Payment giant Visa is set to restructure its global business operations, a process that will result in approximately 1,400 layoffs by the end of 2024.
According to The Wall Street Journalthe majority of these reductions (around 1,000 positions) will come from Visa’s technology division.
Other affected roles will come from Visa’s merchant sales and digital partnerships teams, which focus on working with fintech and technology partners.
This restructuring aligns with Visa’s upcoming fourth quarter and full year earnings report, with employees having recently been informed of the changes internally.
A company spokesperson said Visa regularly adjusts its operations to remain responsive to customer needs and support growth, which sometimes requires role reductions.
Despite this round of layoffs, Visa expects its workforce to increase in the long term as the company pursues its expansion goals.
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