Management didn't bother to wait until March like everyone previously thought. Layoffs are happening now with almost entire teams being let go. Happy New Year from the "Employer of Choice".
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I'm not buying the VE purchase as cause for layoffs - it's an excuse. A 12B company as of 2015. Some feels personal. 1500 total was expected to all go on day 1.
And where are those aged 40+ and 50+ going to get rehired? Long term loyalty and employment (in which to retire from) not rewarded.
Boo on V.
Austin is referred as IT hub and where the SVP is seated. Reset cut out significantly large parts of the IT group only to open some positions in a different location. Also used as opp to remove what some managers may have deemed under-performers then refill the role where it is.
How a company can let go of staff with so much long time Visa innerworking knowledge really boggles the mind.
Anyone knows how many people were laid of on Thursday 01/12/2017
I wondered if the layoffs is related to last year article?
San Francisco-based Visa cut 213 workers at its Foster City campus, the payments giant told California regulators.
The layoff notice, filed under the Worker Adjustment and Retraining Notification Act, was received by the State of California on Nov. 7. The layoffs are effective Jan. 6, 2017, Visa said.
Earlier this month, Visa (NYSE: V) told the San Francisco Business Times that it was eliminating positions around the globe as it digests its $23 billion purchase of Visa Europe and adjusts to the rapidly shifting payments landscape.
Visa said at the time that "a variety" of job cuts were being made, but offered no details such as size or scope of the layoffs.
Both current and former Visa employees have told the Business Times that Visa was cutting between 800 and 1,500 jobs globally, hitting morale in the process.
"Visa was once a great company," lamented one long-time employee, citing a reduction in employee benefits since the company went public in 2008.
Visa, which employs 4,000 people in the Bay Area and 11,000 worldwide, defended its decision to cut staff.
“The acquisition of Visa Europe, combined with changes in our industry, provide us with the opportunity to reassess our cost structure globally and make adjustments," Visa said in a statement. "In undertaking this assessment, we have decided to eliminate a variety of roles globally, while also creating new roles that better align with our future growth plans.
"These changes position Visa for continued growth and allow us to better serve the needs of clients in a rapidly evolving payments environment,” according to the statement.
One group not complaining at Visa is the shareholders. The company, led by the soon-to-depart CEO Charlie Scharf, recently boosted the quarterly dividend 18 percent.
Eliminating all or most of the operations positions from California.
I wasn't in the office today - were the layoffs focused on specific areas? Similar pattern to last round... older and longer-term employees?
I can see all retrenchment decisions are personal basis....
Same here! Heard OCC, OCE and SG took mild impacts as well but OCW was hit very hard.