Visa Inc. is reportedly planning to reduce its workforce by approximately 1,400 employees and contractors by the end of 2024. This decision is part of an initiative to streamline its global operations.
The cuts are expected to impact around 1,000 positions, primarily within the technology division, as the company aims to enhance operational efficiency. This restructuring aligns with Visa’s strategic focus on refining its international functions while continuing to grow in a competitive digital payments landscape.
In addition to technology roles, the restructuring is likely to affect the company’s merchant sales and global digital partnership teams. Some layoffs have already occurred, but it is anticipated that employees within the global digital partnership division will remain until the end of the year.
This phased approach indicates an intention to minimize disruption in key partnerships and maintain continuity in service delivery.
As of the end of fiscal year 2023, Visa employed around 28,800 people. The company has stated that these workforce adjustments are part of its ongoing operational review process and are intended to support its growth strategy.
Despite the current layoffs, Visa projects an increase in its overall headcount in the coming years.
The restructuring announcement comes ahead of Visa’s fourth-quarter earnings release, which is expected after the market closes. Industry observers are eager to see this report, as it may provide additional insight into Visa’s operational realignment and its potential impact on the company’s financial performance amid evolving market demands.
