Visa plans to cut ~1,400 jobs – report
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Visa (NYSE:V) plans to trim staff and contractors by ~1,400 by the end of the year as part of an effort to streamline its business, according to a media report on Tuesday.
About 1,000 of the cuts are expected to be in technology roles, with most of the rest coming from merchant sales and global digital partnerships, the Wall Street Journal reported, citing people familiar with the matter. The global digital partnerships team manages Visa’s (NYSE:V) alliances with fintech and tech companies.
Some of the cuts will be of contractors on its engineering teams. According to its 2023 annual report, Visa (V) has 28,800 employees. The WSJ couldn’t find out how many of those losing their jobs aren’t employees.
A Visa spokesman told the newspaper that the company continuously evolves to serve clients better and to support growth, “which can lead to the elimination of some roles.”
Visa (V) stock slipped 0.6% in Tuesday afternoon trading.