Thread regarding Fiserv Inc. layoffs

Based on the latest financial disclosure, Fiserv Inc has a Probability Of Bankruptcy of 100%. This is 147.16% higher than that of the IT Services sector and 210.56% higher than that of the Information Technology industry.

Don’t forgot to look at how many people were terminated for “cause” so they could avoid paying severance or filing WARN.

I live in Nebraska, and it surprises me that they are saying Lincoln (instead of or in addition to Omaha). It su-ks for all of you, and I am sorry!!! As a taxpayer in Nebraska, I am happy that they are committed to the state. But, I hate how this company treats people.

It is called "quiet cutting" and is explained in this video:

https://youtu.be/2vZjCmbYf60?si=3wfYpdO3iQTN_VyP

Its a way to layoff without severance and to give others more work without pay increases.

Like someone said, the new CHRO is an attorney from legal and FB had a reason to put her in that position.

My quick reading of the WARN act and ways to have to file notices seem to indicate they're doing things like claiming business needs, and offering the relocation option to avoid triggering a mandatory WARN notice. Like previously noted the relocation meetings are an obvious low-key layoff, and the company will employ any and all skeevy methods to manipulate perception, and ultimately stock prices.

Regarding the WARN act, check with your department of labor, or ask an attorney.

Ask Frank how he is getting away with closing Fiserv office locations and not filing the required WARN notices. Beaverton, OR, Lake Mary, FL and now Sioux Falls and maybe Sugarland, TX

It tells you a lot about the character of a company and leadership when they will find loopholes or ways to avoid disclosure because they only want ‘positive’ news.

Follow the money, indeed.
https://www.wallstreetzen.com/stocks/us/nyse/fi/ownership

Check institutional investors.
Kkr Group Partnership LP 10.22% 62,300,667 $7.55B Insider
New Omaha Holdings LP 10.22% 62,300,667 $7.55B Insider

KKR formed New Omaha for the acquisition of First Data

There were multiple meetings with many hundred in each last week. 5000 associates are targets to move or separate. Many of whose were promised they were safe remote. Clients are already decommissioning daily. I don’t see how this helps our clients at all, only FB and cronies bonuses.

Same group is in charge of Fiserv now.
Expecting anything different?? Fiserv paid the FD fine.

First Data Merchant Services, a business unit that Brookfield-based Fiserv Inc. acquired in 2019, has agreed to pay the Federal Trade Commission $40.2 million to settle accusations it assisted in laundering credit card transactions as part of scams targeting consumers.

gotta add this to @ujw+1oHAmqWu

““ Adding to @yfn+1oHAmqWu:

“Follow the money. How is this Exec team getting profits? Who benefits?

Not us.”

AND CERTAINLY NOT OUR CLIENTS.””

AND ALSO SHAREHOLDERS - these moves can only hurt stock value in the long term

I'm bringing back something from the past but Im still holding a grudge. I still mad about having to pay for my own damn mobile phone. I'm not installing fiserv apps on my personal phone. Sometimes I like to look at p0rn on my personal phone!!!!!. I dont want mywork sh-t mingled with my personal stuff.
Then they expect me to answer when a client had an issue so my only option was to cough up money for a work phone. It just feels unethical to expect employees to install work apps on their personal phone and then when they dont wanna expect them to pay for a seperate phone.

Adding to @yfn+1oHAmqWu:

“Follow the money. How is this Exec team getting profits? Who benefits?

Not us.”

AND CERTAINLY NOT OUR CLIENTS.

The impact to our cluents, as admitted to by Fiserv Executive, will be disruptive.
Fed ACH files.
Payroll files.
Credit Card processing.
Internal Support.
Project Execution
Retailer Files.
Sales.
Security.

Name it, it has already been badly impacted. This will be even more impactful if management is mentioning it already.
Was this apparent possible impact to stock prices communicated to the stock holders yet? How are the projections? Are they in line with what is currently happening and being said?

Follow the money. How is this Exec team getting profits? Who benefits?

Not us.

In a nutshell:

Employees that have been working remotely for over a decade and hired to be remote, were brought into a meeting of over 400 people where they were told that they would no longer be allowed to work remote and that their manager would be in touch to discuss relocation. There were multiple meetings with this large of an audience. The clients that are already suffering from layoffs these past few years will be negatively impacted as no one in their right mind would move for this company, to be Frank (see what I did there), we don’t trust the company.

If you have time to post on this board, you have time to talk to Caitlin. Let's get the word out about what Frank and his cronies are doing to this company!

Thanks, please email me at cmullen@industrydive.com

Your reporting are soft and i underhand your position, you need to pay your mortgage too:

1. Daily de conversion for long term customers. FB will not tell you this

2. Pre recorded video by John gibbons with 2000 attendees - move to Lincoln or separate, followed by other meetings, confirming to more than 1000 associates , clients will be impacted.

3. They claim together is better, cr-p, they started to hire for my group in BH , then asking all remote folks to go to Lincoln, but not the BH associates within my group. In summary, my group is located in Lincoln, BH and Alpharetta . How is it together better. This is tax breaks motivated. Many products are destroyed.

I’ll talk with you - how do we connect?