Visa (V, Financial), the global payment giant, experienced a temporary 1% drop in its stock price, wiping out an earlier 0.5% gain. The decline followed reports from insiders revealing the company's plan to lay off approximately 1,400 employees, both permanent and contractual, by the end of the year.
Of these job cuts, around 1,000 positions will be from technology roles, with the remainder primarily affecting merchant sales and global digital partnerships. The layoffs are part of Visa's broader strategy to streamline its international operations. However, the exact proportion of affected permanent versus contractual employees remains unclear.
