Almost everyone who was valuable to Fiserv have left, some retired, some were tired of the complete mismanagement, some found better opportunities…. Bottom line, the cream of the crop are gone leaving the less talented and the incompetent. I don’t see Fiserv coming back at this point, it’s too far gone, too little too late, too bad….
The obscene thing is that management think they know their stuff, but they are the most incompetent people I’ve ever seen. Turn out the lights.
A magnificent malware team survived in Alpharetta for a long time. Was proud to be associated with 22 really smart guys and gals! Long gone on their own volition and a huge security loss
Lyons needs to take a hard look at the sales team and stop them from taking credit for other people‘s work. They need to be focusing on bringing in new work, not milking our current clients over and over. Also, way way too many upper management and vice presidents getting paid far too much money.
Anyone who came from JP Morgan should be walked out the door….
@OP Yes you are right about that. I joined FD in 2014 as Sr Director following 20 year run as very successful acquiring professional and was lied to and sidelined repeatedly until 2022 when I happily quit and walked off. I know what’s wrong in merchant services and how to start fixing it: Most of the VPs, SVPs, EVPs who spent their time kneecapping professionals like me there are cowards and self promoters looking to make a break for it. Mike should go through and clean house on senior ranks and stonewallers. Apple and Microsoft are a client of Fiserv and their account teams have spent years sitting on their hands doing nothing to get Fiserv more business, fire them and hire people who are not idle farmers, get some hunters in there!
@d2 The people at the top and C level don't do the work that bring the real money in what are you talking about
Fiserv culture for the past 20 years: A strong leader arrives, either at CEO or other senior level. They bring some good people with them, attract others with their energy and vision, and the company flourishes for a short while. Then they run out of gas, and ideas, and vision, and humanity. For all the praise JY gets on this board, he was only good for a few years and then the revolving door. He was utter he-l to work for, there was a whirly revolving door at the senior level, and from year 5 of his tenure was in defensive, reactive mode and driving away anybody could point out that he had become monomaniacally focused on expense control. No strategy from that point forward other than to pinch pennies. Frank reached his "outta gas" moment sooner, but like JY abandoned all pretense of strategy to focus monomaniacally on expense control. See a theme here? Insecure leaders who stay past the expiration of their vision or pretense thereto, become destructive of the enterprise's creative potential once they run out of ideas. Wishing Lyons godspeed with One Fiserv, but I was there for Fiserv 2.0 and would observe (with whip marks to back it up) that slogans are no substitute for strategy, and vindictiveness is no substitute for vision.
And the ones who have the potential to become valuable have already almost all gone too.
Issue I have is that before the merger with last data we were running Fintech with Mr Yabuki. Frank takes over and starts driving us like a short bus on fire. Silo teams, break support models, allow Cyber to make changes that cripple any continuity to our customers. Laying off Managers was a bad move. Frank needs to be hauled in front of Congress for this pump and dump scheme with the stocks. Mike is going to be the fall guy here. Good luck with the trash fire you caused.
accurate assessment
You couldn’t state it any better. The new CEO is a GREAT fit. He’s just as clueless.