Visa Inc. plans to lay off about 1,400 of its employees and contractors by the end of the year, the Wall Street Journal reported on Tuesday, citing sources familiar with the matter.
The report stated that Visa's employees were notified about the company's decision to reduce the number of jobs by an internal announcement last week. Around 1,000 of the layoffs are expected to be in the technology field, while the majority of the remaining layoffs will be among the merchant sales and global digital partnerships positions. It is currently unclear how many positions designated for the layoffs will be employees and how many will be contractors.
According to the sources cited in the report, the company expects to increase the number of jobs in the following years, and it sees the eliminated roles as part of its effort to "continuously" evolve.
