Mastercard cuts 3% of global workforce, focusing on cybersecurity

Mastercard, a leading global payments processor, is undergoing a significant reorganization that will see its global headcount reduced by 3%.

This move, affecting around 1,000 employees, comes as the company aims to streamline operations and prioritize growth areas like cybersecurity and new market expansion.

What is Mastercard's reorganization strategy?

• Mastercard plans to cut 3% of its workforce, which spans more than 80 countries, translating to about 1,000 employees.
• The company's workforce stood at 33,400 by the end of 2023, with 67% of employees based outside the U.S.
• The layoffs are part of a broader reorganization strategy unveiled earlier this year, aiming at sharpening the company's focus on core business areas.
• Resources will be redeployed into high-growth sectors, including cyber and anti-fraud units, as well as new market expansions.
• Mastercard's CFO, Sachin Mehra, announced a one-time restructuring charge of $190 million to be recorded in Q3 2024.
• Most employees affected by the layoffs will be notified by the end of the third quarter.

August 17, 2024 04:29 PM GMT+03:00