Visa Inc., the world’s biggest payments network, fired as many as 1,500 people in the latest round of job cuts, according to the San Francisco Business Times.

The company confirmed a round of layoffs without specifying how many employees were let go, the newspaper reported. Visa’s former headquarters in Foster City, California, was especially hard hit.

“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.”

Visa employs 4,000 people in California's Bay Area and 11,000 worldwide, according to Business Times research.

Visa's stock has gained 7.6 percent in the past 12 months to about $80.94 a share.