Looks like FISV fell a bit short on revenue and EPS, so I guess FB will be asking for another round of cuts. Thoughts?
Maybe another reason why JY is bowing out?
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This years inflation rate, which means if you don't get a raise above this amount. Then you will be making less this year than last. If you get a 1% raise, might be worth looking for a better job.
https://www.bls.gov/opub/ted/2020/consumer-price-index-2019-in-review.htm#tab-1
Is the budget for raises the same? I had heard that many groups had it cut.
Remember, if you don’t get at least a raise to cover inflation you’re getting a pay cut.
I’ll agree that FB seems like a prick. But this talk about no one getting raises and managers saying there won’t be any reviews or raises? That’s all b—s—. I work in management and know for a fact raises are in play.
But I won’t disagree with the complaints about the antiquated work from home policy. Yabuki was all about letting people work from home now he’s suddenly changing his tune. It’s a really stupid move. Extremely shortsighted.
My preference were those little frozen plastic wrapped Cornish hens. It would take a day or so to thaw, and they would then double in size in a few days before the plastic burst, releasing the goodness of days old spoiled poultry.
Exacting revenge must be done carefully and without malice. When I was outsourced out of a firm years ago, I thought that putting a few Trout in the data center under the flooring. With heat from servers, that would be a great solution after the fish, eh, aged a bit. No damage or destruction but making life a living hell for whomever opens that door.
Since many of us are on the gloom and doom train together we should think of ways to exact vengeance or at least smash some fax machines ala Office Space LOL. Just trying to lighten the mood :-)
When I sat in on those pre-transition calls last spring and heard the FD sheep afraid of FB it was embarrassing to listen to. The FB sheep were disrespecting everything Fiserv even that early - MW and HF just got walked all over - especially when they started talking about closing the Fiserv data centers. The sheep just did whatever FB wanted. No compensation increases this year and no bonuses except for the OFD leaders.
The Client quality problems have once again surfaced inside of Fiserv and they wonder why - because the Fiserv people are so beaten down the just can’t care anymore. It’s the Fiserv Clients that really suffer. Outage after outage after outage! HF has completely lost control of quality.
As an OFD employee I agree that many of us were excited to drop the FB leadership and move into what we heard was an amazing culture. Now many of us are just as disappointed as OFSV people. Our only consolation is that FB has already beaten us so far down it can't get much worse. Our ranks have been depleted to a point of no return. I feel pity for the OFSV teams who will be torn apart until few if any remain.
I read all of the frustration and unhappiness in these emails and it really makes me sad. As a long time employee of Fiserv who has recently left, it makes me very sad to see things flush out this way for those who are still there. The saddest part about it is that the tools who run the show don't see it. They hear things like this and feel like it's just a few disgruntled employees when the fact is, it is the majority. The moral of the people will eventually impact the clients, which will eventually impact the company. Then not only will Fiserv NOT be the best company, they will lose business and eventually be a laughing stock within FinTech.
The difference between now and a year ago was that a year ago it was announced as an acquisition. The products didn’t really overlap and given the confidence in JY and the leadership team you could see how growing a global organization with new solutions would be a win-win. In a typical acquisition the acquired executive leadership gets the boot.
Once the deal closed it was clear that not only was it not an acquisition, it really wasn’t even a merger of equals. Now it appears that Fiserv is being swallowed by OFD cronies which will k–l any remaining morale.
I don’t wish ill on JY but he can cash out and chillax while many hardworking OFSV associates are getting walked out, stressed out or put under OFD.
@2fpy+13l43X6K Honestly it never seemed like a good thing to me
I mourn for all of us what Fiserv is becoming. Led by an id–t, Bisignano who out of one side of his mouth says we are a great innovative FinTech but lets run the workplace like the 1950’s. Teams that are highly successful and collaborative are being forced back into offices, talent is leaving and our ability to hire is now limited to small areas unless relocation is an option. They are playing to Wall Street and don’t give a c-ap about anything else. The talk they gave yesterday was truly pathetic trying to gloss over what is going on. There is no trust left and they need to examine why fiserv had such a great culture and tenure of teams vs. OFD who had high turnover and very unhappy staffers. Every OFD staffer states they hoped fiserv would save them from Bisignano, but nope he came with the deal and made himself a great deal. Read the SEC filing of his contract. It is cringe worthy. Now pulling the same tricks loading tracking software without disclosure to associate devices. Didn’t he and his cronies now at Fiserv get in trouble at JPMC for that? I know my time here is short, I don’t live near an office and the team is being forced back to a physical office. This is a sad gutting of a great culture and formerly great place to work. BTW over 100+ more given their walking papers in Dublin.
Tone of all of this is precisely why staffers in my department left Fiserv. Good people and they saw months ago the direction the company was taking. No names but we are, were, a crucial department now gutted beyond repair. JY has his bank account and can sit on a beach easy now. FB is introducing tactics learned in a police state. I am out for about 4 months and it is so sad to see this fine, upbeat company just be destroyed by the merger. Anybody remember when it was announced and seemed a good thing.
JY certainly seems like a different person these days. I think what's happened is he's now a made man and once in the family, you can't get out.
Actually it’s only 44K employees at Fiserv. I bet even less on the next SEC filing.
You missed little to nothing on the call. Most of the emphasis was on the clients, not the associates. Most of the emphasis was on making Fiserv, not just the greatest FinTech but....are you ready for this....the best company period. Are they serious? You are creating a culture and climate that everyone hates. You are moving in directions that no one want to go. The OFD people were holding out hope that maybe with the merger that they'd adopt the OFS culture but that's not what happened. So now instead of 25,000 unhappy employees at OFD, you have 50K unhappy employees at Fiserv.
Get your head out of your a– JY as you're never going to be the best company OR the best Fintech. You will run ALL of the good talent off and be left with people who just need a job. The good talent will move on (some already has) and the company will spiral downwards and will continue to do so.
If you don't believe that, then send out the your voice surveys again but this time make them truly anonymous. Allow employees to fill out paper copies and submit them, encouraging them to put their true, honest feelings on them. My guess is that you'd never do that because you don't really want to hear what most associates have to say.
What will happen with the small companies that FD bought like Transaction Wireless and Gyff both tiny offices in CA. I know there are others they bought too a few years ago.
JY and FB are making decisions that seem like armature hour, I would expect better from both. Why would they promote reduced productivity, increased costs, and ineffective processes across their company?
Based on the past, I would expect that the stock will continue to go up for the next two years as the easy wins for reduced costs appear with layoff’s and then EPS should drop like a rock as customers flee due to contract expirations because of dissatisfaction, dysfunctional sh– quality produced by Fiserv since they won’t be able to retain top tier talent and their development work gets outsourced.
Cost increases, new FD VPs and senior management are flying all over the place weekly and teams are getting flown around the US for meet and greets. Increased labor for the same amount of work by up to 4x. For every one position at Fiserv before the merger, now has four people doing parts of the previous position (Fiserv was run lean with highly efficient processes), which is 4 times the cost. Fiserv has decided to increase facilities costs, by forcing people come into the office. Finally, the biggest cost increase is the reduced output from associates, because they have a ridged time of day to work; instead of a flexible work schedule. It is statistically proven that people that have flexible work schedules will on average give more time to the company without realizing it, because they want to.
As the top talent decides to move to something new, and green engineers come in. You will see less productivity, less talent, high attrition and higher costs to complete a project. So, this is why I think EPS will drop like a rock, because they JY and FB are creating the perfect storm of dysfunction.
@2fcb+13l43X6K that is basically what JY said on today's call, he agrees with FB that remote workers are not efficient and will be eliminated in all but a few extreme cases. Evidently speaking to someone face to face is the only way to be effective for everyone except the C-suite.
Regarding working remote - I don’t work for Fiserv but I used to work for both companies. Now that FB is in charge you can expect to be forced into an office. He does not believe you can be collaborative unless you are face to face. Hilarious since there’s so much technology to make remote employment very collaborative. He’s just an a–... he was awful at FD and now he’s destroying Fiserv. I’m so sorry for all of you.
No joke, I asked my manager directly today when I could expect my end of year conversation and was told not to expect anything more than a rating and a pat on the back for a job done. He is not one to exaggerate so I believe he was being sincere.
@1spv+13l43X6K Is the no bonus/increase comment a joke?
Expect layoffs to accelerate over the next few weeks to ensure we hit our first quarter numbers. No bonus/pay increases will be given this year to ensure we meet our targets for 2020. We MAY be given some equity instead so we are all invested in the outcome. LOLOLOL
It sure seems like Frank Bisignano is running thing. Apparently telecommuting is not going to be allowed any longer for my team. Add two to three hours of traffic for me
VERY Obvious that FB has taken control. Mostly by the fact that everything is slowly being done the FD way along with JY merely mimicking FB's ways
For those still there can you share details of the all hands? Is it obvious that FB has taken control?
If that all hands does not spur the legacy FISV folks to start looking, nothing will. FB sounds like a real peach.
So let's see what happens during the all hands meeting this morning
I expect that the ranks of those who receive ACIP/bonus will begin to shrink. Easy way to save money.
Another interesting comment by FB was that they were going to put pressure on the $4B of vendor spending. If you do business with FISV expect to get asked to trim your costs. This would also mean reducing level of service and pushing more back to employees to deliver, who will already feel overstretched due to layoffs and attrition.
2020 is going to be a miserable year for associates but a good one for shareholders.
According to the earnings call they’ve only done $47 million in 2019 of cuts, and will do $300 million this year so it’s going to accelerate. Frank also said they’re more confident of exceeding the $900 million target for synergies.
The bleeding will continue and for those who remain there will be cost squeezes everywhere.
So the .5% - 1% increase will be delayed
Given this latest miss I would not be surprised if there are comp freezes for 2020 “for business reasons”.
Has anyone heard compensation planning is moving out until late March, maybe even April? Without retroactive increases?
News today says 103 layoff on Dublin, OH. No telling how many in Alpharetta
Remember 1st data was 22 billion in debt. They were purchased and then took over the leadership of Fiserv. The merger was done with hubris and to leave a legacy. That will be at the expense of many jobs
Company is ran by id–ts
Terrible finish to 2019. They better focus on putting a fire under their sales teams.
Missed earnings means things will get bloody. Expect reductions the like no one has seen