Wow.. entertaining town hall, we all left there both laughing and scratching our heads, is that the way William Stone always is??
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If the numbers don't look right next quarter, expect more cuts and more selling of DST in parts. If they can't find a buyer for the parts, then they will just shut it down, offices and etc. They want to keep what makes the cash not the useless property (& employees) in some small town. To ssnc it's consider small time. Just look at the last 5 years of acquisitions
Name any corporate raiders who didn't like cash.....or just name a corporate raider who cares about your feelings.
Also, they acquired the company to strip it down and keep it's bread and butter assets. DST is a mismash of different companies. Why would a software company have a real estate division? SSnc see one main thing.....cash. Even with the mis-management somehow they can generate quite a bit of cash. They will use DST cash holdings and pay down the debt and acquire more companies and pay themselves a handsome bonus (SSnc management only). By the next year, look for more cuts as SSnc management will tell DST to manage smarter. Whoever is in DST management better have thick skin as the monthly reamings will be more and more intense. 14k employees and they only cut 6%? 6 is just the start. DST is very bloated and will need to slim down by at least HALF in order to operate efficiently.
You must not be a finance person. It was very apparent that DST was for sale prior SSnc acquisition. DST mismanaged itself into a corner and straddled itself with plenty of debt. Debt is managable if the company can get a bank to lend it. Since SSnc has done this before, they are now getting bigger and bigger to get a presence around the financial services businesses. The corp takeover is getting a even larger client base as the lines are blurred between the MANY financial services, fund services, mutual funds, hedge funds, advisory, etc. They want to grab as much of the clients as possible in the shortest amount of time and they did it. Now with DST, they have real estate and pharmacy clients as well. They bought Citi/Wells financial services to pair it will its own, Conifer for advisory/hedge clients in the last 3 years. Buying is their method to enter previously difficult markets. Now they have a huge foothold.
So bill paid 5.6 billion just for the customer base sounds like Bill isnt the brightest
He doesn’t care about the clients leaving. Dst has a lot of customers willing to buy its software. If they lose a big account that’s dst fault not Bill’s. A Corp raider doesn’t care about clients only shareholders and Bill is a large shareholder. He will sell off some of the business that buyers have interest in. But ultimately the takeover was to get a large client base so they don’t have to devise a plan to sell ssnc products to new clients. In one swoop they gained plenty of clients.
still waiting for the video to be posted. did they screw up the video like they did the live feed? great technology company!
But will Bill keep laughing when he loses the clients to BoNY? He has never had a business as large as DST, and it doesn't sound like he knows how to run it. There goes his cash.
He’s laughing as he is making tons of $$$. Goodbye to dst as I getting all your cash now since we overpaid. Now it’s cash out time.
yeah He’s pretty off putting when he talks. He always says he tried to out smart people by the way they look. His act is pretty old and his sense of humor is sh--ty in a professional setting. He should be honest and to the point instead of mocking the employees who have concerns at a employee town hall. Inappropriate!
I heard it was less than professional
14k workforce will be reduced to 4K
He’s laughing at you as you guys are buying his bs. The jokes are on you when he leaves a -4kworkforce to 4K in two years
Bill is the least entertaining person you ll ever meet. He gives back handed compliments but smiles right into your face. Somehow he thinks being human is not his job. He once wrote about inspirational employees but the dude is dead now. So it doesn’t real matter, get back to work!
Sick people always laugh at others.
crazy people are always the last to know.