My SVP has said next week on Tuesday is expected to be the largest rif action
Can anybody confirm this?
46 replies (most recent on top)
@sc please explain more about hiding SLA misses from clients. There is a mortal fear of SLA misses and the penalties required. It is often quoted in meetings, "We are missing our SLAs!" It is what led to the fracture with Franklin Templeton. In addition, the Financial Professionals complained directly to FT about the problems, vociferously.
@sc how can an SLA miss be hid from the client?
@sc that was a selfish move.
@f3 When I was laid off, I made sure to tell all of my contacts with my Key Account clients how FIS hid SLA misses and directed me to breach on almost daily basis.... So I hope it has helped contribute to the downfall in some small way.
@kr the Ugnaught Kuiil has spoken……
this is the way…
Also, 9000 plus view so it can’t be just a rumour now
May the force with you all 😓
I can confirm this.
@fk which ones?
@f2 I can tell you that they have already sold few of the products to cognizant and Accenture...
Existing companies will have no forward keeping with FIS or whomever they sell out to. Agreements and employees and training and documentation and handoff and and and. Happens every single day.
Do you think they would get better service and support if sold off or remain FIS? Interstellar question there.
Understand that these companies are with FIS as FIS has built the groundwork, ins and outs, ties, links and everything else for banking, markets, and everything in between. Otherwise companies would be spending a lot more monthly and yearly than they do with FIS for the same support and product.
The world isn't always ending until it is.
I'm sure we all have in mind a handful of companies that can pick apart FIS. Maybe one wants capital markets, the next wants banking, etc. None can swallow the company whole, even now.
But all this talk about divestiture and rebadging and layoffs leaves the client holding the bag. Many solutions will either be left without their developers, their platform support, their PS, their CX, or even the product intellectual property itself. In a lot of cases, all of the above.
How is any solution or client base expected to survive when meeting any contract will become impossible?
@er Are they just going to sell the solutions to other companies or cancel them altogether. I would imagine the latter is just nonsense unless the solutions are not generating profit. Are the employees going to be riffed or rehired in other companies?
@er Too bad this can not have been shared as a strategy with the whole company in a meeting with Stephanie. I understand why. What we have been missing is what is the company's direction in the next year. Where is Stephanie?
I’ve been told that the long term strategy (sounds like a lot of it will happen his year) is mass consolidation/divestiture of the portfolio. We have over 550 solutions, and they want to get it to under 100 (60 was the number I was given). This aligns with the narrative of cutting 50%+ of the workforce.
@bv This would be mad as EMEA are far harder and more expensive to get rid of.
Thanks Stephanie! Good job!
@b9 they are not scared to do it, they just don't want to face the humans that they did it to. When you are a craven, selfish tw-t that has chosen greed and self-aggrandizement every single time, facing a crowd is just too much. Cowards, one and all.
@b1 You're naive if you don't think it was to bypass severance payouts.
@at let me get that severance, take the summer off and start looking again in the fall!!
@c4 so well put...thank you for this.
The objective is to remove full time employees and the cost that goes with it. If they offshore and partner with cognizant and zensar, that cost is reduced by over 50%.
Realistically, they would just be offshoring processes, processing and management. The moment they took people out of the data centers should have been the eye opener that infrastructure, development, and production are out of the loop. There are many processes that have been there since the 1950's the way FIS operates. Combine that with the bombastic spend on execs in this company and you have the downward spiral for everything.
When all is said and done, the company will still be large, but the full time employees will be minimal. Less employee headcount, less lawsuits and cost. They learned earlier this year to just bite the head off that chicken and let it run away. They company will either sell of parts of the business bit by bit, as a whole, fold completely, or rise back from the ashes. No telling but as said, the writing has been on the wall for a long time.
FIS is looking to sell off business units or the entire company. They have been for about one year. The writing has been on the wall since last year.
@by yeah that sounds unbelievable. Who is going to do the job to keep the products and services up? The company will go down at some point. Looks like trolling
@bv 20k by YE? So they're gonna cut more than 50% of their workforce?
@bv So only US and India would be left?
@bc I think this makes sense as my SVP said that FIS is targeting HC of 20k till YE and closing majority of EMEA locations
@bc Is that information somehow confirmed? That is a huge number if true.
Possibly 10k to be riffed
@b7 hilarious our so called C-suit leaders..they are so scared that they don't even organize townhall and all...
@b1 Found the C-suite 😂 “Clarity” has been their buzzword for the past year
@b2 ask your leaders and hope you will get an answer
@b1 Then what was rebadging all about if not saving that extra penny ?
@b0 who told you that rebadging was to save severance pay. No one knows the whole picture and everyone playing guessing game here. We will have some clarity after this round...
@aw All I am saying is that why would they not replicate what happened in March. The whole idea of rebadging was to save severance pay. With a RIF through layoff at a mass scale would imply keeping a separate budget for severance pay alone.
@av I did not say this would mirror what happened in March. This action is intended to reduce operating costs, and everything I’ve been told indicates that it is a RIF, not a rebadging effort. Severance expenses are accounted for under GAAP and are not considered part of the bottom-line operating results.
@as So you are claiming no Rebadging this time ? All rifs ? So FIS is okay with mass severance pay ? Does not align with what happened in March.
Waiting, wanting, praying for a RIF. Take me. Here I am.
Yes, that’s correct. My EVP has confirmed that, due to the number of RIFs involved (not rebadging), notifications will be conducted over several days starting on 6/22.
@ac Banking for sure will be impacted. Also looking at the size of PS and techdev value-stream FIS is not done yet.
@af no impact to TSYS guys..they are safe for now..