Visa, the world’s largest payment network, aims to remove 2,600 jobs, which constitutes about 7% of its global workforce.
The CEO, Ryan McInerney, stated in an internal memo that the layoff is pushed for greater efficiency and reinvestment in growth areas.
The cuts will affect mainly technology and product operations departments, but the cuts will take place across the whole company. Impacted workers will start receiving notification letters on Tuesday, July 28.
According to McInerney, the reason for making those changes is adapting to the quickly changing market environment when technological trends provide “a once-in-a-lifetime inflexion point in payments.”
McInerney wrote in the memo: “To capture the opportunity ahead and best position Visa to lead this transformation, we must continue evolving how we work.”
“AI is also helping to accelerate this evolution and shape the way work gets done at Visa,” he added.
Although AI had a big impact on this decision, it was not the only factor behind the decision, according to someone familiar with this situation. Visa has been using AI in order to automate repetitive processes and speed up the development of new products.
The company aims to reinvest savings into high-growth opportunities, including affluent customers and premium services, cross-border payments, business remittances, stablecoins, digital currencies, and geographic expansion.
2026-07-29 00:40:00
