Fiserv cuts 3,000 staff and contractors, doubles savings goal to $1Bn
- Fiserv has cut its employee and contractor base by 3,000 since June.
- Fiserv reduced senior management by more than 10%, its CEO said.
- Fiserv raised its Project Elevate savings target to $1 billion from $500 million.
- Fiserv had more than 38,000 employees worldwide as of Dec. 31, 2025.
WISCONSIN, UNITED STATES — Payments technology company Fiserv has cut its employee and contractor base by 3,000 since June, including more than 10% of senior management, as it doubles its cost-savings target. The company had more than 38,000 employees worldwide at the end of 2025.
Fiserv raised the savings goal for its Project Elevate efficiency program to $1 billion from $500 million.
Simplifying the organization
CEO Takis Georgakopoulos disclosed the cuts on an earnings call on Nov. 3, Reuters reported. He also said Fiserv plans to exit more than a dozen smaller, non-core products that lack attractive performance, growth or margin.
“We are pursuing a number of initiatives to simplify the organization and operate more efficiently, including Project Elevate,” Fiserv said in a statement. Jana had urged the company to target $1.25 billion in savings, Reuters reported.
An AI-everywhere mindset
Fiserv raised the target after a portfolio review identified more operational efficiencies, it said in its third-quarter results release.
“As we simplify and focus our organization with an AI-everywhere mindset, we have increasing confidence that we can drive greater efficiency while investing in innovation and delivering differentiated client value,” Georgakopoulos said.
Revenue flat, outlook kept
GAAP revenue fell 1% to $5.20 billion in the third quarter, and organic revenue was flat, with a 2% decline in Merchant Solutions and 2% growth in Financial Solutions. Fiserv recorded a non-cash goodwill impairment charge of $6.45 billion.
“Our second-half initiatives are on track to support the revenue acceleration we expect in the fourth quarter, and we are reaffirming our full-year guidance,” said Paul Todd, chief financial officer.
The company kept its 2026 outlook for organic revenue of minus 1% to flat. It plans to buy back $500 million of shares in the fourth quarter, and its shares rose about 9.5% in premarket trading after the results.
What it means for employers
Fiserv’s cuts reached contractors as well as employees. Its AI-everywhere framing suggests technology will play a larger role in its efficiency push.
Employers reshaping teams around artificial intelligence (AI) can weigh offshore outsourcing for roles that do not need to sit onshore, and compare options in OA’s ultimate guide to outsourcing.
Related news
- Canva restructuring hits 1,271 staff, 22% of its workforce · 7 Nov 2026
- Kroger, Barclays add to job cuts tied to AI spending: AP · 30 Oct 2026
- Microsoft offers voluntary exit to about 60,000, a quarter of staff · 28 Oct 2026
Disclosure: Outsource Accelerator uses AI tools in the backend of its editorial workflow. Every article is reviewed and verified by a human editor before publication.
Stay ahead of the outsourcing industry. Join thousands of business leaders who rely on Outsource Accelerator for the news, trends, and expert insights that matter. Subscribe to our free newsletter and never miss an update.
