Payments giant Mastercard cutting global headcount by 3%

[August 17, 2024]  (Reuters) -Payments processor Mastercard is reducing its global headcount by 3% as part of a reorganization it unveiled earlier this year to sharpen its focus on core businesses, a spokesperson said on Friday.  

A screen displays the company logo for Mastercard Inc. on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 29, 2024. REUTERS/Brendan McDermid/File Photo

The cuts would impact around 1,000 people based on the most recent data on the company's workforce. The Purchase, New York-based company had 33,400 employees at the end of last year, according to its annual report.

Most of those impacted would be notified by the third quarter. The plans were first reported by Bloomberg News.

"As these changes are made, we plan to redeploy resources into growth areas," a spokesperson for Mastercard said, like expanding into new markets and boosting its unit that houses cyber and anti-fraud businesses.

Last month, Mastercard's CFO Sachin Mehra said the company would record a one-time restructuring charge of $190 million in the three months ended Sept. 30.

(Reporting by Niket Nishant and Manya Saini in Bengaluru; Editing by Vijay Kishore)

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