It's the new normal like it or not.
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To answer that, we first need to understand why it started in the first place.
One reason I can think of is that FIS has been an undervalued stock, with its share price near a 15-year low. Investors haven’t been happy, and management is under pressure to show improvement. My assumption is that these actions will slow down once the stock starts performing better.
As for why they’re doing gradual cuts instead of one massive reduction, it could be to make the numbers look more like organic improvement rather than a drastic restructuring.
Having spent more than 10 years with the company, I feel that compared to some of our competitors, FIS hasn’t been performing as strongly. The easiest way to quickly improve financial metrics is to reduce operating expenses. However, I don’t fully agree with that approach.
The company keeps saying these decisions are not performance-based. If that’s truly the case, then blindly cutting resources isn’t good for the long-term health of the business.
@aw a couple of years ago, when there were layoffs, the director making the announcement via Teams to those "not impacted," gazed into her camera tearily and said, "We need some sensitivity today because we had to "impact" colleagues that we have worked with for years." These were highly tenured, well liked colleagues (as are everyone else impacted these last few days, I am sure). It rang hollow and the general perception was: this is what you have chosen, this is what you get paid to do, you get a big annual bonus when others do not. Then, of course, it came home to roost and it finally was a tragedy that they felt.
@ax confirmed...watch out what's coming on this Friday
@aw as a not impacted director, I didn't know anything to share.
@a3 confirmed or speculation?
Crazy thing is that managers and directors will meet with us and say absolutely nothing about what’s occurring!
It will never end.
@OP no it's coming back again next month around same time so get ready