A family member of mine was just informed by fiserv that he along with 8,000 employees is being laid off. My family member has been with them for over 20 years and was completely shocked considering he is a SVP. It truly shows that nobody is safe when it comes to recessions and that company’s only care about bottom line. Hope everyone has a great Friday
What's fiserv ?
they build banking tech, and own the clover point of sale
SVP? Layoff? Is it an inflated title like how people with 2 yoe are VPs in banking? If so, it's not really surprising
He said 20 yrs not 2. And bloated designations in banking started to appease customers. Give them importance and make them feel like they are talking to someone important so they'll open an account there. The trend has continued to give 🥜 to employees now 😂
Totally get what you’re saying and this applies to most companies. He was a director at salesforce 20+ years ago and joined Fiserv as a VP and lead a division of 1,000 people then became SVP after 10 years.
What’s fiserv lol
Total comp?
They build payment processing solutions like pos terminals for instore and such, I wouldn’t call this a recession safe industry though. Relies on consumer spending
Sounds like you’ve enjoyed using their systems. Haha
Hey, would you be willing to put me in touch with your family member? My publication writes about such things in the payments arena and that certainly sounds like a significant event. Thanks.
True, few of my teammates were let go this week along with my director and his manger who worked at fiserv for 25 years! And it was informed to him on his vacation. So pathetic!
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Not good news on a Friday :(