Payments giant MasterCard The company is embarking on a major organizational shakeup and plans to lay off 3% of its workforce, a move that will affect around 1,000 employees globally.
A company representative said the restructuring is aimed at refocusing the company’s regional and business strategies to drive growth and optimize investments for the future.
Bloomberg reported that the company will reallocate resources to higher-growth areas.
Most of the job cuts are expected to be completed by September 30th.
As of last year, Mastercard employed approximately 33,400 people worldwide, 67% of whom were based outside the United States in more than 80 countries.
The company reported personnel expenses of $6 billion in the period.
Although Mastercard recently reported better-than-expected second-quarter revenue, its operating expenses rose about 12% from the same period a year ago, to $2.93 billion.
As part of these cost-cutting measures, management expects to record a one-time restructuring charge of $190 million in the third quarter.
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