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First Data employees given choice to stay or go under plan
http://www.omaha.com/article/20131129/MONEY/131128536/1685#first-data-employees-given-choice-to-stay-or-go-under-plan
Published Saturday, November 30, 2013 at 12:30 am / Updated at 12:24 am
By Russell Hubbard
About 20 employees at First Data Corp. are no longer employed by the company in Omaha after they declined to participate in a performance improvement program.
The employees lost their jobs last week, 19 in all, according to company spokeswoman Nancy Etheredge, who said the numbers will fluctuate as a pool of designated employees decide if they want to remain at the company or not.
Etheredge said 67 other workers of the 5,000 or so employed in Omaha by the payment processing company were given the option of participating in the performance improvement program as part of their ongoing employment, Etheredge said.
Accepting a three-month performance improvement plan was a condition of continued employment for the designated workers, according to software engineer James Wages, who said he was one of the workers terminated last week after declining to participate.
FULL story at link.
7 replies
= new reply since forum marked as read
= new reply since forum marked as read
- That's how it's done when trying to avoid discrimination lawsuits later.KKR, the famed “Barbarians at the Gate” firm portrayed in the book and movie about the takeover of RJR Nabisco in the 1980s, finances the purchase of what it deems underperforming or attractive companies by using their credit to borrow the money needed to gain control. At First Data, the stratagem known as the leveraged buyout, or LBO, has been a money loser and job terminator.
In 2006, First Data, whose computer systems process billions of credit and debit card swipes worldwide, had a healthy year, according to documents filed with the Securities and Exchange Commission. The company, which collects a slice of a penny each time someone swipes a card, had $7 billion of sales, a $1.5 billion profit, 29,000 employees worldwide and $2.5 billion in borrowings at the end of the year.
Fast forward to 2008, the first full year under KKR control, and the picture was much different. Revenue rose to $8.8 billion, but it resulted in a net loss of $3.7 billion. The balance sheet included $22 billion of borrowings, an increase of almost nine-fold. The employee count was down to 26,600, after a 6 percent reduction in November 2007. link
In 2006, First Data, whose computer systems process billions of credit and debit card swipes worldwide, had a healthy year, according to documents filed with the Securities and Exchange Commission. The company, which collects a slice of a penny each time someone swipes a card, had $7 billion of sales, a $1.5 billion profit, 29,000 employees worldwide and $2.5 billion in borrowings at the end of the year.
Fast forward to 2008, the first full year under KKR control, and the picture was much different. Revenue rose to $8.8 billion, but it resulted in a net loss of $3.7 billion. The balance sheet included $22 billion of borrowings, an increase of almost nine-fold. The employee count was down to 26,600, after a 6 percent reduction in November 2007. link
- In any other world but Wall Street's this would be seen as blatant fraud and/or theft. The fact that it is not seen as such by them nor (more importantly), our so-called government protectors and overseers of the marketplace, means that it will never be stopped.
K&R
[center]''The data stream has been corrupted, return to first principles.'' ~Terence McKenna[/center]
