Sounds like all departments in both companies have been told the last two levels of Orgs will be settled in late May through June. This means mass layoffs at this time. Curious if anyone is being told different, later in the year etc.
I know some at the Director level are not being retained and are already aware
We report earnings next week. Listen to what we share about progress against our system ergy targets. If we increase them it will be on the back of layoffs. We need to get the benefit of 6 months of cost savings this year to be able to tell a good story for what 2027 is going to look like. Stock price will pop on synergy news. This time next year, we'll probably buy Shift4 or someone in LatAm to run the same game again just at a lower scale.
@jz next levels are senior managers and their reports.
Why is Lance Haffner leaving?
@k3 yes it’s company wide, just the usual quarterly update I believe.
Did everyone get an all-hands meeting for the 12th?
@jr Do you know if this was specifically for the US, or if they're targeting those teams in all regions?
What is meant by next two levels, specifically for the tech org, Ryan's org? Is that the VP and Director level?
Yeah laying off 1/4th of the company 3 months into a massive merger doen't sound plausible, even if consultants are in the CEO and Board's ears saying to do it. Tech debt is already high in both companies
@gx Global is going to cut more % than WP will, due to the number of total employees. Look for GP to layoff from their acquisitions and the acquisitions of their acquisitions. There are hundreds of products branded with "A Global Payments Company" that have small returns and somewhat large overhead.
While I don't work at GP anymore (Laid off Feb '24), I'm still in contact with my old coworkers and even manager (who was a VP of something). While he didn't outright say it, I could tell that the remaining few are all probably going to be laid off, and the only thing that let them stay this long was the contract this unit has with another company for a product.
GP chose to not renew the contract and when it ends in a few weeks/months, it'll be over. This isn't limited to them though, he mentioned it's going to be for all smaller units that came from an acquisition or was a subsidiary of an acquisition.
It more then likely isn't gonna be 10,000 laid off, but it will be a few thousand at the least. More then likely it will be several waves spaced weeks apart, as well as "quiet layoffs" of handfuls here and there.
@gm approx 27k at Global, and roughly 9k at Worldpay. 10k laid off at once would be devastating to all branches. If a 10 number was leaked, it was likely 10% (potentially 5% from each side of this acquisition) which would still be impactful but not as much considering the addition of nearly 1/3rd the previous employee base by adding in WorldPay.
Just hope whatever it is, that my team and I don't get caught in it as these 'duplicate' departments get trimmed.
@OP There is not 40k employees... maybe 27k and I very highly doubt it will be 10,000 employees lol
@e3 Theres not even close 40,000 employees... combined were at only 27,000
@fk if you do the math from the figures that were shared in savings from headcount reduction it’s around 20%.
Can anyone else corroborate the 10,000 person reduction?
@c5 that is a huge number. Has to be mostly hGP if true. WP only has about 12,000 global employees total. About 4,000 across all US
@c5 holy sh-t. What’s the current combined headcount, 40k? And where did you hear that from (relatively)?
Heard they need to reduce headcount by 10,000.
@OP yeah was told July 1st the reorg will be done. VP and Director level already done.