Visa to Lay Off 1,400 as It Streamlines International Business

Company Overview - Visa plans to lay off 1,400 employees and contractors by the end of the year, with approximately 1,000 of these cuts in technology positions [1] - The layoffs aim to streamline Visa's international business and will also affect roles in merchant sales and global digital partnerships, particularly those related to FinTech and technology companies [1] Employment Context - A Visa spokesperson indicated that the company is evolving to better serve clients and support growth, which may lead to the elimination of certain roles, but expects to hire more employees in the coming years [2] - Visa currently employs over 30,000 people worldwide [2] Industry Trends - The report coincides with Visa's fourth-quarter and full-year 2024 earnings call [3] - In 2023, major banks cut over 60,000 jobs, marking one of the worst years for job cuts in the banking sector since the 2007-2008 financial crisis [3] - The tech industry has also seen significant layoffs, with over 141,000 jobs cut across 479 companies as of the latest report [4]