EOM
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@cg8 That makes sense. I still doubt if they paid the new PE overlords to buy it. We'll see in a few months what changes they make.
@cd7 Lawsuit is still open, and if we know one thing about YOD, it’s that they are arrogant and incompetent, thus they might lose that lawsuit.
@c2e I doubt this is accurate. Why would they not shut Yodlee’s down instead of paying someone to take it? They could easily put the products on life support with bare minimum staff and let the customers fall off organically to fulfill any contractual obligations if needed.
I just heard a whisper that not only did we sell Yodlee for ZERO, but we PAID the private equity firm to take them! Insane, but it will be good to finally have them gone.
Bonuses severely cut? Since Bain took over? There hasn’t been any changes to bonus structure since April 2024 I believe. If that’s the change you’re referring to, most people stayed the same or got a higher bonus target. I know I did. The only people getting less are those who were previously being paid way beyond market at the expense of everybody else.
Now if you’re talking about the equity plans…yeah…the new plans blow.
What do they see in Yodlee? Who knows, but everything will sell if the price is low enough. You’ll notice how it isn’t being disclosed what Yodlee was sold for. That’s likely because the number was zero or very close to zero. We’ll probably find out someday.
@908 Going well so far? Bonuses severely cut, and raises don't match inflation.....pretty sure I am getting paid less than my co-worker who just got hired and we are same level and job responsibilities.
The only positive that has come out of this is the transparency on how tf the yearly bonus is calculated, before it felt like that number was pulled out of thin air. I hope this value creation plan isn't just more corporate double speak.
@908 I wonder what the new PE firm sees in Yodlee. If Envestnet could not make it work, what would another PE firm without the industry connections like Envestnet do?
Nothing else is next. Yodlee was a scourge on the company in every conceivable way. A major drag on the income statement. All other segments are highly profitable.
Nothing else makes sense to sell. I would potentially expect strategic purchases at this point, but not divestitures.
Bain’s goal is to build up the wealth business. Can’t do that parting things out.
Now if they fail in that goal 2-3 years down the road, that’s when we need to worry about them parting out the company to preserve their investment.
Things are going well so far. Trust the plan.
@8xf place your bets, who's next? Tamarac, FolioDynamix, PMC, or MoneyGuide?
Entire Yodlee sold!
IMO, there will absolutely be more layoffs in the near term. The value creation plan kicks off in June. We will see strategic layoffs and offshoring throughout the rest of the year, with the largest impacts towards end of year. November-ish has historically been our favorite time for layoffs.
As long as the company remains healthy and on plan, I think Q2-26 will bring stability, but we will all be on pins and needles to a degree until Bain exits.
Everything seems to have cooled down. No more layoffs in the near term?
Infrastructure Operations, at least 10 that I can tell and 2 directly from my team.
Layoffs happened in wealth? How many? I am under Molly's 'division' and didn't hear anything about this.
Layoffs in wealth happened this week.
Layoffs and large amounts of voluntary turnover are occurring in many areas throughout the company right now, not just Yodlee. People are running for the hills. Wealth is a small world. I think Envestnet is in process of damaging its reputation beyond repair with the industry talent pool. Very tough road ahead for the company.
If it wasnt for Juds death and covid, I believe Yodlee would already been sold. Everything I've seen with them has been a sh-t show. They definitely know how to spend money.
Not too concerned until I see layoffs in envestnet. Yodlee was anyways supposed to be divested.
Management has been telling us not to expect layoffs. Sounds like they are lying.
Alt segment used to be the very profitable. Gross mismanagement and failure to innovate ran that channel into the ground. Lots of people got very rich in that legacy Yodlee segment.
How are you sure about the upcoming layoffs in May?
I thought the Alt segment was the most profitable. Maybe lawsuits are the issue
Layoffs in Wealth in May. Bain VCP in June will result in more divesting and layoffs.