BROOKFIELD (dpa-AFX) - Fiserv, Inc. (FISV) has reduced its workforce by 3,000 employees and contractors since June, including a cut of more than 10% in its senior management team, according to a Reuters report.
The strategic move was announced by the company's CEO Takis Georgakopoulos during an earnings call on Tuesday, the report added.
Georgakopoulos also said that the company plans to discontinue more than a dozen smaller products that are not part of its core business and have limited growth potential, profitability or business performance.
The company said it is taking several steps to simplify its operations and improve efficiency under a plan called Project Elevate. It recently increased its projected savings under Project Elevate to $1 billion, up from its prior $500 million estimate, following a portfolio review and identification of additional operational efficiencies.
FISV was trading at $57.67, up 11.07 percent on the Nasdaq.
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