Fiserv has eliminated 3,000 employee and contractor positions since June as the payments technology company expands its use of artificial intelligence and pursues a restructuring program targeting $1 billion in savings.
CEO Takis Georgakopoulos disclosed the reductions during the company’s Nov. 3 third-quarter earnings call. The cuts included more than 10% of senior management.
The company is reorganizing around what Georgakopoulos described as an “AI-everywhere mindset,” using automation to simplify operations, consolidate technology platforms and improve productivity.
Fiserv doubled its projected savings under Project Elevate to $1 billion from $500 million, citing additional opportunities to reduce operating costs through technology consolidation and AI deployment.
One example is Fiserv’s Clover payments platform, where AI agents have reduced the time required to resolve risk-related transaction holds by two-thirds. The company also reported a reduction of more than 40% in false positives, allowing fewer employees to handle transactions manually.
Fiserv said its AI-powered customer service systems now resolve more than 40% of interactions without human escalation.
The company did not specify how many of the 3,000 eliminated positions were directly attributable to AI. The restructuring also involves management reductions, legacy system consolidation and the potential divestiture of noncore businesses.