Mastercard Restructures, Cuts 1,000 Jobs to Focus on Core Business

Tech 2024-08-19 10:06:05 Source: Network

Mastercard Restructures, Cuts 1,000 Jobs to Focus on Core BusinessGlobal payment processing company Mastercard has announced a major organizational restructuring plan that is expected to result in the elimination of about 3% of its global workforce, or approximately 1,000 employees. The layoffs are part of a broader restructuring strategy announced earlier this year, aiming to make the company more focused on its core business areas

Mastercard Restructures, Cuts 1,000 Jobs to Focus on Core Business

Global payment processing company Mastercard has announced a major organizational restructuring plan that is expected to result in the elimination of about 3% of its global workforce, or approximately 1,000 employees. The layoffs are part of a broader restructuring strategy announced earlier this year, aiming to make the company more focused on its core business areas.

According to media reports, Mastercard will prioritize growth in areas like cybersecurity and fraud prevention, as well as expanding into new markets. The company said the move is designed to better adapt to market changes, drive long-term growth, and deliver better services and solutions to customers.

As of the end of 2023, Mastercard employed 33,400 people, with 67% of its workforce located outside the United States. Affected employees will receive notification by the end of the third quarter.

Mastercard's restructuring plan has sparked attention on the trend of layoffs in the tech industry. Many tech companies have announced layoffs this year, responding to economic downturns and market uncertainties.

Alongside layoffs, Mastercard is also investing in new technologies and innovations to maintain its lead in the payments industry. The company said it will continue to invest in areas like artificial intelligence, blockchain, and cloud computing to enhance customer experience and strengthen payment security.

This restructuring plan marks a strategic shift for Mastercard's future development. The company is working to adapt to the changing market landscape and prepare for future growth.

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