Jana Partners urges Fiserv to double cost cuts and adopt Palantir tech

Activist investor Jana Partners is urging Fiserv to more than double its planned cost-cutting targets and adopt technology from Palantir Technologies to accelerate a structural overhaul. In a letter to management, Jana Partners proposed increasing the cost-savings target under the company’s ‘Project Elevate’ program from $500 million by 2029 to $1.25 billion.

Jana Partners suggests that integrating Palantir’s software could help Fiserv streamline its technology infrastructure, reduce accumulated technology debt, and decrease spending on legacy vendors. The activist investor has criticized Fiserv for repeated forecasting errors and guidance reductions, arguing that the company needs to set more ambitious financial targets.

This push comes as Fiserv faces significant market pressure, with shares experiencing a sharp decline. Fiserv CEO Takis Georgakopoulos has previously indicated that the company is reviewing its business units and may pursue further divestments, including a potential sale of its payments infrastructure operation, a move Jana Partners has supported.