Mastercard Plans To Eliminate About 1,000 Jobs: Report

Mastercard Incorporated (MA) shares are trading lower premarket today. The company reportedly plans to reduce its global workforce by 3%.

The reduction is expected to impact around 1,000 employees, based on Mastercard’s reported headcount of around 33,400 as of 2023.

Mastercard (MA) projects most job reductions to be completed by September 30, reported Bloomberg.

In an emailed statement to Bloomberg, a spokesperson said, “We recently announced organizational changes, realigning the regions and businesses to accelerate growth and unlock capacity that will enable investment in long-term opportunities.”

“As the changes are made, the firm will “redeploy resources into growth areas.”

In July, Mastercard (MA) reported fiscal second-quarter net revenues of $7.0 billion, beating the analyst consensus estimate of $6.85 billion. Adjusted EPS rose 24% to $3.59, beating analyst expectations of $3.51.

Investors can gain exposure to the stock via iShares U.S. Financial Services ETF (IYG) ticked and Financial Select Sector SPDR Fund (XLF) .

Read: Mastercard Analysts Increase Their Forecasts Following Upbeat Results

Price Action: MA shares are up 0.09% at $469.28 premarket at the last check Monday.

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