Thread regarding Global Payments Inc. layoffs

@b8 Workaholics? 🤣🤣🤣
I don't think know you're very in the know. That's like saying slave owners were workaholics.

What partners are you referring to? Integrated partners? If so, that mass exodus probably has more to do with Vince Lombardo and Robert Cortopassi being more concerned with their own careers and ignoring and starving the partner pipeline and the team members that had previously diligently supported it.

@d3 Precisely why the stock dropped 17% when the Worldpay announcement was made. Cameron and others got on stage at Investor Day in Sept 2024 and told the street they weren’t doing any large scale M&A. Then 7 months later announce a $24B acquisition. Investors started calling him a liar and the stock has continued to suffer. They don’t believe anything the company says anymore for good reason and employees shouldn’t either.

When McKinsey was first brought in there were multiple town halls where the execs told us that they had been in the business of acquisitions for too long and they wanted to focus on growing the brand. Sold off advancedmd, payroll, and others that didn’t fit the “brand”. They made a big pitch to change the logo, have everyone under one email “one company” and then they do a 180 and buy Worldpay. It just doesn’t make any sense unless that was a last ditch effort to save themselves.

Ops post really made me think because I've heard time and time again that it's increasingly difficult to sell payment processing without a POS to go with it. I did some research and this actually seems to be true. It's why competition in the marketplace continues to grow with more POS systems popping up all the time.

Then I set my personal feelings aside and kept digging. Yes, or stock price is less than half of what it used to be, but our stock price is better than most of the companies we consider competitors.

Many of the things investors have been complaining about are the exact things we're currently trying to address. The execution is painful, chaotic, and flat out su-ks... but if we pull it off, chances are the company will be flying high.

Cameron and most of his leadership team are workaholics and unfortunately that's breeding the expectation in the culture. The layoffs on top of that makes everything worse.

I really hate that so many people are being let go and with the workloads we carry, it feels like the loads will just get heavier. But they also took efforts to shift a lot of people around to keep a many people as possible.

I hate that we're shifting so much work to overseas offices and that US-based employees are losing their jobs because of that too. Even that seems strategic. The US is losing it's dominance on the world stage and the company is working to expand it's global reach.

After doing that digging, I feel like I have a better perspective on what the company is trying to do to be set up for the future. On a personal level, it still feels frustrating and gross.

Genius is anything but. The OP hit the nail on the head. Genius and WorldPay will cost Cameron his job. He has been responsible for $20 billion+ in market cap being wiped out.

agreed about Genius. having been in legacy TSYS for decades, Genius might have seemed like a cool thing in 2018. And that's not even touching on if we should've been developing it in the first place as opposed to being a pure txn processor