Thread regarding Fidelity National Information Services Inc. layoffs

@an Focus on recurring revenue? This is successfully done by outsourcing operations and technical support and offshoring customer experience? These systems are huge and complex and not easy to learn. Wait until those Cognizant contracts end. Big Recipe for Disaster.

Well I tell you what, if they keep letting d-mbasses make decisions about client facing roles who have no understanding of the processes, it's going to continue to go downhill quickly. They're literally throwing people into roles with NO TRAINING OR BACKGROUND or even ACCESS and want us to be consultative??? I have never in my life seen such chaos. It needs to go back to module centric groups, people who are assigned by client and develop relationships and repertoire and understand the client's business and can research their issues. THAT IS WHY Tsys was successful and respected and why this new cheapest offshore call center approach is bs. Making clients simply numbers, passing them from group to group because no one is vested, no one is trained, and we damn sure don't get compensated on a market level, means the client relations role that was once there is now simply a call center scenario with no understanding of the client, their options, their goals. We are so far removed from the business now... SD needs to go. You don't come in and make changes without understanding the process and just flip everything upside down because segmented groups wanted to bi--h without knowing what the other groups did. Curious to see how FIS handles incident management and implementations because there has to be someone with some concept of a plan out there.

Recall FIS was in deep discussions to acquire Global Payments before Gary left. Deal did not get done because the ego of Global Payments CEO got in the way. It was a time of growth through acquisition. World Pay was a consolation prize. Deal got done with board approval and SF left after the deal was done and got her first golden parachute. Then she was brought back in as a Gary backstop, with a big sign on bonus, (parachute #2) edging out Lowthers, who was in line to be CEO.
The board cuts Gary loose and they get SF as a leader they could control. World Pay never did assimilate to the FIS culture. They made it clear under their leadership they would resist. All under SF watch. Fully intentional. WP gets sold off, SF gets a deal bonus, and all the while she never grasped the entire company and yet was allowed to surround herself with people that would insulate her. Meanwhile the board was and is asleep at the switch.
Multiple CRO leaders come and go, banking sales are flat, commercial and capital markets are having their lunch eaten daily by competition who have better solutions, while payouts to sales for successfully closed deals were dramatically curtailed. Sales leaders who produced consistently left while those that could barely sell, stayed.

The Board has a fiduciary responsibility to do what is right and they have failed on multiple fronts. Shareholders should demand a complete board resignation and appoint an activist board to fix what is broken. Start with culture, compensation, recruiting outside dynamic people and get rid of the sycophants.

Gary was never the problem. Both he and Lowthers were focused on moving faster, burn the boats to drive change, while celebrating a culture of performance and rewarding people who over achieved. Those are all gone now. But sure, hire more McKinsey people who don’t k ow the business or the market, so they can pin the blame on the consultants. Sorry, the buck stops at the Chairman of the Boards desk. He needs to be gone tomorrow.

The target for cuts in 2027 is apparently 5000 employees. My guess is it will be closer to 10k.

The problem is that they've cut to the bone in key areas in terms of people who can "get stuff done," both from a leadership and IC perspective. Who's left to logically cut to reduce bottom line costs without further negative impacts to top line revenue growth?

Stephanie's remit has clearly been to position the company for divestiture and ultimately acquisition ever since she took over as CEO, on an accelerated timeline via activist investors.

It has never been spoken out loud, but the actions since she came on says volumes.

The writing has been on the wall for a few years now. Stephanie admitted on the call that FIS is focusing on recurring revenue. Since she was announced as CEO, the company has been on a steady downward trajectory, which she blamed on Gary. The goal of the C-suite is to keep FIS afloat long enough to sell off most of the divisions and collect their golden parachute. The icing on the cake is all the McKinsey resources who have been added to executive positions.

Part of me feels bad for all of the people who have continually bought the bull she continues to spew, but at the end of the day those who believe her should have been RIF’d years ago.