Two senior vice presidents, five vice presidents, 29 senior directors and 23 directors are amongst the employees laid off by Visa in the Bay Area. Several engineers and technical programme managers have also been rendered jobless. The impacted employees will be paid severance packages and provided counseling. They will also receive outplacement assistance.
The payments company from San Francisco had earlier let go four senior vice presidents, 17 vice presidents, 17 senior directors and 17 directors in a layoff round in early November when it had laid off 91.
In October it was reported that Visa Inc. was preparing to reduce its workforce by around 1,400 employees and contractors by the end of 2024. The move was decided on as part of an effort to streamline its global operations.
At the time it was reported that the cuts would affect about 1,000 roles mainly in the technology division as the company repositions itself to enhance operational efficiency. The move aligns with Visa’s strategic focus on refining its international functions while maintaining overall growth in a competitive digital payments landscape.
Alongside technology roles, the restructuring was expected to affect the company’s merchant sales and global digital partnership teams. The report had also indicated that some layoffs had already taken place, though employees within the global digital partnership division were expected to remain until year-end.
1 Comment
Hi, that was about the true reason why the company start to laid off so many employees which couldn’t afford a real job to do.
Appreciation,
Jeffrey Wang