Upvote if you favor this. Let’s hope it happens—some of the signs are beginning to show.
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The opportunity to "transform the payments business" just vanished and a sale of a now inconsequential payments acquiring portfolio just got much harder and the price went down with continued consolidation.
https://investors.globalpayments.com/news-events/press-releases/detail/469/global-payments-announces-agreements-to-acquire-worldpay
While the leadership that drove the payments business into the ditch focus on a BNPL solution that nobody wants, Avvance, and an online digital wallet that nobody needs, Paze, and Smartly cards where the rules have changed 90 days after the national marketing campaign, the well oiled and at speed payments industry leaders continue to raise the bar, with Klarna and Affirm assembling 50 million users in the U.S. alone, marking transforming payments more drivel, talking points and sound bites.
Oh Elavon, how we want to sell thee and get you off of our books!
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Elavon have branches in Ireland, Spain, Poland, Germany, Norway and UK. Nothing sinister in them looking for Spanish support in Ireland as it's the HQ.
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Elavon have branches in Ireland, Spain, Poland, Germany, Norway and UK. Nothing sinister in them looking for Spanish support in Ireland as it's the HQ.
The thought of Santander never crossed my mind my mind until now. Their branch banking presence is strictly in the northwest, where we have zero presence. They are also looking to offload the Polish banking unit.
Let us hope that we are not looking to join forces with Truist.
Santander could be why the company is looking for a Spanish speaking recruiter in………..Ireland.
·From the job posting : A working knowledge of HR best practices in both Ireland and Spain
See for yourself: 2025-0008471
My prediction is a a deal with Santander.
At $36.83 there are not many options left, the cash flush big boys like Goldman Sachs, Morgan Stanley even PNC could acquire U.S. Bank on the back of a napkin, needs to spin off that Elavon payments disaster to pay off MUFG then it is back to business, without the pinhead, egos, narcissists and goobers that wrecked U.S. Bank after RD built the massive empire that shareholders are fleeing
Acquisition coming, not sure anybody is going to like it, except execs and shareholders, the Elavon crowd won't be recognizable as they would be the first entity offloaded with its shrinking portfolio and worn out and unreliable systems. The destruction of that business line is criminal, but one business's trash is another business's treasure. Bank did the same thing to Piper Jaffrey 25 years ago, destroyed a business they did not understand, ran it like a bank, which it was not, ran it right into the ground.
All signs are pointing to a merger. Should be an interesting 6 months.
USB would be the buyer, the other bank would be the one merging with us.
Some of us don't want to try to find a new job in the current market. Why don't you quit and go look for a job somewhere else then? Don't wish for the rest of us to have to unwillingly job hunt after a layoff. It's pretty fu--ing selfish.
“there's little possibilities the regulators would allow it”
Under the current administration anything is possible with the correct “contribution”.
OP here,
Yeah, this is exactly what I want. Hate working here and tired or being underpaid to do the work of 3 people at a time. I hope this whole place goes under so we can all go on and get better jobs and the managerial failures of this company in the post-Richard Davis years are exposed front and center to the entire general and investing public. We would all be better off in the long-run, I know it, most people who understand business know it, and I think secretly you know it too.
You realize that when banks get acquired, the acquiring bank does massive layoffs from the bank being acquired, right? Expanding footprint or acquiring customer base while reducing costs from the synergy of a merger is the whole point. So you WANT a merger so that you increase the risk of losing your job, along with thousands of others?
What would US bank bring to any merger?
Why acquire now, when you could just let everything collapse, and buy at pennies on the dollar?
Interesting perspective when pieced together with massive outsourcing. If we do have mass layoffs when GK takes the reins it will improve our efficiency ratio and likely increase stock price. But with the number of problems already pointed out by others on this forum, glory will be short lived until issues, losses and enforcement actions are levered. But…if they can sell portions of the bank before realizing the underlying issues publicly…it is feasible.
Elavon used to run smooth and brought in a good revenue. Then all of the sudden a bunch of changes started happening in 2020 to present. What started the down fall was adding Scott Lippert 2020 with a bank mentality and not a credit processor. Elavon systems are so broken down it is pathetic. Outlook does not even work right let alone anything else. Constant system failure just to do your basic job. Eliminating equipment lines for merchants and only offering junk and constantly raising fees on your clients per USB MGT is sending business elsewhere. Out sourcing your operations to Europe causing days weeks in request to update accounts has caused mass closures of accounts. It has been one bad decision after another with no end in sight. USB leadership will be the death of Elavon. If Elavon got sold I guarantee all those employees would say thank God because they are miserable. So many people loved and wanted to work there and now they all hate going to work because something as simple as your email does not work to your system’s crash everyday. They also have adjusted stats so how you will get your yearly raise and it is by pure design to make the best a meaningful performance. Make no mistake what is and has taken place at Elavon is rolling down to the USB side. Soon enough your bonus will be eliminated. Scott was part of McKinsey. Elavon used to get paid time in a half for working on holidays they eliminated that. Now they have to work the holiday and they just get paid eight extra hours for the day including Christmas. The bank reps have no idea how much their leadership has ruined a very successful company. But they are starting to find out because now the bank is going to sh-t.
I had did post about a week or two ago asking if us getting acquired was a real possibility and the general consensus was "if someone would buy us then yes" but with the current climate and the worthless UB purchase there's little possibilities the regulators would allow it.
I think with the trajectory of the bank and the fact that there's "no money" for anything but C-suite bonuses and raises, they'd sell and run away with their millions of they could. They'd rather keep their money than let go of it and free up expenses for projects that would make the place better. Poor leadership is why we are where we are. AC really fu---d up and GK will be the final nail. The place may stay running but it won't be profitable.
No but there will be an Elavon disposition.