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Activist Investor Jana Partners Pushes Fiserv for Deeper Cost Cuts, Palantir Partnership
Summary
Activist hedge fund Jana Partners is escalating its campaign at Fiserv, calling on the payments company to more than double its cost-cutting targets and leverage Palantir's software to accelerate its technology overhaul, according to a letter seen by Reuters.
Activist investor Jana Partners is intensifying its pressure on Fiserv, urging the payments company to more than double its planned cost savings and use software from Palantir Technologies to accelerate its transformation, according to a letter viewed by Reuters. The New York-based hedge fund is pushing for more aggressive changes to boost the company's lagging stock price, which has fallen by more than half over the past year.
Escalating Demands
Jana is calling for Fiserv to increase its cost-cutting target to $1.25 billion by 2029, a significant increase from the company's current goal of $500 million under its 'Project Elevate' initiative. The activist firm wants management to announce the more ambitious target during its upcoming third-quarter earnings release.
In the letter, Jana also advocated for a partnership with Palantir to streamline Fiserv's technology, retire technical debt, and rationalize spending on legacy vendors. The fund argued this would help ensure “opportunities for value creation do not fall victim to the inertia endemic in ‘business as usual.’”
Context of the Campaign
The latest demands follow a push from Jana two months ago for a formal, company-wide strategic review, rather than piecemeal asset sales. The fund, which has been invested in Fiserv since late 2025, has grown more vocal as the company's stock has underperformed, hitting its lowest closing price since February 2016 on September 23, according to the report.
AdFiserv's new CEO, Takis Georgakopoulos, who took the helm in June, recently confirmed the company is reviewing its businesses and may pursue further divestitures. This followed July reports that Fiserv was considering a sale of its payments infrastructure business that handles debit card transactions, a potential move Jana had welcomed.
Jana's Activist Playbook
Jana Partners has a history of similar campaigns in the payments and technology sectors. The firm successfully agitated for changes at Fiserv competitor Fidelity National Information Services (FIS), which led to the separation of its Worldpay merchant business in 2024.
The recommendation to use Palantir also follows a pattern for the activist. Jana previously advised defense contractor Mercury Systems, where a Jana managing partner sits on the board, to partner with Palantir to automate its operations and improve efficiency.
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