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Visa plans to cut approximately 1,400 roles globally by year-end as part of a major restructuring aimed at streamlining its international operations.
The San Francisco-based payments giant said the layoffs would primarily impact technology teams, merchant sales, and digital partnership roles, reflecting a broader trend of job cuts within the tech sector. The reductions, reported by the Wall Street Journal, include around 1,000 tech positions.
Visa’s decision follows the recent opening of its new Mission Rock headquarters in San Francisco, a move the company says symbolises its commitment to innovation, despite the tough economic climate which is impacting its workforce.
A spokesperson commented that the company periodically reviews its organizational structure to align with strategic goals and drive sustainable growth, sometimes requiring workforce adjustments. The firm envisions expanding its workforce again in the future, once strategic priorities stabilize.
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Visa Q4 earnings statement
The restructuring announcement follows the release of strong fourth-quarter earnings which showed net revenue of $9.62 billion for the quarter, exceeding analysts' forecasts of $9.49 billion, marking a 12% increase compared to the same period last year.
The results highlight Visa's financial resilience, but reveal the pressures facing the tech sector, with companies balancing growth with necessary cost-cutting measures.
The job cuts add to the ongoing layoffs across the US tech industry. In 2024 alone, the technology sector has witnessed more than 141,000 redundancies, as companies face a challenging economic environment and shifting demand for digital services. The tech industry, once a job-creation powerhouse, has been re-evaluating its workforce in response to rising operational costs, fluctuating revenues, and evolving market needs.
The sector's large-scale layoffs are the sign of a market still in a period of adjustment. Many companies found themselves over-staffed after mis-judging continued demand for digital services following the spike in usage during the pandemic and are still trimming their cloth accordingly.
Adjustments are being made to ensure financial stability so they can optimise growth while the market for digital payments continues to expand worldwide.
The lay-offs continue to require support for workers affected by large-scale redundancies, as analysts predict further restructuring in the sector during 2025.
