Most layoff notifications are expected to be completed by Sept. 30. | Bloomberg
Mastercard Inc. is laying off 3 percent of its global workforce, according to a spokesperson for the payments network.
That would equate to about 1,000 people, based on the reported number of employees at the end of last year.
“We recently announced organizational changes, realigning our regions and businesses to accelerate growth and free up capacity to invest in long-term opportunities,” the spokesperson said in an emailed statement. As the changes are implemented, the company will “redeploy resources to growth areas.”
The spokesperson added that most layoff notifications will be completed by September 30.
The Purchase, New York-based company employed about 33,400 people worldwide at the end of last year, about 67 percent of whom were outside the U.S. in more than 80 countries, according to its latest annual report. Its workforce costs totaled $6 billion at the end of last year.
Mastercard reported second-quarter results that beat Wall Street estimates, though total operating expenses rose nearly 12 percent from a year earlier to $2.93 billion. On a conference call with analysts, Mastercard executives said the company expected to book a one-time restructuring charge of $190 million in the third quarter.
First publication: Aug 16, 2024 | 11:53 PM IST