Visa plans to lay off 1,400 employees to streamline international business

Visa, the world’s largest payments processor, is preparing to cut 1,400 jobs across various positions by the end of this year to streamline its international business, the Wall Street Journal reported on Tuesday.

Approximately 1,000 of the layoffs will impact technology positions, with most of the other cuts expected to eliminate Visa’s merchant sales and global digital partnership roles, according to the Wall Street.

Some of the mentioned layoffs have already happened last week, according to the report. Visa plans to retain the employees in its global digital partnership teams who were employed through the end of the year.

Earlier in the day, a Visa spokesperson told Reuters the company continuously evolves its operational model to support growth, “which can lead to the elimination of some roles.”

The company expects to grow the number of employees at Visa for the foreseeable future, the spokesperson said.

Visa had a total of 28,800 employees at the end of fiscal year 2023.

The company will report its fourth-quarter earnings after the market closes.

This is a developing story