Thread regarding Fidelity National Information Services Inc. layoffs

@qj That's what I was wondering too. I believe, a few years ago, the plan was to make us 50% overseas.

@g6 it's actually called Bigfoot 2
the firdt bigfoot was to exit from china, which was done. all fis employees there were either RIFd or moved to a partner

now they want to continue and exit a long list of countries

The entire situation leads straight back to Stephanie Ferris and the WorldPay fiasco. From the moment she arrived, her involvement has aligned with one FIS misstep after another. She made herself highly visible when it suited her—talk shows, town halls, positioning herself as the face of discipline and stability, insisting everything was on the right track.

Now that the consequences of her decisions have finally surfaced, she’s nowhere to be found. The visibility evaporated the second accountability appeared.

@q9 most countries? which ones?

@g6 it's the next shoe to drop. the plan is to exit staff from most countries

@kh

I am so sorry. That is so difficult and challenging. Wishing you the best.

I got let go today

@g6 Believe it was the plan to shut down all work in certain countries and close down those entities given revenue vs cost decision

I woke up today feeling like I was hit by a car, everything hurts in my body from being anxious yesterday , every single time we re through a rollercoaster of emotions, fear and anxiety. Relief no longer means anything, next round will be earlier than we expect .

@g3 what is project Bigfoot?

@g0 no one should trust what's being said from above. If you want proof, ask your manager what project Bigfoot foot is

This is what I've learned so far. Some of this is fact, some speculation:

• My team lost two people
• There doesn't seem to be any individual rhyme or reason to the cuts. "Indispensable" people were hit
• There was a rumor of 2K - 3.5K people impacted overall
• It was suggested that there was a roughly 30% reduction in all of PS, including billable resources
• The cuts were not 'across-the board', meaning some teams were obliterated (100% reduction), including the manager. My team lost less than 30%
• The affected people were either RIF'd or rebadged
• The RIF'd people have 90 days to train an offshore replacement, but the timeline may extend based on business need
• You have to stay and train your replacement to receive severance
• The business line wasn't happy about this, resisted it, but it came straight from Koushik and above
• The business line is going to have to revise their top line revenues estimate downward, considering the impact of the personnel losses
• Planners of this action had to sign NDA's beforehand
• The entire org below the top four layers are stunned by this move. There is a strong feeling it won't be successful and the top-line revenue decimation will negate the bottom-line savings, considering almost everyone affected was billable
• It was considered the 'worst day' that anyone remembers in FIS's history, coming from 20-year veterans
• No decisions were left to managers or directors. All input below Koushik was ignored.
• The actions are over, for now. But there is a sense it's a good time to update your resume. Management offered no forecast on what future actions may take place.
• Morale is lower-than-low. There was stunned silence from our larger group, even when receiving the 'good news' that we won the hunger games. There is obviously going to be attrition.

@b6 I’ve recieved email. I will be still part of fis.

@an Firdhaus left... although not sure whether voluntarily or involuntarily.

@f5 hmm, most interesting, where did that tidbit come from? NDAs?

@eg great time to take advantage of the EAP which provides six therapy sessions. This is a very stressful time. If you are feeling overwhelmed, reach out. Do not attempt to navigate this alone. There is a lot at stake here. If you got upsetting news today, be kind to yourself and lean on someone. In the US, call 988 if you are feeling as if you might self harm.

If this is such an amazing idea and benefit to the employees, why did they force the planners of this to sign NDAs?

@eh business development and corporate development (M&A and PE a at buyout).

They will try to grow the base, while improving COG and overhead. The layoff related expenses, R&D and other costs will go down/improve. All of the above will, short-term, trend the financial “metrics” positively. Which then makes case better for m&a or PE-buyout.

Long term - not the best for the business. However, please remember that Management and BoD’s responsibility is to the equity owners not employees. Nothing personal - just facts.

Have the people that are being let go received emails yet? What is the timeline looking like?

how did outsourcing your core competencies work out for Franklin Templeton, Intel, Boeing, IBM, Yahoo, .... ?

@eh

AI is left. It’s the savior!

@eh management lol

@b0 my question also - without tech dev, services, and cio literally who is left??

@ad true masterclass in what NOT to do if you don't want to panic your workforce

SEC filings show the Tech Dev director resigned a couple of days ago fwiw

clear and transparent... my a-s :D

How can they outsource their government business?

@cg most likely announcing layoffs

Any other ideas on what this meeting in the morning is about??

@bm yes, but what will they be selling? How long before the word gets out about the changes?

So who will they be keeping? Sales and Stephanie ?

@OP I'd be surprised if this many people would be let go right there on the call.

@b9 Can you reiterate what the script said? They said outright that teams are going to be outsourced?

@b9 lawyers obviously wrote the script

@aq and yet Ferris still had a job despite that. Unbelievable

@b9 what does that mean for the team? All fired or transitioned to a different company?

@b6 that seems to be. They tried to tie a strategy and justification message behind it, but it just confused the whole messaging and wasn't clear at all.

@OP is core24 also impacted by these changes?

@OP What company ?

@b5 So essentially just a warning to people managers that RIFs are happening, the lists have already been decided, and that it’s happening tomorrow/Wenesday?