Fintech Firm Fidelity National Information Downsizes 2,600 Jobs As Part Of Restructuring: Report

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  • Fidelity National Information Services, Inc FIS has eliminated 2,600 staffers as new CEO Stephanie Ferris continues her strategic review. 
  • The fintech giant slashed 2% of the company's full-time workforce, including 1,000 contractors, in recent weeks, Bloomberg reports.
  • The job cuts are part of Ferris's plan to deliver at least $500 million in cost savings in coming quarters and win back investor confidence, the report adds.
  • Ferris assumed charge in December. "We are taking a hard look at every aspect of our company to define areas for change and develop specific action and improvement plans," Ferris said earlier.
  • FIS's shares fell over 35% in the past year.
  • In January, FIS added Lee Adrean, a former Equifax, Inc EFX executive, and Nuance Communications Inc CEO Mark Benjamin to its board.
  • Fintech rival PayPal Holdings, Inc PYPL shared plans to reduce headcount by ~7%, or 2,000 employees.
  • Price Action: FIS shares traded higher by 2.42% at $78.65 on the last check Thursday.
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