According to an American Banker report, Fiserv is considering selling its Star debit-routing operations, while FIS is looking at strategic divestments in its Capital Markets business.

Activist investor, Jana Partners, is understood to be pressing Fiserv, which he has had a stake in since last year, to go further than individual asset sales and conduct a comprehensive review of its entire portfolio. He believes this could unlock value and help restore investor confidence after the company’s shares lost more than 50% of their value in the past year.

Both tech firms have sprawling portfolios after years of acquisitions, so selected divestments might make sense. In FIS’ case the Capital Markets unit has had weaker performance. Payments Dive reported CEO, Stephanie Ferris, disclosed a review after Capital Markets sales fell, while American Banker reported Ferris said expected improvements in lending activity and backlog conversion had failed to materialise.

FIS’ own 4 August earnings release says Q2 consolidated revenue was approximately $3.4 billion, up 29% on a GAAP basis. The Banking Solutions unit’s revenue was $2.5bn, up 44% on both a GAAP and adjusted basis. However, the company lowered its full-year revenue and profit forecasts last week amid economic uncertainty, reported Reuters.

The potential divestitures represent another turn in years of dealmaking by both companies as established banking-technology providers contend with numerous fast-moving rivals.