After Intel, now MasterCard will also layoff employees, more than 1 thousand employees will lose their jobs
MasterCard says that the main objective of the layoffs is to use its resources in segments where there is scope for good growth. This year, companies like Amazon, Google, Microsoft, and Intel have also eliminated thousands of jobs. They have also cited adapting to technology like AI and reducing operating costs. It is feared that many other companies may also lay off.
Muskan 
Within the past few months, thousands of workers have been laid off from large technology companies like Microsoft, Google, and Intel to reduce expenses related to operations. American company MasterCard—providing facilities for debit and credit card transactions—has entered that list now. It is going to cut about 1 thousand of its employees, which is 3 percent of its total workforce.
MasterCard has announced that these layoffs are a part of the new restructuring process within the company. Moreover, it is getting rid of some non-essential positions. According to MasterCard, this move will make the company function better in the current market. The finalization of the layoffs is set to be completed by September 30. This can affect Mastercard employees across the world, including India.
Mastercard says this because the main objective of the layoffs is to use resources in segments where there is scope for good growth. Companies like Amazon, Google, Microsoft, and Intel have also turned jobless with thousands of workers this year. They also cited adjusting to technologies such as AI and bringing down operational costs.
The number of employees working at Mastercard is approximately 33,400; 67 percent of them are based outside the US. Mastercard's quarterly results were better than expected, but its operating expenses surged 12 percent. This.
As a result, the company has opted for layoff. Restructuring is likely to cost $190 million.
Intel will be doing away with about 18 thousand employees after unsatisfactory quarterly results. That would be 15 percent of its total workforce. Intel also stopped the expansion of a major factory project in Israel in June. An additional $15 billion was to be invested in it for the chip plant. Its purpose was also to reduce expenses.
