Fintech giant FIS has already axed 2600 staffers, including 1000 contractors, as new chief executive Stephanie Ferris moves to cut hundreds of millions of dollars in costs, according to Bloomberg.
The cuts, carried out over the last few weeks, amount to about two per cent of the company’s workforce, says Bloomberg, citing sources. The job losses had been widely trailed at the company, which has seen its share price tank by more than a third over the past year.
Ferris took over as CEO in December – a month earlier than initially planned – and immediately embarked on a strategic review with a focus on “identifying and optimizing incremental revenue generation, margin improvement, and cost reduction opportunities”.
