Mastercard Cuts 3% of Workforce, 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.

Impact in Canada

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

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