Mastercard To Cut 3% Of Global Workforce

Mastercard is reportedly planning to reduce its global workforce by 3 per cent as part of a comprehensive restructuring strategy designed to streamline operations and respond to shifting market conditions. This workforce reduction, affecting around 1,000 employees globally, is expected to be completed by 30 September.

The move comes as Mastercard seeks to reallocate resources towards growth initiatives while better aligning its operations with its long-term strategic goals. The company, which ended the previous year with a global workforce of approximately 33,400 employees, is expected to notify most affected employees by the end of September.

Mastercard, headquartered in Purchase, New York, employs nearly 67 per cent of its workforce outside the United States, spanning over 80 countries. The total workforce cost at the end of last year was reported to be $6 billion, according to the company's latest annual report.

Despite posting stronger-than-expected earnings in its second-quarter financial results, Mastercard also saw a 12 per cent increase in operating expenses, which reached $2.93 billion. The company anticipates a one-time restructuring charge of $190 million in the third quarter as part of the ongoing realignment.