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FIS ‘cuts 2,600’ roles

By Alexandra Leonards

Fidelity National Information Services (FIS) has reportedly become the latest financial services provider to cut thousands from its workforce.

The financial tech company has axed around 2,600 employees so far, according to a report by Bloomberg.

It said that the move is part of the a strategic review being rolled out by the company's new chief executive.

The report says that the job cuts–which will impact roughly 1,000 contractors–represent around two per cent of FSI’s workforce.

A source told the publication that job cuts the job cuts took place over the past few weeks.

The move comes amidst a wave of cuts across the financial services industry.

In recent days PayPal confirmed plans to lay off around 2,000 staff, with job cuts making up around seven per cent of its total workforce.

Capital One has also cut more than 1,100 tech jobs which were originally hired as part of investments to improve tech efficiency.

In recent months, banks including Credit Suisse, Goldman Sachs, Morgan Stanley and Bank of New York Mellon have begun to make cuts of over 15,000 jobs - representing the biggest slash since the 2008 financial crisis.

One-click checkout FinTech Bolt is also reportedly cutting 50 roles, around 10 per cent of its workforce.

US business publication The Information said that the company has now culled more than half of its headcount since May 2022, with a source stating that the most recent cuts targeted employees with poor performance ratings, although performance was not the basis for all the cuts.

FStech has approached FIS for comment.

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