Activist hedge fund Jana Partners has intensified its campaign at payments technology company Fiserv, urging the business to conduct a comprehensive review of its operations and portfolio while renewing calls for changes to the board, according to a report by Reuters.
The report cites Jana as arguing in a letter sent to Fiserv’s directors and newly appointed chief executive, that the company should move beyond considering individual asset disposals and instead undertake a formal assessment of its entire business. The hedge fund believes a broader strategic review could unlock shareholder value, improve market confidence and support a recovery in the company’s share price.
Jana, which disclosed its investment in Fiserv in late 2025, welcomed reports that the company has explored options for its debit network assets but said a piecemeal approach would not go far enough. The activist investor also reiterated concerns over corporate governance, calling for the appointment of new independent directors to strengthen board oversight.
According to Jana, leadership turnover and a series of execution issues have undermined investor confidence. The hedge fund argued that refreshing the board would help improve strategic decision-making and enhance the company’s ability to recruit and retain senior executives.
Fiserv responded by saying it remains focused on executing its long-term strategy and continues to engage regularly with shareholders, including Jana. The company said it is confident in the strength of its technology platforms, client relationships and ability to generate long-term value.
The activist’s latest intervention follows months of discussions between the two parties and represents a more public escalation of its campaign. Jana first outlined its concerns earlier this summer before increasing pressure with the latest letter.
Fiserv has endured a difficult year in the public markets, with its shares losing more than half their value over the past 12 months, leaving the company with a market capitalisation of around $30 billion. Investor sentiment weakened further after former chief executive Mike Lyons departed to lead Truist Financial after only a year in the role.
Market speculation has also focused on potential asset sales. Reports have suggested that several major US banks have held preliminary discussions about acquiring Fiserv’s debit network business, although no transaction has been announced.
The company has already taken steps to streamline parts of its portfolio this year, including creating a joint venture for its ATM managed services, cash logistics and MoneyPass operations, while also divesting its Education Solutions student loan servicing business.
Jana has argued that Fiserv is well positioned to benefit from growing demand for artificial intelligence across the banking sector, pointing to the company’s collaboration with OpenAI as an opportunity to help financial institutions adopt AI-powered services.
