- Mastercard plans to cut around 3% of its global workforce, impacting approximately 1,000 employees.
- The layoffs are a result of organizational changes announced earlier this year.
- In April, Mastercard revealed a realignment of its structure into three units:
- Core Payments
- Commercial and New Payment Flows
- Services
- CEO Michael Miebach stated that this strategic shift aims to diversify revenue streams and differentiate products and solutions.
- The company plans to redeploy resources into growth areas, such as:
- Opening acceptance in new verticals
- Applying technology to increase the shift to digital for both consumer and commercial sectors
- Enhancing value-added services like data analytics, fraud, cybersecurity, and embedding AI into products and services
- The majority of the layoff notifications are expected to be completed in the third quarter of 2024.
- Mastercard’s Q2 2024 financial results showed net revenue of $7 billion, up from $6.3 billion in Q2 2023.
