02:29 PM EDT, 08/16/2024 (MT Newswires) -- (Updates to add Mastercard's ( MA ) statement in the first three paragraphs.)

Mastercard ( MA ) intends to cut 3% of its full-time employees globally, with the majority of the job cuts expected to be completed in Q3, a company spokesperson told MT Newswires Friday.

"We plan to redeploy resources into growth areas," the spokesperson said. "Some of these include opening acceptance in new verticals and continuing to apply technology in ways that help us realize even more of the shift to digital across both consumer and commercial."

The company also plans to expand its value-added services, including data analytics, fraud prevention, and cybersecurity, with a focus on integrating artificial intelligence into its offerings, the spokesperson added.

The cuts would amount to about 1,000 people, Bloomberg reported Friday, citing Mastercard's ( MA ) reported employee headcount at the end of 2023.

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