Visa Layoffs: 1,400 jobs to be cut, tech roles mostly affected

What’s going on at Visa?

Visa is reportedly planning to lay off approximately 1,400 employees and contractors by the end of the year.

According to the Wall Street Journal (WSJ), around 1,000 of the jobs being cut are expected to be technology positions.

A spokesperson for the credit card giant told Reuters that the company continuously evolves its operational model to support growth, which can “lead to the elimination of some roles.”

The WSJ claimed in its report that Visa began scaling back its staffing levels last week.

SEE ALSO
• Dropbox to cut 20% of staff amid ‘softening demand’
• Volkswagen to eliminate thousands of jobs, shutter 3 German plants
• Meta Layoffs: Reality Labs, Instagram, and WhatsApp teams affected

Impact on Canadian staff

It remains unclear if Canadian employees or contractors at Visa are affected.

According to LinkedIn, the company has more than 230 workers in the country.

Your rights

In Canada, non-unionized employees at Visa 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 full-time, part-time, or hourly in Ontario, Alberta, and British Columbia. In some cases, this can also apply to independent contractors.

Severance is the compensation provided to non-unionized workers in Canada by their employer when they are terminated without cause.

It can be as much as 24 months’ pay—depending on a variety 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 isn’t legally enforceable or binding.

LEARN MORE
• Severance pay for provincially regulated employees
• Rights to severance for tech sector staff
• Severance entitlements in a recession

Major layoffs continue

Reports of job cuts at Visa come amid a flurry of layoffs in 2024.

Big names, including Boeing, Nokia, Deloitte, Loblaw, Ricoh, ApplyBoard, Qualcomm, Atlantic Music Group, and IBM, have also pulled out the axe as they continue to navigate challenging economic conditions.

SEE ALSO
• Amazon Layoffs: Nearly 14,000 managers could be axed to cut costs
• CareerBuilder + Monster lays off 15% of staff: Report
• 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.