San Francisco, October 30: Visa Inc., a US-based credit card service corporation, plans to lay off around 1,400 employees and contractors by the end of this year. The US multinational payment card services provider will lay off these people as a part of its efforts to streamline its international operations; the announcement of Visa layoffs comes after the company opened a new headquarters in the Mission Rock neighbourhood in San Francisco, California.

The layoffs announced by Visa will affect nearly 1,000 technology roles, according to a report by The Wall Street Journal (WSJ). The report said that the remaining people from the merchant sales and digital partnership will be laid off by Visa. Some of the people already were removed from the organisation last week. Hawaiian Airlines Layoffs: Commercial US Airline Plans To Lay Off Non-Contract Employees After Its USD 1.9 Billion Merger With Alaska Airlines.

With the Visa layoffs, the company aims to keep its workers in the global digital partnership employed by the end of 2024. Highlighting the workforce reduction, a Visa spokesperson said that the company would continuously evolve its operational model to support its growth. For this, the company would employ more people in the future. 

The report said that Visa had around 28,800 employees working at the end of fiscal year 2023. Visa reported stronger results than expected for the fourth quarter of this fiscal year on Tuesday. The Q4 earnings results shared by the company showed that it earned USD 9.6 billion in net revenue, which was higher than the previously expected USD 9.49 billion, resulting in a 12% YoY growth. Spirit Airlines Layoffs: Budget Carrier Plans To Lay Off Employees, Sell Planes To Reduce Costs and Raise Cash.

The Visa-processed transactions were reported at USD 61.5 billion, a 10% drastic increase over the previous year. This year, several companies have announced tech layoffs to streamline their operations and cut costs. Visa's layoffs were announced in a similar fashion, as the company aimed to reduce its workforce to streamline its operations globally. 

(The above story first appeared on LatestLY on Oct 30, 2024 09:53 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).