Wisconsin-based payments and fintech company Fiserv made headlines in 2022 with an abrupt shift in the size and character of its workforce. Building on its acquisition of First Data in a $22 billion all-stock deal in 2019, Fiserv made widescale cuts to its workforce throughout its locations across the U.S.
According to Chief Executive Officer Frank Bisignano, however, it is a mischaracterization to describe these staff changes as a response to a flagging economy or weak business plan. Indeed, in a recent interview, Bisignano described Fiserv’s moves as a sign of a healthy, evolving business plan.
“We did not let people go this year, other than we hired thousands of people in new locations, and other people didn’t move,” Bisignano said, explaining that for every employee who chose not to relocate following the company’s merger with First Data, Fiserv hired others in other locations. “We have a very resilient business model. We don’t need to deviate from our strategy.”