Jana Partners is no longer only asking Fiserv to look at its portfolio. In a letter seen by Reuters on September 28, the activist told the board to more than double the savings in Project Elevate, from $500 million by 2029 to $1.25 billion, and to put Palantir on the technology program. It wants those targets public with third-quarter results, due late October.
Disruption Banking covered Jana’s July letter in August. Then the request was a formal review of every business line, new directors, and no more one-off sales dressed up as a strategy. Scott Ostfeld had welcomed talk of a debit-network sale and said that was not enough. The stock had already lost more than half its value over twelve months. Mike Lyons, the chief executive Jana had backed, had left for Truist. Takis Georgakopoulos was six weeks into the job.
Fiserv is worth about $25 billion. Shares closed near $46 on September 28, after a September 23 low, the worst close since February 2016. Jana, in the stock since late 2025 with just under 1 percent, calls the slide “serial mis-forecasting and guidance reductions.” Its warning to the board is blunt: the bigger risk is setting a target that is easy to hit.
Project Elevate is the company’s own cost plan. Year two is underway. Jana says the $500 million figure can be more than doubled and that the extra dollars should show up in the profit line. Palantir is the tool of choice. The letter says the software would help Fiserv strip technology debt, cut legacy vendors and “drive accountability.”
Georgakopoulos has already said the company is reviewing its businesses and could sell more. Reports in the summer had JPMorgan and Bank of America looking at Star and Accel. No deal has been announced. Education Solutions went to Infinite Computer Solutions. ATM and cash logistics sit in a joint venture with Bridgeport. Jana welcomed those moves and still says piecemeal sales will not reset the multiple.
At the October results, either the Elevate target moves or it does not. Either Palantir, or another named systems vendor, is in the pipeline or it is not. A higher target without a way to deliver it is another forecast.
See Also:
Jana Fiserv Breakup: Can Asset Sales Fix the Credibility Crisis? | Disruption Banking
