Takis Georgakopoulos’ First Big Test as Fiserv CEO

Fiserv CEO Takis Georgakopoulos is moving to slim down the company without rattling the banks that depend on its systems. At Citi’s fintech conference Tuesday, he said Fiserv plans to close more than a dozen smaller business lines that lack strong growth or profit potential and shift clients from two debit networks onto one in the months ahead. The Milwaukee-based business provides account software and payment services to thousands of financial institutions. The company’s review of its businesses also identified savings for Project Elevate, Fiserv’s cost-cutting program. On Nov. 3, Fiserv doubled its target from $500 million to $1 billion over three years. At the Citi conference, Georgakopoulos said the savings would come in roughly equal parts from A.I., technology simplification and other efficiency measures. He did not name the business lines or debit networks or give a timeline for the closures.

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