Visa Announces Workforce Reduction of 7% Amid AI-Driven Efficiency Efforts
Visa is cutting approximately 2,600 jobs—about 7% of its workforce—as part of a strategic efficiency initiative led by CEO Ryan McInerney. The layoffs are primarily focused on technology and product operations roles. While artificial intelligence (AI) has played a significant role in the decision-making process, it was not the sole factor behind the cuts. The move aligns with broader industry trends where AI is being used to automate tasks and reduce costs following years of rapid hiring. Visa plans to reinvest savings from these reductions into growth areas such as affluent customers, cross-border payments, business remittances, stablecoins, and geographic expansion. McInerney emphasized that the company has built momentum through recent strategic choices and is entering a new era in commerce with strong financial performance and client satisfaction. The announcement comes ahead of Visa's quarterly earnings report scheduled for after market close on Tuesday.
Topics: AI impact on workforce corporate restructuring layoffs