FILE PHOTO: Visa plans to lay off about 1,400 employees and contractors by the end of the year. | Photo credit: Dado Ruvic

Visa plans to lay off about 1,400 employees and contractors by the end of the year, the Wall Street Journal reported Tuesday, as the card giant tries to streamline its international business.

About 1,000 of the cuts are expected to eliminate technology positions, the WSJ reported, citing people familiar with the matter.

The report added that most of the other layoffs will focus on Visa merchant sales and global digital partnership roles.

Some of the layoffs took place last week, according to the report. Visa plans to retain employees in its global digital partnership teams through the end of the year, it added.

A Visa spokesman told Reuters the company is continually evolving its operating model to support growth, “which may result in the elimination of some roles.”

The company expects to increase headcount at Visa in the near future, the spokesperson said.

Visa employed 28,800 employees at the end of fiscal 2023.

The world’s largest payment processor is set to report its fourth-quarter earnings after the market closes.