Visa to cut thousands of jobs, tech team to face major impact

A total of 1,400 employees and contractors are expected to face layoff at Visa.

Visa, the world's largest payments processor employed 28,800 people at the end of the fiscal year 2023, is reportedly planning to reduce its workforce. According to the report, Visa is likely to cut 1400 jobs including contractors by the end of the year.

The Wall Street Journal reported that the latest round of layoffs would impact people employed in Visa's merchant sales and global digital partnership roles. The new job cut at Visa is aimed to streamline its international business. Out of a total of 1400 job cuts, 1000 would be from technology positions.

The world's largest payments processor announced its fourth-quarter earnings on October 29. It reported an increase of 14% in its GAAP net income as compared to the corresponding period last year.

The current year's results included $46 million of net losses from equity investments and $76 million from the amortisation of acquired intangible assets and acquisition-related costs. The prior year’s results included a special item of $109 million for a litigation provision associated with the interchange multidistrict litigation

The non-GAAP net income for the quarter also increased by 13% to $5.4 billion over the prior year’s results.