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.

Layoffs in Canada

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

Your rights

In Canada, non-unionized employees at Mastercard 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 in any...

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