Visa will reportedly lay off 1,400 employees and contractors by the end of the year, including about 1,000 in technical roles.
The company aims to streamline its international operations with these job cuts, the Wall Street Journal (WSJ) reported on Tuesday (October 29).
Along with the 1,000 technology job cuts, the remaining job cuts will impact merchant sales and global digital partnership roles, positions that work with fintech and high-tech companies, according to the report.
A Visa spokesperson said in the report that the company is continually evolving to serve its customers and support its growth, “which may lead to the elimination of some roles.” The company said it expects to hire more people each year for the next several years.
According to reports, the company made some job cuts last week, informing employees in an internal announcement that it was planning layoffs, but did not provide details.
According to the report, Visa has more than 30,000 employees worldwide.
The report was released on the same day the company is scheduled to release its fourth quarter and full-year 2024 results.
In December, it was reported that the world’s largest banks would cut more than 60,000 jobs in 2023, in part due to sluggish trading and sluggish corporate IPOs, which led to investment banks This is partly due to the company’s struggle with fee reductions for two consecutive years.
The year’s total was one of the worst years for layoffs at banks since the 2007-2008 financial crisis, when banks cut 140,000 positions.
The biggest job cuts in 2023 were at the combined bank created by UBS’s acquisition of Credit Suisse, with 13,000 jobs, and at Wells Fargo & Co., with 12,000 jobs.
The technology industry has seen layoffs this year.
Layoffs.fyi, which tracks layoffs in the tech industry, reported in August that the industry had cut more than 132,000 jobs at 404 companies.
As of Tuesday, that number had increased to 141,467 people at 479 tech companies.
The Labor Department reported Thursday (October 24) that insured unemployment reached its highest level in nearly three years in the week ending October 12. At 1,869,000, this figure was the highest since 1,974,000 recorded on November 13, 2021.
