Visa Planning Layoffs in Advance of IPO

Credit card giant Visa is planning to eliminate around 200 jobs around the country over the next year or so to ramp up for their impending move to go public, according to the San Francisco Business Times.

The company said the move is part of Visa?s plan to rely less on in-house contractors for technical work and more on outsourcing to streamline operations. Visa issued a statement to the Business Times stating: ?”As the nature of our business evolves and competition increases, Inovant LLC, Visa’s global information-technology organization, must continue to address its organizational structure and business model to ensure that it is as efficient, flexible and competitive as possible. As a result, the company plans to eliminate 200 positions and reduce its reliance on in-house contractors.?