Visa is cutting 7% of employees in efficiency push as AI reshapes work
Visa plans to lay off approximately 7% of its workforce, or 2,600 employees, as part of a strategic shift toward AI-driven operations and growth in new financial sectors. The company aims to streamline its structure while investing in areas like stablecoins and cross-border payments.
Why it matters
This move reflects a broader trend in the financial sector where AI is being used to automate technical roles and reduce operational costs.
Visa , which runs the world's largest payments network, plans to cut about 7% of its workforce as CEO Ryan McInerney moves to streamline the company and invest more in growth areas, according to a memo confirmed by CNBC.
The company plans to eliminate roughly 2,600 positions, mostly in its technology and product operations, according to the memo. CNBC confirmed the contents of the memo, which was reported earlier by Bloomberg, with a person with direct knowledge of the matter.
Impacted employees will start to be contacted on Tuesday for next steps and transition assistance, said the person.
"To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work," McInerney wrote. "AI is also helping to accelerate this evolution and shape the way work gets done at Visa."
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