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HomeAIMastercard set to lay off around 3% of global workforce

Mastercard set to lay off around 3% of global workforce

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  • 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.

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