Visa Layoffs

(Reuters) – Visa is planning to lay off about 1,400 employees and contractors by the end of the year, according to a report by the Wall Street Journal. This move aims to streamline its international business.

Approximately 1,000 of the positions cut will be in technology, as reported by the WSJ, citing sources familiar with the situation. The majority of the remaining layoffs will impact roles in Visa's merchant sales and global digital partnership divisions.

Some layoffs have reportedly already taken place last week. Visa intends to retain employees within its global digital partnership teams until the year's end.

A Visa spokesperson stated that the company continuously evolves its operational model to support growth, which can result in the elimination of certain roles. They also expressed an expectation of employee growth at Visa in the future.

As of the end of fiscal year 2023, Visa employed 28,800 people. The world's largest payments processor is set to announce its fourth-quarter earnings after the market closes.