Payment giant Visa is moving to restructure its global business operations, a process that will see around 1,400 job layoffs by the end of 2024.
According to The Wall Street Journal, the majority of these reductions—about 1,000 roles—will come from Visa’s technology division.
Other affected positions will be from Visa’s merchant sales and digital partnerships teams, which focus on collaborating with fintech and technology partners.
This restructuring aligns with Visa’s upcoming fourth-quarter and annual earnings report, with employees recently informed of the changes internally.
A company spokesperson stated that Visa routinely adjusts its operations to stay responsive to client needs and support growth, sometimes necessitating role reductions.
Despite this round of layoffs, Visa expects its workforce to grow over the long term as the company pursues its expansion goals.
Featured image credit: Edited from Freepik
