A spokesperson for Mastercard announced on Friday that the payments processor is cutting its global workforce by 3% as part of a reorganization strategy unveiled earlier this year to enhance focus on its core operations. These reductions, affecting approximately 1,000 employees based on the latest workforce data, are expected to be communicated to the affected individuals by the third quarter. Mastercard, headquartered in Purchase, New York, reported having 33,400 employees at the end of last year, as per its annual report.
The spokesperson further explained that Mastercard intends to reallocate these resources towards expanding into new markets and strengthening its cyber and anti-fraud divisions. Additionally, Mastercard's CFO, Sachin Mehra, disclosed last month that the company anticipates a one-time restructuring charge of $190 million for the quarter ending September 30.
