The New York-based hedge fund, which established its position in Fiserv in late 2025, argues that the company’s current trajectory is unsustainable. While Jana acknowledged reports that Fiserv is considering the sale of its debit network assets—a move that drew interest from major lenders like JPMorgan Chase and Bank of America—the firm insists that narrow divestments are insufficient. Instead, they are pressing for a broader strategic evaluation to address a declining stock price, which closed at $55.63 on Wednesday.

Beyond asset management, Jana is targeting the boardroom. The firm explicitly criticized the board for a persistent failure to attract and retain high-caliber executive talent, a situation exacerbated by the recent departure of CEO Mike Lyons for Truist Financial. Jana contends that a governance refresh is mandatory to stabilize the company and quell investor anxiety. The hedge fund brings a track record of similar interventions, most notably its successful push for Fidelity National Information Services to spin off its Worldpay business three years ago. Fiserv has yet to publicly respond to the latest demands.