Jana presses Fiserv for further asset sales and board overhaul

Activist investor Jana Partners has urged payments and financial technology provider Fiserv o accelerate portfolio rationalisation efforts and strengthen its board with directors possessing deeper banking software and payments expertise, according to a report by Reuters.
Speaking at Wolfe Research’s annual Activist Conference on Tuesday, Jana Managing Partner Scott Ostfeld said the company should continue divesting non-core operations as part of a broader effort to restore confidence among customers and shareholders.
According to Ostfeld, Fiserv remains in the early stages of rebuilding market credibility following a prolonged period of share price weakness. He argued that additional portfolio streamlining, combined with further board refreshment, could help improve investor sentiment and support a higher valuation.
The comments mark Jana’s first public discussion of its investment since establishing a position in the company late last year. The New York-based activist firm initially acquired shares after a steep decline in Fiserv’s market value and subsequently increased its holding during the first quarter of 2026. Jana now owns just under 1% of the company, placing it among Fiserv’s largest shareholders.
Fiserv, which supplies payments and financial technology services to banks, credit unions and merchants, has continued to face market pressure. Its shares have fallen sharply over the past year and remain down in 2026 despite recent strategic initiatives.
While Jana is not currently advocating a full breakup of the business, Ostfeld indicated that more extensive structural alternatives could become attractive if valuation improvements fail to materialise.
The activist investor has expressed support for CEO Mike Lyons, who assumed leadership of the company in May 2025, and endorsed management’s efforts to restore operational and investor confidence.
Jana also sees opportunities for Fiserv to play a significant role in helping financial institutions adopt artificial intelligence technologies. The firm highlighted the company’s recently announced collaboration with OpenAI as a potentially important strategic development.
Recent portfolio actions by Fiserv include the creation of a joint venture with Bridgeport Partners covering ATM managed services, cash logistics and the MoneyPass network, as well as the sale of its Education Solutions student loan servicing business to Infinite Computer Solutions.
Jana has a track record of activism within financial services. In 2023, the hedge fund successfully campaigned for Fidelity National Information Services (FIS) to separate its Worldpay payments unit.
Elsewhere, Jana is currently advocating strategic changes at Markel Group, including a significant share repurchase programme and a potential breakup, while also pushing for a sale of digital banking software provider Alkami Technology.