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FIS makes 2600 job cuts - Bloomberg

FIS makes 2600 job cuts - Bloomberg

Fintech giant FIS has already axed 2600 staffers, including 1000 contractors, as new chief executive Stephanie Ferris moves to cut hundreds of millions of dollars in costs, according to Bloomberg.

The cuts, carried out over the last few weeks, amount to about two per cent of the company's workforce, says Bloomberg, citing sources.

The job losses had been widely trailed at the company, which has seen its share price tank by more than a third over the past year.

Ferris took over as CEO in December - a month earlier than initially planned - and immediately embarked on a strategic review with a focus on "identifying and optimising incremental revenue generation, margin improvement and cost reduction opportunities".

In December, FIS also moved to an independent board chair structure and added a new board member after pressure from investors.

The strategic review is ongoing as Ferris bids to find at least $500 million in cost savings over the coming quarters.

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