Jana Pressures Fiserv to Double Cost-Cut Target, Adopt Palantir

Activist investor Jana Partners urged Fiserv (FISV-US) to more than double its planned cost reductions to $1.25 billion and adopt Palantir (PLTR-US) technology to accelerate its turnaround, according to a letter obtained by Reuters on Sept. 28, 2026. Fiserv shares closed Sept. 23 at their lowest since February 2016, with market value down over 50% in 12 months to about $25 billion. Jana wants management to set the new target when it reports third-quarter results, arguing the company's "Project Elevate" goal of $500 million in savings by 2029 is too modest. The fund also cited Fiserv's repeated forecast misses and guidance cuts. Jana first invested in Fiserv in late 2025 and previously backed a possible sale of its debit-card processing infrastructure unit. CEO Takis Georgakopoulos, who took over in June, is conducting a business review that could lead to further asset sales. Fiserv did not immediately respond to a request for comment; Jana declined to comment beyond the letter.