FIS sheds 2,600 employees: report


Dive Brief:

  • Fidelity National Information Services, known as FIS, has cut 2,600 workers so far in its quest to slash expenses as part of a strategic review of the business, Bloomberg reported Thursday.
  • The job cuts, which were made in recent weeks, amount to about 2% of the FIS workforce, according to Bloomberg, which cited an unnamed source for the report. Some 1,000 jobs eliminated were contractors, the news outlet said.
  • In mid-December, FIS announced it was embarking on a comprehensive review of operations and moving incoming CEO Stephanie Ferris into that top role sooner than originally planned. The company also opted at that time to name a director, Jeffrey A. Goldstein, as the new chairman, instead of former CEO Gary Norcross.

Dive Insight:

Ferris assumed the CEO role just as the Jacksonville, Florida-based FIS was said to be considering cutting thousands of jobs, Bloomberg reported in November. The company has not said when the review will be completed.

FIS has seen turnover on its board of directors in recent weeks, following a cooperation agreement signed with activist investor hedge fund D.E. Shaw. Another hedge fund, JANA Partners, is also weighing in as a new investor at FIS, which has come under pressure to consider divesting operations.

FIS had about 65,000 employees as of the end of 2021, including 40,000 outside the U.S., according to its latest annual filing with the Securities and Exchange Commission.

FIS has not yet announced the date of its fourth quarter earnings report. 

An FIS spokesperson declined to comment on the Bloomberg report, saying the company doesn’t comment “on rumors or market speculation.”


Source link