Mastercard Layoffs: 3% of workforce cut, strengthening cyber and anti-fraud units

What’s happening at Mastercard?

Mastercard is reducing its global headcount by 3%, affecting around 1,000 employees out of it’s 33,400 strong workforce. This move is part of a reorganization aimed at sharpening the company’s focus on core businesses

Official statements and context

“As these changes are made, we plan to redeploy resources into growth areas,” a spokesperson for Mastercard said.

• Most impacted employees will be notified by the third quarter of this year.
• Mastercard plans to refocus resources areas such as expanding into new markets and strengthening its cyber and anti-fraud units. This comes as part of Mastercard’s executive restructuring plan announced on April 9th, 2024.
• Mastercard CEO Michael Miebach said in the release. “These changes will reinforce our strategy and competitive advantage to drive long-term growth, diversify our revenue streams and differentiate our products and solutions,” and “Our teams will be able to execute faster and deliver more value to our partners and customers.”
• The company expects to incur a one-time restructuring charge of $190 million in the third quarter of 2023.

Layoffs in Canada

It remains unclear exactly how many Mastercard employees in Canada will lose their job as a result of this layoff.

Your rights

In Canada, non-unionized employees at Mastercard are owed full severance pay when they lose their jobs due to downsizing, corporate restructuring, or the closure of the business.

This applies to individuals working in any capacity — full-time, part-time, hourly, or potentially even independent contractors — in Ontario, Alberta, and British Columbia.

Severance is the compensation provided to non-unionized workers in Canada by their employer when they are terminated without cause, and can be as much as 24 months’ pay, depending on a number of factors.

WATCH: Employment lawyer Lior Samfiru explains why you are still owed severance if you have been downsized on an episode of the Employment Law Show.

Severance offers and deadlines

Before accepting a severance offer, double-check the amount using our firm’s free Severance Pay Calculator. It has helped millions of Canadians determine their entitlements.

In addition to your salary, make sure to factor in any other elements of your compensation (i.e. bonuses, commission, etc.).

If your employer’s offer falls short of what our Severance Pay Calculator says you are owed, it’s very likely that you have been wrongfully dismissed and should contact an experienced employment lawyer at Samfiru Tumarkin LLP.

Non-unionized employees in Canada have up to two years from the date of their dismissal to pursue proper severance pay. An employer’s deadline to sign back a severance offer is not legally enforceable or binding.

LEARN MORE
• Severance pay for provincially regulated employees
• Rights to severance during mass layoffs
• Severance entitlements in a recession

Major layoffs continue

The job cuts come amid a flurry of layoffs in 2024.

Big names, including Intuit, UiPath, Dyson, Vancity, Stifel, SAP Canada, Netflix, AmDocs, EXL Service, Best Buy, Relic Entertainment, Ubisoft, Intel, Amazon, and Telus, have pulled out the axe as they continue to navigate challenging economic conditions.

SEE ALSO
• Shell to lay off 20% of deals division, part of restructuring
• Walmart Canada cuts jobs amid restructuring, shift to Spark: Reports
• Where are layoffs happening in Canada?

Lost your job? Talk to an employment lawyer

If you have been fired or let go for any reason, contact the experienced employment law team at Samfiru Tumarkin LLP.

Our lawyers in Ontario, Alberta, and B.C. have successfully represented tens of thousands of non-unionized individuals.

In addition to severance package negotiations, we can assist you on a broad range of employment matters, including:

If you are a non-unionized employee who needs help with a workplace issue, contact us or call 1-855-821-5900 to get the advice you need and the compensation you deserve.

Disclaimer: The materials above are provided as general information about the rights of non-unionized employees in Canada. It is not specific to any one company and should not be read as suggesting any improper conduct on the part of any specific employer, or a relationship between Samfiru Tumarkin LLP and a specific employer.