As I understand, they lay off a bunch of technology teams/devs etc. that support apps and products. Who is then going to work on those? Do they purposefully want to ki-l those products and not offer them to clients anymore? Or do they really hope that a couple thousand new workers are going to be able to keep it up?
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Structuring it this way means FIS may not have to make large-scale severance announcements, which would trigger regulatory obligations, media scrutiny, and potential share price impact. Transfers to a third party can be done more quietly, especially when framed as a "strategic partnership."
@cy
IBM did the same thing to me through a cr-ppy cognizant type company called Persistent Systems. Two garbage companies to work for.
@OP This is McKinstry ki-ling applications to make FIS more attractive to be acquired, nothing more. I am expecting another large reorg this summer, and then we have the classic large RIF’s right before Thanksgiving to look forward to. I am envious of those who received severance packages, even if they have to train their offshore “replacements.” Those of us moving to Cognizant are in the worst shape as we have now lost all tenure.