Visa Plans Layoffs Amid Business Streamlining Efforts
#Business
Visa Plans Layoffs Amid Business Streamlining Efforts
Loveworld / 4 hours
October 30, 2024
1 min read
Visa is set to lay off approximately 1,400 employees and contractors by the end of the year, according to a report from the Wall Street Journal. The card giant aims to streamline its international operations, with around 1,000 of the cuts expected to affect technology positions. Additional layoffs will primarily target roles within Visa’s merchant sales and global digital partnership teams.
Some layoffs have already taken place, while the company intends to retain its global digital partnership employees through the year. A Visa spokesperson stated that the company continuously evolves its operational model to support growth, which may necessitate the elimination of certain roles. Despite the layoffs, Visa anticipates overall employee growth in the future.
As of the end of fiscal year 2023, Visa employed 28,800 individuals. The company is scheduled to report its fourth-quarter earnings after market close.
