Visa Prepares to Lay Off 1,400 Employees by Year-End

Card giant Visa Inc. (NYSE: V) is preparing to lay off approximately 1,400 employees and contractors by the end of 2024, according to reports from familiar sources on Tuesday.

The layoffs are part of Visa's efforts to streamline operations and enhance efficiency. This move reflects ongoing changes in the financial services sector, where companies continually adapt to new technologies and shifting market dynamics.

Visa, known for its global payment processing network, did not provide an official statement in response to the report. Details regarding which roles or regions will be affected by the layoffs have not yet been disclosed.

This news comes amid a wave of cost-cutting measures across various sectors as companies aim to tighten budgets and focus on core business strategies. Employees and contractors at Visa now face uncertainty as the end of the year approaches, when the layoffs are expected to occur.

As the situation develops, Visa may provide more information regarding the impact of these layoffs on its operations and future plans.