The great leader announced today that Account Processing (Cores), Card Services some payment products and risk will be combined into one 'Banking organization' to quote 'accelerate technical integration of our solutions'. Another illustration of how the company is being diluted. Opinions please.
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I think "H" and "K" think they can get in with new leadership and save their hides by "getting on board" with OFD and doing all the dirty work of crushing/destroying the OFS now.
Yes, there are tons of things that can really be improved, but the real goal of all these changes and "transformations" is a just giant power consolidation.
Once the bulk of the dirty work has been done, the OFS leaders gone, and all the power consolidated, those two will be gone too. Probably with a sweetened deal, for getting their hands dirty, but gone nevertheless.
Spot on: 'Next announcement will be the “leadership update” announcing Horvath and Keith are “moving on”. Himanshu, and whoever his new CIO'.
As I and others have posted here for months Franks 'leadership' team thinks core processing is no different than retail payments. When the litigation cases begins in this in mass shortly their education will begin, too late to bring back the army of professionals who have left to fix it.
Jeff took the path that benefitted him the best personally. He set up some soft landing places (Tom) for his buddies and headed to the beach. The rest of you are left to fend for yourself
I agree with @2lyd - it was a reverse takeover.
Sounds like ultimately a sell off or hatchet job of the OFS products and leadership. Will take them a while to clean it up and streamline it.
I don’t know why it’s so hard for people to see the writing on this wall. Frank got Yabuki to buy him and then pay off all his debt. OFS was the sugar daddy in this story. He then removed every one of the OFS leaders that reported to him except Horvath. Who is now under “jo--t leadership” of the OFS “banking group”. Himanshu is OFD and owns the other half. Next announcement will be the “leadership update” announcing Horvath and Keith are “moving on”. Himanshu, and whoever his new CIO pick is, takes the final OFD win to completely take out OFS leadership. Last move will be taking out the OFS products. Yes, a sell off. In the end, Frank is back to his OFD products, ways and with the stock price and cash flow he stole from OFS. He and his cronies walk away with millions.
Get out while you can. There is no more Fiserv. He took us out.
So is Keith more powerful now?
Should have happened years ago. Those BUs have historically refused to work together and now they have to.
Smart move. Our customers want a higher level of integration —- especially given the wealth of products that Fiserv can offer them. This also helps Fiserv to attack momoline competitors. All in all a very logical move.
Packaging for sale. Proceeds to reduce the debt level.
Also an option: Spin it off into a separate company. They can spin off the new company with all of Fiserv's debt, then watch it sink from the perspective of having clean balance sheet.
You will want to own shares on the side that does not have a mountain of debt.
All he's done is put lipstick on a pig. Consolidating with an attempt to integrate while not realizing we are a bare bones outfit with no staff to focus on this is a joke. I'm hearing that a lot of internal initiatives are at risk because we dont have the bodies to do the work. We cant hire staff quickly enough in NJ, and its just a matter of time before there is impact to clients.
On the CUS side if it's not DNA or Portico, it's dying. If it is DNA or Portico it's still a giant mess. Good people are leaving in droves. It's sad to see it happen, but it is what it is. Frank only cares about payments. Will he sell off the core division? Maybe, after he bleeds it dry.
Why would they sell it off? To concentrate on Clover?
Putting that group together into one business unit makes it a cleaner "break" when they sell it off. Is it as flashy as some other business units? No, but consistently profitable catering to a client base that pays on time and is generally locked into lock term contracts. Yet another mistake by our Dear Leader IMHO
Looks like a desperate attempt to improve things without actually analyzing the issues