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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