From what I’ve seen, none of it makes sense unless you look at the cost savings. Which means nothing will actually get fixed, but a whole lot of people who truly know what they’re doing will be gone.
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Everyone wants to blame SF and the consultants for this round of layoffs. Let's remember that it was activist shareholders D.E. Shaw and JANA Partners that made it clear to FIS that getting rid of Worldpay was far better than trying to make Worldpay profitable.
I assume that Shaw and JANA were behind Gary Norcross leaving earlier than anticipated.
So, Shaw, JANA, or some other activist shareholder may have told SF, after Q2 results, that the choice was to reduce headcount.
Elliott Management forced out the CEO at Southwest Airlines and got management to end free checked bags. That is the influence that hedge funds, private equity groups, and other activist shareholders have.
@an they are unnecessary until no one picks up the work bc they are over booked and don't have the time or knowledge to do those tasks. I refuse to work more than 40 hrs especially now. Their lack of planning is not my problem.
I heard "management" was targeted.
Considering some of the people who were let go, I think it may have been based on level or some other criteria, because several of the people I know of were involved in damn near everything and will leave a massive hole. Not well thought out at all.
I was told it was for people deemed unnecessary, not just a random assortment of people.