Mastercard plans to cut 3% of its global workforce

Mastercard Inc., the U.S. multinational payment card services company, says it will cut 3% of its global workforce.

Bloomberg reported that about 1,000 people would be affected, based on Mastercard Inc. 's employee numbers released late last year.

In an emailed statement, a mastercard spokesman said: "We recently announced organizational changes, restructuring regions and business lines to accelerate growth and unlock capabilities that will lead to investments in long-term opportunities." In making the changes, the company will "redeploy resources to growth areas," the spokesman said.

Most of the layoff notices are expected to be completed by Sept. 30, the spokesman added.

According to mastercard's most recent annual report, the New York-based company had about 33,400 employees around the world at the end of last year, about 67% of them in more than 80 countries outside the U.S. Its Labour costs were $6bn at the end of last year.