U.S. banking and payments technology giant FIS plans to cut thousands of jobs after its stock price plunges in 2022, with incoming CEO Stephanie Ferris under a strategy to justify the company. It is reported.
bloomberg Job cuts are expected to be staggered, but thousands of staff and contractors are reportedly at the chopping block as part of Ferris’ $500 million cost-cutting plan.
A 28-year fintech veteran, Ferris joined FIS as Chief Operating Officer (COO) through its 2019 acquisition of payment software company Worldpay, serving as Chief Financial Officer (CFO).
Ferris was appointed president in February of this year and is expected to succeed Gary Norcross as CEO on January 1, 2023.
“We are focused on permanently reshaping our cost structure through both cost reduction and containment initiatives,” Ferris told investors earlier this month. bloomberg This includes “reviewing and optimizing the current workforce”.
As the cuts continue, FIS joins a growing list of fintech companies to shrink the size of their modern workforce.
Fintech beloved Stripe cut 1,100 jobs, Brex and MX announced layoffs last month, joining Indonesian fintech Xendit, BNPL giant Klarna, African challenger Kuda, Australian crypto exchange Swyftx and more. .