FIS - Fidelity National lays off 2600 employees as part of ongoing strategic review - report

• Fidelity National Information Services ( NYSE: FIS ) is said to have laid off 2.6K employees, or ~2% of its total headcount, in recent weeks as part of its ongoing strategic review spearheaded by new CEO Stephanie Ferris.
• The job cuts include ~1K contractors, Bloomberg reported , citing a person aware of the matter.
• Fidelity ( FIS ) did not immediately respond to a request for comment.
• The payment technology firm has been battling weak results in recent years amid a broader slowdown in the fintech sector. Shares of Fidelity ( FIS ) dropped ~23% in the last six months.
• Ferris has since been working on winning back investor confidence. Late last year, Fidelity ( FIS ) started a comprehensive review of its strategy and operations as part of a cooperation pact with shareholder D.E. Shaw. The review also reflects talks with another shareholder Jana Partners.
• The company later rejigged its board , with five directors appointed in the past two years.
• Fidelity ( FIS ) is said to have received takeover interest from a unnamed buyer. Baird believes the firm may be worth $85-$105 a share in a potential takeover .

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