FIS Sets to Axe Thousands of Jobs, Aims to Cut Costs by $500M

​Fintech giant FIS is planning to axe several thousand jobs as incoming CEO Stephanie Ferris seeks to cut hundreds of millions of dollars in costs, according to Bloomberg.

FIS president Ferris will add the role of CEO in January and will move to significantly trim a workforce of staffers and contractors that numbered 65,000 at the end of 2021.

With the company's share price diving 44% this year, Ferris is aiming to cut costs by $500 million over the coming quarters.

Bloomberg quotes Ferris as telling investors this month: "We are focused on permanently reshaping our cost structure through both cost-reduction and containment initiatives.

"These include actions surrounding the optimization and reduction of vendor spend, the outsourcing of non-value-added activities, and reviewing and rightsizing the current workforce."

(Source: Finextra)