are the ones taking it on the chin.
Mr. Yabuki and those who made the decision to buy FD. That was fine, but you sold your integrity to the devil FB is toxic and universally despised by every OFD employee. We thought fiserv would save us from the FB cancer but no he is destroying what we were all excited to join. Why Mr. Yabuki is this FB cancer still here and all the others he brought with him? He is single handedly going to destroy the culture that makes fiserv great I have recently been able to meet many OFD staff and they are all so disappointed FB wasn’t kicked to the curb. The hope we had for fiserv was a lost when FB was allowed to stay on and pollute Fiserv with his controlling small minded corporate raider ideas. Get rid of him before its too late.
Watch the movie Office Space...and if you're good with that mentality, Fiserv is the place for you.
@11exFJqK-Ztis
I have had an attorney looking into it for me on a contingency fee basis but she thinks unless I can prove something like age discrimination took place that I might not have much luck.
Here’s what happened to me. Before being terminated I was placed on a PIP (Performance Improvement Plan). In it was stated “provided you make satisfactory progress during the period you will remain on the plan for 30 days from the date of this letter. . . . . At the end of that 30 day period, if your performance has improved to a satisfactory level you will be removed from the plan. Insufficient progress at any point during the period . . . . will result in further action up to and including separation from the company.”
30 days came and went and I was not terminated. I was putting in 60 hour work weeks trying to satisfy the terms of the PIP. I received several verbal confirmations of my good work from my manager during that period and the four weeks following it. About 60 days from the date on the PIP letter I was fired. Coincidentally, the new severance policy was put in place about two weeks before my separation. If my work was not satisfactory shouldn’t I have been let go during or at the end of the 30 day period? Otherwise I should have been removed from the plan at the end of the 30 day period. In addition to wanting a copy of the Fiserv severance plan before 7/29/19 I’d be curious to know how may others were terminated under similar circumstances. Perhaps there’s the possibility of a class action if there are a sufficient number.
In response to Gradyjr...regardless of whether or not the policy was changed (would not doubt if it was), if it happened to me, I'd sue them based on the precedent that they've set.
Hi
I’m trying to locate a copy of the Fiserv severance policy prior to the one issued at the end of July 2019. The new one contains a bullet item that states that severance can be withheld due to poor performance. I would like to know if that bullet item appears in the previous policy or if it was added to provide them with a means of terminating employees without having to then provide severance.
Just found this site after a colleague mentioned it to me. Got laid off this week in Alpharetta, severance was OK for me, not great but OK. Going to take a month off and recharge before the job hunt.
To give an inside perspective in the office, I’ve been seeing great associates ‘disappear’ for the last month or so. It’s like that novel 1984 where they become an ‘unperson’. I heard that not all are layoffs, many are also leaving on their own because the environment has turned toxic.
Several corporate groups with a larger presence in Alpharetta are still shedding people, and many people are scared. Not just about losing their job but scared to do anything wrong or make a mistake that would put their neck on the chopping block.
A few people under JY are safe, and a few under those people are also safe. Everyone else is getting more work thrown on their shoulders and they don’t see a way out.
EVERYONE should be looking. Unless you're tied in with some sort of non-compete there are plenty of fintech jobs in the metros where Fiserv is located.
Get out before FISV turns into FD.
Contract employees - well, workers really - seem to be in the "we don't know yet" loop, which is a nice way to keep them working and keeping them from looking elsewhere. The renewal issue is easy - don't do it and the worker leaves. No severance, no health care costs - just gone. But they are hard workers because they have no paid time off ever. Maximum time in the office but on hours strict. Plus side is only that their vacation time is more free and open than employed individuals. But no pay again. Agree with posts that contractors should be looking along with everybody else. Definate for remote workers.
Work from home arrangements were terminated a few months ago for some divisions at Fiserv. The only exception was if you lived more than 30 miles out from the office in Fiblin, OH or Alpharetta, GA. More than 39 miles out and you could telecommute full time.
Can only name c-suits here, posting names and Identifiers for others is against the site rules.
I see comments are being deleted about banking. Perhaps because the leader in question was potentially identifiable?
I'll rephrase it and just say that there are major layoffs progressing in this area and they don't seem to be well-founded. I have strong doubts about the abilities of those who are in a leadership position to perform while also getting the best out of their team.
What are they doing with all of these remote offices where everyone "works" from home?
The company will turn to c-ap just like FD. Dump the stocks and let them fold.
Next thing on the agenda is reversal of all remote work arrangements. And previous comments are correct we are now first data, we are adopting their process, policy and doctrine. If I survive I can hardly wait to take my employee survey and review Frank and Himanshu. They need cost savings dump these grotesquely over paid and overlapping roles. These two are cancer for fiserv.
Wise up people, Fiserv have an army of indians in the US doing your work already, why should you keep your job? they get paid a lot less avg vs. your current salary.