Fiserv Cuts 3,000 Jobs, Doubles Savings Target

Fiserv has eliminated 3,000 employee and contractor positions since June, including more than 10% of its senior management team, as CEO Takis Georgakopoulos pushes to simplify the payments company and improve efficiency. Through Project Elevate, Fiserv doubled its cost-savings target to $1 billion from $500 million, after activist investor Jana Partners urged a goal of up to $1.25 billion. The restructuring also includes plans to discontinue more than a dozen smaller products that Fiserv considers insufficiently attractive in performance, growth or profitability. The company reported third-quarter revenue down 1% to $4.85 billion, while adjusted earnings of $1.75 per share slightly exceeded analysts’ expectations.