Fiserv has cut 3,000 employees and contractors since June, with the restructuring also reducing its senior management team by more than 10%, Reuters reported. Chief Executive Takis Georgakopoulos disclosed the figures during the company’s third-quarter earnings call on 3 November.
The workforce reductions form part of a wider effort to simplify operations, improve efficiency and reduce costs. Fiserv has also raised its savings target under Project Elevate to $1 billion from the earlier goal of $500 million.
The cuts come as the payments and financial technology company reviews its product portfolio and responds to pressure from activist investor Jana Partners. Fiserv has more than doubled its original savings ambition, although its revised target remains below Jana Partners’ proposed $1.25 billion.
Senior management also affected by workforce cuts
The reduction of more than 10% in senior management indicates the restructuring extends beyond operational roles. Reuters reported the combined reduction of 3,000 employees and contractors since June, although Fiserv did not identify specific divisions affected by the cuts.
The company had more than 38,000 employees worldwide as of 31 December 2025, according to the figures cited by Reuters. The latest reduction therefore represents a sizeable workforce adjustment, although the reported figure includes contractors as well as employees.
In a statement, Fiserv said it was pursuing initiatives to simplify its organisation and operate more efficiently, including Project Elevate. The programme is central to its revised cost-reduction plan.
Project Elevate savings target doubled to $1 billion
Fiserv has increased its expected savings from Project Elevate to $1 billion, compared with its previous target of $500 million. The revision follows a review of the company’s operations and identification of additional efficiency opportunities.
The change also comes after Jana Partners urged Fiserv to pursue $1.25 billion in savings. The activist investor’s proposal placed additional focus on the company’s cost structure and operational performance.
Alongside workforce reductions, Fiserv plans to exit more than a dozen smaller products. Georgakopoulos said the products lacked attractive performance, growth or margin characteristics, according to Reuters.
The portfolio changes suggest the company is seeking to concentrate resources on businesses it considers more commercially attractive. Fiserv has not disclosed the names of the products it plans to discontinue.
Revenue declines 1% as company reports third-quarter results
The restructuring announcement coincided with Fiserv’s third-quarter 2026 results. The company reported adjusted revenue of $4.85 billion, down 1% from the corresponding quarter a year earlier.
Its adjusted earnings per share stood at $1.75, slightly above the $1.72 expected by analysts, Reuters reported.
Fiserv’s results also showed a difference between its reported revenue measures:
GAAP revenue: $5.20 billion, down 1% year on year.
Adjusted revenue: $4.85 billion, down 1% year on year.
Adjusted earnings per share: $1.75 for the quarter.
Organic revenue: Flat compared with the year-ago quarter.
The company said organic revenue was flat during the quarter, with a 2% decline in Merchant Solutions offset by 2% growth in Financial Solutions. Fiserv also reaffirmed its full-year 2026 outlook for organic revenue and adjusted earnings per share.
Fiserv highlights banking client wins and AI-led efficiency plans
Georgakopoulos said the company was making progress across parts of its business, including banking and merchant services. He also pointed to an AI-focused approach as part of its plans to simplify operations and improve efficiency.
“Our team is executing with urgency, and we are seeing meaningful progress. Net attrition in banking is down more than 25% year to date, major client wins are now ramping, Clover continues to produce consistent underlying growth and our modern merchant platform is gaining momentum,” Georgakopoulos said in the company’s third-quarter 2026 report.
He added: “As we simplify and focus our organisation with an AI-everywhere mindset, we have increasing confidence that we can drive greater efficiency while investing in innovation and delivering differentiated client value.”
Fiserv shares rose about 9.5% in pre-market trading following the announcement, Reuters reported.
The company’s next challenge will be to translate its restructuring and higher savings target into sustained financial improvement. Project Elevate is expected to involve continued spending before the full benefits appear, leaving Fiserv under pressure to demonstrate that its cost reductions can support stronger operating performance.
