Report: FIS cut 2,600 jobs, including 1,000 contractors

The Jacksonville-based company, under pressure from activist shareholders, had more than 65,000 employees in 120 global locations.


  • By Mark Basch
  • | 1:47 p.m. February 2, 2023
  • | 5 Free Articles Remaining!
FIS opened a new 12-story headquarters building in October at 347 Riverside Ave.
FIS opened a new 12-story headquarters building in October at 347 Riverside Ave.
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Fidelity National Information Services Inc., which is undergoing a corporate review including cost cutting under new CEO Stephanie Ferris, has eliminated 2,600 jobs in recent weeks, according to a Feb. 2 Bloomberg News report.

The cuts included about 1,000 contractors for the Jacksonville-based company known as FIS, according to the report.

A spokesman for FIS said the company could not comment on the report.

FIS has not filed any notices of layoffs in Florida under the Worker Adjustment and Retraining Notification Act.

The company had more than 65,000 employees in 120 global locations, with more than 40,000 outside the U.S., according to its 2021 annual report.

FIS opened a new 12-story headquarters building in October at 347 Riverside Ave.

The company promised to add 500 jobs to the 1,216 workers it had in Jacksonville when it started the headquarters project. At an Oct. 12 ribbon-cutting, CEO Gary Norcross said it was 75% of the way toward hiring those new workers.

Six days later, FIS announced that Ferris would be promoted from president to the additional role of chief executive with Norcross becoming executive chairman.

Since that announcement, FIS has come under pressure from activist shareholders, including two hedge fund companies, to improve operations after disappointing results in its merchant payment services business.

When FIS announced its third-quarter results in November, Ferris announced an “enterprise transformation program” for the company that would include $500 million in annual expense cuts.

Ferris was supposed to assume the CEO role Jan. 1 but FIS accelerated the changes and installed her in the top spot Dec. 15, with Norcross leaving the company entirely.

That same day, FIS appointed a new board member under a cooperation agreement with hedge fund firm D.E. Shaw.

FIS, which had focused on banking technology services, acquired the merchant payment technology business when it bought Worldpay Inc. in 2019.

Analysts have said the Worldpay operations have produced disappointing results for FIS since the acquisition.

Ferris was chief financial officer of Worldpay when FIS bought the company.

According to Bloomberg, FIS’ stock has fallen 36% in the past year, while the S&P 500 Information Technology Index is down by 16%.

 

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