I see it as devoid of any institutional knowledge and experience, with increased debt, and failed products (because people who know how to deal with any issues will be gone by then). That seems to be the future FB is aiming for as he continues to get rid of experienced employees and replace them with cheaper workers, most of who have no idea what they're doing.
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who knows, don't care.
Fiserv is now beating all competitors this will continue - yes acquisitions do play a part and yes Clover is great example as Will Finxact become a leading core banking system. Succession will surely take place as the next generation will be handed a Fortune 100 company with revenues in the $25B range.
"associates will be rewarded"
LOL
If that's the case, they'll get rid of the socialite c-suite clowns out drinking it up every night and passing out at their desks the next day.
I see Fiserv being lean and efficient. It'll be nice once 100% of the desk-sleepers are eliminated so that we can get down to business without being bogged down. Not to mention, the remaining associates will be rewarded for being a positive driving force for the business.
The idea of just replacing everything with new start-up technology is a "great" plan for running up debt. This is like buying an older 10 million dollar house that needs some fixing up, tearing it down & replacing with a shiny new double-wide. You sir are a "financial genius" Do your initials happen to be FB?
Most of the old products will be replaced by young acquisitions. This was the model used at First Data, cut all the old product/support, make the product look shabby and then buy a young company that does the same thing to 'turn it around'.
This is a fair point, but the problem is that First Data has always obliterated the small companies that they've acquired. Ask me how I know - I was part of one such acquisition, and I watched it all go to he-l in a hand basket over the course of only a few years.
FD/"new Fiserv" acquires these companies with healthy cultures who know how to treat employees well and provide incentives to retain talent - then they remove all of those incentives (e.g., via lower pay raises and bonuses, banning WFH, etc.), cut off investment into the acquired company, and essentially force the acquired employees out. By the time FD is done ravaging the place, most of the talent that they spent good money to acquire is gone, and the products they spent good money to acquire become difficult to support and impossible to iterate on with the staff which remains. If FD/Fiserv is planning to "turn things around" via acquisitions of smaller, innovative companies, then they need to change their approach to how they handle these companies post-acquisition. Otherwise, they won't reap much long-term benefit from this plan.
Yeah maybe using FD as an example of #goals isn't the best seeing that they were in so much debt that they were bought by fiserv. So I guess more likely it will become so indebted that it gets eaten by a bigger fish and it is a parasite on that company for another 5 years
I love the doom and gloom that the CEO is ruining everything but Fiserv will be fine albeit different in many ways. Most of the old products will be replaced by young acquisitions. This was the model used at First Data, cut all the old product/support, make the product look shabby and then buy a young company that does the same thing to 'turn it around'. Its already happening to the original Fiserv bill pay; the replacement startup has already been identified and will be purchased within a year or two. I know this is contrary to what everyone wants to believe but its SOP for the CEO.
Not a place to call a career…No loyalty to employees..why would they expect loyalty
Shrunk down to a bite sized company and gobbled up by Disney-Exxon banking as part of a fire sale. Investors vote to accept the deal at $8 per share.
I do not see Fiserv existing at all. Hey, anybody do business with Enron or Worldcom these days?
With pieces sold off, some acquisitions to try and offset, low client satisfaction, and an all around bad rep in the industry.
Less core clients, more lawsuits