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Poor management has over extended our company and now we’re in a correction. Tho instead of firing over paid execs that do nothing but chat they’re firing those of us that actually do the work and bring in the money.
On the recent quarterly earnings call, the new CEO (as of Jan 1st, 2023) announced $500million in cost reductions for 2023. This equates to several thousands of employees laid off and contractors released.
The first round of mass layoffs happened December 1st and was focused entirely on developers in India. More waves are coming as different areas of the company finalize their layoffs through January.
https://www.paymentsdive.com/news/fis-employee-cuts-cost-savings-payments/637196/
Approximately 60% of the Payments One development staff was let go. Including a number of people in the US.
Unclear how this will delight our customers. :-) I am sure it made the share holders happy though.