SAN FRANCISCO—Visa said it plans to lay off around 1,400 employees and contractors by the end of the year, according to people familiar with the matter, The Wall Street Journal reported.
The move is being made to streamline its international business, The Journal said.
Employees learned in an internal announcement last week that the company planned to cut jobs, though exact details weren’t provided, sources told The Journal.
Roughly 1,000 of the cuts are expected to eliminate technology positions, while most of the rest will focus on merchant sales and global digital partnerships roles, they said. The latter team manages the company’s relationships with fintech and tech companies such as Amazon, The Journal said.
Visa has over 30,000 employees worldwide. Some of the cuts will be of contractors on its engineering teams. It couldn’t be learned how many of those affected aren’t employees, The Journal said.
A Visa spokesman told The Journal the company continuously evolves to better serve clients and support growth, “which can lead to the elimination of some roles.” He said the company expects to employ more people each year for the foreseeable future.
Some of the layoffs occurred last week. For workers in the global digital partnership teams, Visa plans to keep them employed through the end of the year, The Journal said.
Visa has been under scrutiny from regulators and dissatisfied merchants, and is facing legal challenges from multiple angles, The Journal noted.