Mastercard plans to cut 3% of staff worldwide before Sept 30 amid overhaul
The majority of the job cut notifications are expected to be completed before Sept. 30. | Bloomberg
Mastercard Inc. is cutting 3 per cent of staff worldwide, according to a spokesperson for the payments network.
That would work out to about 1,000 people, based on its reported employee count at the end of last year.
“We recently announced organizational changes, realigning the regions and businesses to accelerate growth and unlock capacity that will enable investment in long-term opportunities,” the spokesperson said in an emailed statement. As the changes are made, the firm will “redeploy resources into growth areas.”
The majority of the job cut notifications are expected to be completed before Sept. 30, the spokesperson added.
The Purchase, New York-based company employed about 33,400 people globally at the end of last year, with approximately 67 per cent located outside of the US in more than 80 countries, according to its latest annual report. The cost of the workforce at the end of last year was $6 billion.
Mastercard reported second-quarter results that beat Wall Street estimates, though total operating expenses increased nearly 12 per cent from a year earlier to $2.93 billion. During a conference call with analysts, Mastercard executives said that the firm expected to record a one-time restructuring charge of $190 million during the third quarter.
First Published: Aug 16 2024 | 11:53 PM IST