FIS reportedly axes 2,600 jobs amid ongoing strategic review
US banking and payments technology giant FIS has reportedly so far laid off 2,600 employees – around 2% of its workforce – as part of new CEO Stephanie Ferris’ ongoing strategic review.
Bloomberg reports the cuts have taken place over the past few weeks and include around 1,000 contractors.
Reports that the firm was planning to axe thousands of jobs came to light in November last year, with Ferris looking to cut costs following a slump in the company’s share price over 2022.
“We are focused on permanently reshaping our cost structure through both cost-reduction and containment initiatives,” Ferris told investors earlier this month, according to a report by Bloomberg, including “reviewing and rightsizing the current workforce”.
FIS’s shares have dropped around 35% in the past year, wiping out almost $30 billion in market capitalisation, Bloomberg notes.
A 28-year fintech veteran, Ferris joined FIS as chief operating officer (COO) through its 2019 acquisition of payments software firm Worldpay, where she served as chief financial officer (CFO).
Job cuts have been rampant across the wider fintech industry in recent months, with crypto firm Luno, US financial services giant Capital One and digital lending platform LendingClub among some of the most recent firms to axe jobs.