Fiserv Layoffs: Is There Any Recent Layoffs?

Layoffs are often a reality in the corporate landscape, and Fiserv, a leading global provider of financial services technology, is no exception. The company has seen its fair share of layoffs over the years, impacting various departments and levels. 

This post aims to provide a comprehensive journey through Fiserv’s recent layoffs, shedding light on the reasons behind these decisions and their impact on the company’s workforce and operations.

Is There Any Fiserv Layoff in 2024?

Unfortunately, there was a recorded layoff at Fiserv in 2024. According to WarnTracker, a Layoff Notice was issued for Fiserv in January of that year. This particular Fiserv layoff affected 80 employees, which, while significant, was relatively small considering the company’s overall size.

While any job loss is unfortunate, it is important to note that this layoff did not indicate a broader trend within the company. As of now, no further layoffs have been reported for the remaining part of 2024. The company continues to strive for growth, exploring avenues for expansion and innovation in the financial technology realm.

Fiserv Layoffs 2023

In comparison to 2024, Fiserv had a quieter year in 2023. There were no major layoffs reported during this time. Official information and Warning notices indicate no significant workforce reductions, providing a brief breather for Fiserv employees.

This period of stability allowed the company to concentrate on its strategic goals, implementing new technologies, and enhancing customer experiences. It also provided the workforce with a sense of security, contributing to increased morale and productivity.

Fiserv Layoff 2022

The year 2022, however, was a challenging one for Fiserv. The company laid off around 3,000 employees, incurring approximately $187 million in termination costs. This significant Fiserv layoff reduced the total number of employees to 41,000 according to 2022 reports.

This restructuring followed Fiserv’s $22 billion acquisition of First Data in 2019. CEO Frank Bisignano stated that these cuts were part of a long-term strategy following the merger, not a response to immediate pressures. The layoff affected employees across all levels and departments at Fiserv.

While the company did hire new employees in various locations throughout 2022, the exact number and distribution between new roles and existing role replacements remain unclear. Despite the challenges, Fiserv continued to push forward, maintaining its position as a leading player in the financial technology industry.

What Does Fiserv Do?

Fiserv is a leading global provider of financial services technology. The company offers solutions that enable clients to manage and move money with ease, speed, and convenience. 

Fiserv serves thousands of financial institutions and businesses worldwide, providing services that include transaction processing, outsourcing, business process outsourcing, software and systems solutions, and more. Fiserv’s innovative solutions play a crucial role in driving growth and enhancing customer experience for their clients.

How Many Employees Does Fiserv Have in the US?

In 2018, Fiserv had a workforce of 24,000. After merging with First Data Corp, the employee strength increased to a whopping 44,000. However, due to some strategic company decisions in 2022, approximately 3,000 employees were laid off, bringing the total number down to 41,000. 

While Fiserv Inc. is a global entity, it is challenging to find specific data on the total workforce. It is estimated that around 18,000 Fiserv employees work outside the US.

The Financial Situation of Fiserv

Fiserv, being a stalwart in the financial technology industry, reported impressive results for the first quarter of 2024. The company witnessed a 7% year-over-year growth in overall revenue, with organic revenue (excluding acquisitions) up by an impressive 20%. This growth was primarily driven by a 13% increase in the Merchant Solutions segment and a 3% rise in the Financial Solutions segment.

Profitability also saw a significant boost, with GAAP earnings per share rising by 39% and adjusted earnings per share growing by 19%. Fiserv’s operating margins also saw expansion in both segments. The company generated $831 million in net cash flow from operations, albeit lower than the previous year, it still remains healthy.

In terms of capital management, Fiserv repurchased shares and issued new debt. Looking ahead, the company remains optimistic about its growth prospects. It reaffirmed its revenue growth outlook for 2024 and even raised its adjusted earnings per share guidance. Fiserv is also on the lookout for acquisitions and partnerships to increase its market reach.

Conclusion

Layoffs, while challenging, are sometimes a necessary part of the corporate world. Fiserv’s layoffs in 2022, 2023, and 2024 depict a company navigating the complexities of mergers, acquisitions, and strategic transformations. 

Despite these workforce reductions, Fiserv continues to remain a dynamic force in the financial technology sector, investing in innovation and growth. As we move forward, it will be interesting to see how Fiserv continues to evolve and adapt in the ever-changing landscape of financial services technology.