Mastercard, a leading financial service company, is set to lay off 3% of its global workforce as part of its restructuring efforts. This move comes as the company aims to streamline its operations and adapt to market conditions.
Reports suggest that the layoffs could affect around 1,000 employees worldwide, with the job cuts expected to be completed by September 30th. This decision is in line with Mastercard’s strategy to align its resources for long-term growth and meet future objectives.
The company, which is headquartered in New York, currently has around 33,400 employees globally, with a significant percentage located outside the United States. The restructuring plan, announced earlier this year, aims to enhance the company’s organisational structure and drive growth in key areas.
Mastercard CEO Michael Miebach mentioned, These changes will reinforce our strategy and competitive advantage to drive long-term growth, diversify our revenue streams and differentiate our products and solutions. Despite the layoffs, Mastercard reported a successful second quarter with a 14% increase in net revenue compared to the previous year, totaling USD 6.3 billion.
Overall, the layoffs at Mastercard are part of a broader effort to position the company for sustained growth and profitability in the evolving financial services landscape.
