US COMPANY MASTERCARD, which employs around 1,500 people in Ireland, has announced it is to cut around 4% of its global full-time workforce in the first financial quarter of this year.

In an email to staff seen by The Journal, Chief Executive Officer of Mastercard, Michael Miebach, said the cuts will impact around 1,600 of employees, most of whom will be notified this quarter.

The company opened its Irish operations in 2008 with 36 staff, and announced in 2020 that it would be opening its European Technology Hub in Leopardstown, Co Dublin – a move expected to create 1,500 jobs in three to five years.

Mastercard’s Irish head office is located in South County Business Park, Carmanhall And Leopardstown, Dublin.

The Chief Financial Officer of the payment processor, Sachin Mehra, said that the decision was made following a ​review of ‌the business.

Yesterday it was reported that Mastercard’s fourth-quarter profit beat Wall Street expectations, with $8.81bn (€7.3bn) in net revenues

Miebach also said the cuts were decided on following a strategic review of the business.

In the email to staff, he said: “These decisions are never easy, and we are grateful for the contributions of those affected.”

The email went on to say that the company is “exceptionally well positioned” as it enters the new financial quarter.