Roughly 1,000 of the cuts are expected to eliminate technology positions, while most of the rest will focus on merchant sales and global digital partnerships roles.

Card giant Visa is planning to lay off about 1,400 employees and contractors by the end of the year, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

Visa shares pared their gains and turned negative Tuesday after The Wall Street Journal reported that the company plans to lay off around 1,400 employees and contractors by the end of the year. The stock was recently trading down less than 1% after trading up earlier in the day.

Visa is a big player in technology related to its global payments business, often working on the security of payment transactions and fighting new ways of stealing. Visa also maintains many fintech partnerships to advance innovation in payments.