Mastercard cuts 3% of global workforce, focusing on cybersecurity
Mastercard and Visa credit cards are seen in this picture illustration taken June 9, 2019 (Reuters Photo)
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.
