- Visa plans to cut 7% of its workforce, eliminating about 2,600 jobs as CEO Ryan McInerney seeks efficiency amid AI transformation.
- The job cuts will primarily impact technology and product teams.
- Visa had about 34,100 employees at the end of its last fiscal year.
- AI is helping to shape the way work gets done at Visa, according to CEO Ryan McInerney.
- AI has helped cut repetitive tasks and speed up product development, but it was not the sole factor behind the decision.
Visa plans to eliminate about 2,600 jobs, representing roughly 7% of its workforce, as part of a strategy to enhance efficiency in a competitive payments industry. CEO Ryan McInerney stated that the layoffs will primarily impact technology and product teams, as the company seeks to adapt to an evolving market.12
In a staff memo, McInerney emphasized that AI is shaping the way work gets done at Visa, although it was not the sole reason for the layoffs. The decision comes as many companies in the financial and technology sectors are increasingly leveraging artificial intelligence to automate tasks and reduce costs after a period of rapid hiring.
Visa had approximately 34,100 employees at the end of its last fiscal year, and the job cuts reflect a significant shift in its operational strategy. The company aims to invest in growth areas such as affluent customers, cross-border activity, business payments, stablecoins, and geographic expansion.3
The layoffs follow a similar move by Visa's closest competitor, highlighting a trend in the payments processing industry as firms seek to streamline operations and remain competitive in a challenging environment. McInerney noted that to capture future opportunities, Visa must continue to evolve its working methods.
“The layoffs will primarily affect technology and product teams, as Visa aims to invest in growth areas like affluent customers and geographic expansion. CEO McInerney noted that while AI is accelerating changes in work processes, it was not the sole reason for the job cuts.”
CNBC
