Mastercard is reducing its global workforce by 3% as part of a reorganization to focus on core businesses. This move will affect around 1,000 employees out of the company’s 33,400 staff, based on last year’s data. Most impacted employees will be notified by the third quarter.
The company plans to redirect resources into growth areas, including new markets and its cyber and anti-fraud units. Last month, CFO Sachin Mehra announced that Mastercard would record a one-time restructuring charge of $190 million for the third quarter.