New Delhi, August 17: Mastercard is reportedly planning to lay off 3 percent of its workforce globally as part of its restructuring efforts. The financial service company will likely streamline its operations and adapt to market conditions. The Mastercard layoffs are expected to impact many employees worldwide to align its resources with the company’s goals. As per reports, the job cuts are anticipated to be completed by September 30.

As per a report of Bloomberg, Mastercard plans to cut 3 percent of its employees worldwide. The layoffs could affect around 1,000 employees, as part of a reorganisation effort that was initially revealed earlier this year, as per a report of Pymnts. These job cuts can be seen as Mastercard's strategy to align its resources for restructuring the company and to meet its future objectives for long-term growth. Saarthi AI Layoffs: CEO Vishwa Nath Jha Claims Laid Off Employee Stole Passport With US Visa Making Impossible for Him To Travel Abroad.

According to multiple reports, the company based in New York had around 33,400 employees worldwide at the end of last year, from which about 67 percent of these employees were located outside of the United States in over 80 different countries. Mastercard reportedly announced an executive restructuring on April 9, which outlined the plans of its organisational structure in Core Payments, Commercial and New Payment Flows and Services. The new structure will likely boost the growth and is anticipated to provide value to shareholders. As part of the restructuring, the company is expected to notify employees about job cuts and the majority of these notifications might be completed by September 30. Cisco Layoffs: Networking Giant Announces Second Round of Job Cuts This Year, Laying Off 6,000 Employees.

Mastercard CEO Michael Miebach reportedly said, “These changes will reinforce our strategy and competitive advantage to drive long-term growth, diversify our revenue streams and differentiate our products and solutions.” Mastercard reportedly had a successful second quarter with a 14 percent increase in net revenue compared to the previous year, reaching a total of USD 6.3 billion.

(The above story first appeared on LatestLY on Aug 17, 2024 10:34 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).