Payments giant Mastercard plans to lay off 3% of its workforce in a move that will affect around 1,000 employees globally, as it undertakes a major organisational overhaul.
This restructuring aims to refocus its regional and business strategies to promote growth and optimise investments for the future, a company representative shared.
Bloomberg reported that the company will redirect resources to high-growth sectors.
Most of the job cuts are expected to be finalised by 30 September.
As of last year, Mastercard employed about 33,400 people worldwide, with 67% stationed outside the U.S. across more than 80 countries.
The company reported US$6 billion in workforce costs during this period.
While Mastercard exceeded expectations in its recent second-quarter earnings, its operating expenses grew by nearly 12% year-over-year, reaching US$2.93 billion.
Executives anticipate a one-time restructuring charge of US$190 million in the third quarter as part of these cost-saving measures.
Featured image credit: Edited from Freepik