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Mastercard set to lay off around 3% of global workforce | Fintech InShorts: Latest fintech news, analysis by experts

Mastercard set to lay off around 3% of global workforce

AIBankingBusiness

Less than 1 min.Read

Mastercard set to lay off around 3% of global workforce

August 22, 2024

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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