Payments technology company Fiserv has reduced its employee and contractor workforce by 3,000 since June, as part of a broader restructuring exercise under its new CEO, Takis Georgakopoulos.
The cuts include a reduction of more than 10 per cent in senior management, Georgakopoulos said during the company’s earnings call on 3 November. Fiserv had more than 38,000 employees worldwide as of 31 December, 2025.
The workforce reductions are part of Project Elevate, an initiative aimed at simplifying the organisation and improving operational efficiency. The company has raised its savings target under the programme to $1 billion, doubling its earlier goal of $500 million.
The restructuring also involves exiting more than a dozen smaller, non-core products that do not meet the company’s expectations for performance, growth or margins.
The latest cuts come amid pressure from activist investor Jana Partners, which had urged Fiserv to pursue savings of $1.25 billion. The company has not disclosed how the 3,000 job reductions are divided between employees and contractors.
