Mastercard Layoffs: Mastercard, a company that provides facilities related to debit and credit card transactions, is going to have layoffs. The company is preparing to lay off about 3 percent of its employees globally. This layoff is part of the company’s new restructuring process, which aims to streamline the company’s business and eliminate non-essential positions.
Mastercard Layoffs: Mastercard, a company providing facilities related to debit and credit card transactions, is going to have layoffs. The company is preparing to lay off about 3 percent of its employees globally. This layoff is part of the company’s new restructuring process, which aims to streamline the company’s business and eliminate non-essential positions. The company said in a statement that this restructuring will help it to do business better in the current market conditions.
According to media reports, this layoff will be finalized by September 30. This layoff will affect the company’s employees in many countries around the world, including India. According to a Bloomberg report, the layoff of 3 percent of the employees could lead to the loss of jobs of about 1,000 employees of the company. Mastercard employed a total of 33,400 employees by the end of 2022, of which about 67% were working outside the US.
Although Mastercard recently reported earnings that beat Wall Street’s expectations, its operating expenses rose 12%. The company said it plans to spend $190 million in a one-time restructuring charge in the third quarter.
The company said that the main purpose of this reduction is to redirect resources to areas where the company expects growth. Mastercard is not the first company to lay off employees this year. This year many big companies like Amazon, Google, Microsoft, and UKG have also eliminated thousands of employees. This has become a global trend, and its effect is being seen in every industry.
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