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November 24, 2022

Fidelity National Information Services plans to axe jobs to save costs

Fidelity National Information Services (FIS) has plans to cut many thousands of jobs in an effort to cut hundreds of millions of dollars in costs, reported Bloomberg, citing sources.

The company’s president Stephanie Ferris will take over the role of CEO in January 2023.

At the end of 2021, it had 65,000 employees, of which 40,000 are outside the US.

Without offering a timetable, the significant trimmings is expected to happen in a gradual manner.

Earlier this month, Jacksonville, Florida-based FIS stated that it intended to cut costs by $500m over the quarters to come.

Ferris was quoted by Bloomberg as informing investors this month: “We are focused on permanently reshaping our cost structure through both cost-reduction and containment initiatives.

“These include actions surrounding the optimisation and reduction of vendor spend, the outsourcing of non-value-added activities, and reviewing and rightsizing the current workforce.”

As per the earnings posted earlier this month, the company’s third-quarter revenue grew 3% to $3.6bn, but the adjusted earnings, which is seen as indicative of its performance, fell 1% to $1.58bn.

This reported move comes as other fintechs including Klarna and Stripe to make job cuts in the wake of worsening economic conditions.

In August, digital payments firm Stripe axed some jobs at tax compliance startup TaxJar, which it acquired in 2021.

The layoffs is said to have impacted between 45 and 55 employees.

Earlier in November, crypto exchange Coinbase Global cut down its employee headcount by over 60 amid deepening turmoil in the cryptocurrency market.

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