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Jana Partners pushes Fiserv for bigger cost cuts and Palantir tech

Jana urged Fiserv to raise Project Elevate cost savings to $1.25 billion by 2029, and to pair the update with its third-quarter results.

Reported · Written up by our desk · Hedge Funds

Activist hedge fund Jana Partners is pressing Fiserv to accelerate its turnaround by more than doubling its planned cost savings and adopting technology from Palantir Technologies, according to Reuters. Jana urged Fiserv to increase its Project Elevate cost-saving target from $500 million by 2029 to $1.25 billion, and to announce the higher target alongside its third-quarter results.

Jana said Fiserv needs to move faster on restructuring and strategic changes as the payments company grapples with a sharp decline in its share price. Fiserv shares have lost more than half their value over the past year, and hit their lowest closing price since February 2016 on September 23, Reuters reported. Jana previously called in July for a comprehensive business review rather than pursuing individual asset sales.

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