Jana turns up heat on Fiserv after pushing for complete portfolio review in July
Argues in letter bigger cost cuts are possible, urges board to make targets public
Warns board against aiming too low on targets, says it is better to aim higher
Urges using Palantir for technology efficiencies, letter says
Sept 28 (Reuters) - Activist investor Jana Partners is urging Fiserv FISV.O to more than double its planned cost cuts and use software firm Palantir's PLTR.O products to speed up its own technology transformation program, according to a letter sent to the payments company that was viewed by Reuters.

It is the latest salvo from the New York-based hedge fund, which has been invested in Fiserv since late 2025, aimed at boosting the company’s sagging share price. Two months ago, it pushed management and the board to launch a formal review process of the entire company, instead of trying to sell assets piecemeal.

Fiserv has lost more than half of its market value in the last 12 months, with its stock recording its lowest close since February 2016 on September 23.

Chief Executive Takis Georgakopoulos, who stepped into the role in June, said at a recent conference Fiserv was launching a review of its businesses and could make further divestments. This comes after reports in July that Fiserv was weighing a sale of its payments infrastructure business that handles debit card transactions — a move which Jana had welcomed.

Still, the investment firm wants to see more changes more quickly, according to the letter.

A Fiserv representative did not immediately respond to a request for comment. A representative for Jana declined to comment beyond the letter.