Thread regarding Fiserv Inc. layoffs

Down to 5 cores in the next two years. Ask DW.

And that ridiculous document PL created to track issues and fixes. So absolutely absurd. All of them are the results of PL and FB bad decisions. Forcing all to the cesspool of NJ and all the knowledge out the door. Put the blame where it belongs. These two clowns.

Patrick Law. His version of customer service is the reason we are where we are today.

Don't forget the numerous Fiserv resellers that are being effected as well. You don't even have to be a direct Fiserv customer to have the trickle down effect. These companies typically have better customer service with FI's and pull more weight at Fiserv then their clients, but FB's incompetence at running the business effects more the Fiservs customers. Something has to be done. I agree with the earlier post about clients getting loud, getting confrontational, break contracts, file a lawsuit for breach of contract, make your voice heard.

It only took Frank 2 1/2 years to totally destroy this once great company. Don’t be fooled, this wasn’t a merger, it was an acquisition by FD. He is not interested in ANY of the cores, only payments. He does not believe in working remotely and is forcing people to move to Berkeley Heights or resign, zero exceptions. All the talent is gone. The newbies have no one to go to for help either. Analysts in support have hundreds of support tickets assigned to them which adds up to thousands for the Dept, with no clue how to resolve your issues. Success is impossible. He’s eliminating key roles and gutting depts: it will take years to turn this around if that’s even possible. I loved my job and my team but it’s impossible to provide clients with any service, let along good service. Be kind to those that are left behind. They are doing their best to help. Employees are in the same boat as the clients. Sadly, the only way out for either of us is to leave.

The client impact is the saddest part of the Fiserv First Data saga, with associate impact a close second. Both clients and associates trusted the proposition presented to them, and both are discovering that talk from Fiserv First Data management is cheap. Really cheap. Short of walking away, if contract / employment terms allow without onerous financial penalty, it’s time to get CONFRONTATIONAL. When Fiserv kicked me to the curb, a dozen clients howled and demanded me or a replacement of their choosing. Scared JY, who lectured me about burning bridges while bringing me back on team on great terms. Clients, speak up! Let them feel your pain, and your prescription to heal the breach.

Dear customer,

I am sorry seeing your service suffer. In my case we were asked to take on more and more. In my case, i was able to work from home and in sick way, i found 10, 12, 14 hours a day acceptable. Boy, was i wrong. I cannot imagine what those remaining will be subjected to i would suggest contacting leaders, VP level or above and stating your concerns. I would remind them how service was better when specific people were there.

Poor, poor OFS. The struggle to survive is real!!!!

Go forward core is FinXact. Just a crapshoot which back end processor will power it.

Frank don’t care about payments or acquiring either. He only cares about being one of the highest paid CEOs. Folks in acquiring are retiring and resigning like crazy’. How many employees could he save if he suffered for maybe 5 million a year?

Jim Cross has done nothing to help Premier over the years, just made it worse. You can’t make something agile overnight. Going to take at least 5 yrs to make Premier real-time.

So what is the “Go forward” core these days?

Cleartouch and DNA are sunset. There won't be enough staff to keep them running.

Let’s be real why does Fiserv need so many cores?

Premier
Precision
Signature
Cleartouch
DNA
Portico
XP2
Cubicsplus
Charlotte
Galaxy
Spectrum
Cunify
OnCU

Let’s not forget the disaster that was Acumen.

Well, Fiserv has a massive amount of debt and corporate bond rates have gone way up. In a rising interest rate environment, the debt service on such a large debt must be eating them alive.

The core issue goes beyond Frank. The senior leaders in Bank and CU came from businesses with no experience in Banking or Credit Unions. They are slowly ruining the business as well. For sure Frank is a big part, but the leadership is bad too.

@OP+1j54Zhux I don't understand stand the layoffs either. I was given the option to relocate 2500 miles to NJ or take a severance since they closed our office and FB doesn't believe in remote work. I enjoyed my job, my team and manager. It might be easier to understand if we knew what the big picture or end goal was. All it looks like is total chaos while lining executive's pockets.

I used to work for FD (when Frank was there) and Fiserv before that when they were two different companies. Fiserv was a good company. Not perfect by any means but they cared about client and employee satisfaction. I worked there when the separate business units had their own president and ran almost independently. You know back when "People Made the Difference". I now work for a Fiserv client. We are VERY unhappy with the service (or lack of) that we are getting. Its unfortunate. Its obviously not the same company that I used to work for any longer.

Frank doesn't seem to care about the banking arm of the business, and is focused on payments. Very little investment in the banking software. Morale is terrible.

Yes. Frank only likes payments and could care less about the cores. He is getting rid of as many OFS as possible.