Shilly, like Frank, pretends that the company began when Frank arrived. Fiserv was founded in 1984 and First Data in 1971. Practically EVEYRTHING each company offers was developed PRIOR to the merger and in most cases prior to Frank’s arrival at First Data in 2013. Frank BOUGHT Clover. Frank BOUGHT OnDot. Buying and merging is all he appears capable of doing. There’s no product development. He cuts costs (mostly by firing people) and buys companies that show profits and then takes credit for revenue growth. His game will end someday. In the meantime Shilly can keep saying we’re winning on every metric but he’s forgetting our history: we’ve always won on every metric. We were 1st or 2nd in every market way before Berkeley Heights and way before Frank. History matters.
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Last year, he bragged about all of the businesses (international mostly) that he sold off to make money like it was some big accomplishment. Churn and burn. Cut employees, cut benefits, sell this, sell that. No actual product development or innovation. He’s no Jamie Dimon though he desperately wants to be.
That is how late stage capitalism works, big money consolidates power. They don't innovate, they don't compete, the just buy out competition and push ESG propaganda nonsense and turn the company into an adult daycare center. Our economy is so far removed from actually being paid for producing things its all a sick joke.