Visa is reportedly planning to cut its workforce by nearly 1,400 employees and contractors, media reports said. The card giant is looking to streamline its international operations and is planning to finalise the layoffs by the end of the year.
According to a report by The Wall Street Journal, the company is looking to eliminate technology positions majorly. Citing sources in the know, the report said that 1,000 of the overall job cuts are expected to focus on tech roles.
Meanwhile, majority portion of the remaining job cuts will focus on the merchant sales and global digital partnership roles at the company, the report stated.
The report further pointed out that some layoffs have already occurred last week. However, the card giant is planning to keep its employees in the global digital partnership teams a part of its workforce till year-end.
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Reuters cited a spokesperson for Visa and said that the company is consistently focusing on developing its operational model to support growth, ‘which can lead to the elimination of some roles’.
The spokesperson said that the firm is looking to expand its employees at Visa for the foreseeable future. At the end of the 2022-23 fiscal year (FY23), the company employed a workforce of 28,800 individuals.
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Notably, the wave of tech layoffs has been going on globally for quite some time. Recently, media reports stated that Intel is planning to cut jobs for 1,300 individuals in Oregon in order to cut costs. The layoffs are expected to impact four offices. Similarly, several big names like Apple, Meta, Google, Microsoft, etc have announced major job cuts in the year. Google also laid off its entire Python team earlier this year.