Jana reportedly pushes Fiserv to accelerate cost cuts and tap Palantir
FISV•Jana Partners urged Fiserv to more than double planned cost savings to $1.25 billion from $500 million by 2029 and use Palantir software for technology efficiencies. It wants Fiserv to make the higher targets public with its third-quarter earnings.
1. Jana seeks bigger cuts
Jana Partners urged Fiserv to raise its planned cost savings under Project Elevate to $1.25 billion by 2029, more than double the current $500 million target. The activist investor wants management to announce the higher goal with third-quarter earnings and says the board should aim higher rather than risk setting a target that is too low.
2. Palantir technology proposal
In a letter to Fiserv, Jana also urged the company to use Palantir products to streamline technology, retire technology debt and rationalize spending on legacy vendors. Jana said this could help drive accountability and keep opportunities for value creation from falling victim to business-as-usual inertia.
3. Broader company review
The letter follows Jana’s July push for a full review of Fiserv’s portfolio. CEO Takis Georgakopoulos recently said the company was reviewing its businesses and could make further divestments; Fiserv had also been weighing a sale of its payments infrastructure business, which Jana welcomed.
