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Payment processing giant Visa is reportedly planning to lay off around 1,400 employees and contractors by the end of the year, according to a report by the Wall Street Journal (WSJ).
The WSJ report, citing sources familiar with the matter, indicates that roughly 1,000 of the job cuts will be from the technology sector. This is bad news for techies as the company is cutting 73% of the tech jobs. The remaining reductions are expected to impact Visa’s merchant sales and global digital partnership teams. These teams focus on partnerships with FinTech companies and other tech players in the digital payments landscape.
Despite the layoffs, a Visa spokesperson told Reuters that the company expects to continue its overall growth trajectory. They emphasised that Visa “continually evolves its operational model to support growth, which can lead to the elimination of some roles,” and highlighted the company’s commitment to hiring more employees in the long term.
While the specific details of the layoffs remain unclear, they are likely to impact employees across various locations. The company has over 30,000 employees worldwide, and the layoffs are expected to be completed before the end of 2024.
Visa’s earnings call, scheduled for later today, may provide further insight into the company’s restructuring plans and the rationale behind the job cuts.
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