Visa Announces Workforce Reductions as Part of Strategic Restructuring
Visa is cutting 7% of its workforce, or approximately 2,600 jobs, primarily from technology and product teams. CEO Ryan McInerney stated the move aims to improve efficiency so that resources can be redirected into high-potential areas such as consumer payments, commercial solutions, money movement, stablecoins, cross-border services, and business-to-business products. AI is playing a role in streamlining operations but was not cited as the sole reason for layoffs. The announcement comes amid broader industry trends of workforce reductions among fintech companies like Mastercard, Block (formerly Square), and PayPal. Visa's stock rose 2.1% in premarket trading ahead of its quarterly earnings report scheduled after U.S. markets closed on Tuesday.
Topics: AI integration layoffs Visa workforce reduction