Major payment company visa is moving to restructure its global operations, a process that is expected to result in approximately 1,400 job cuts by the end of 2024.
According to wall street journalthe majority of these reductions (approximately 1,000 roles) came from Visa’s technology division.
Other affected positions will be in Visa’s merchant sales and digital partnerships teams, which focus on working with fintech and technology partners.
The reorganization is in line with Visa’s upcoming fourth quarter and annual earnings report, and employees were recently informed of the change internally.
A company spokesperson said Visa regularly adjusts its operations to meet customer needs and support growth, which may require reductions in roles in some cases.
Despite the latest layoffs, Visa expects to increase its workforce over time as it pursues its expansion goals.
Featured image credit: Edited from freepic
