Visa is preparing to eliminate around 2,600 positions, a reduction equal to roughly 7% of its global staff, according to Bloomberg. The job cuts are expected to fall most heavily on the company’s technology and product divisions. In an internal message to employees, CEO Ryan McInerney said artificial intelligence is “helping to accelerate this evolution and shape the way work gets done at Visa.”
Still, the Visa layoffs are not being driven by AI alone. A person familiar with the company’s thinking told Bloomberg that the payments giant is also looking to redirect resources toward fast-growing areas of its business, including stablecoins, cross-border payments and business-to-business payment services.
Visa reported about 34,100 employees at the close of its most recent fiscal year, more than three times its headcount from a decade ago. McInerney told staff, “I have deep conviction that we are doing what is right for Visa, our clients and our partners.” The move comes as the broader fintech and digital payments industry continues to tighten costs, with PayPal recently unveiling plans to cut 20% of its workforce and Block also reducing staff in recent months.
The payments network is moving ahead with a sizable restructuring, cutting approximately 2,600 jobs across the company. Bloomberg reports that technology and product teams will bear much of the impact, as Visa reshapes operations in an era increasingly influenced by automation and AI. McInerney told employees that AI is “helping to accelerate this evolution and shape the way work gets done at Visa.”
However, Visa’s cost-cutting plan appears to be part of a broader strategic shift. The company is aiming to create more financial flexibility for investments in emerging payment opportunities, including stablecoin technology, international money movement and B2B services, according to a person familiar with the matter.
The cuts mark a notable pullback for a company that has expanded dramatically over the past 10 years, growing to about 34,100 employees by the end of its latest fiscal year. “I have deep conviction that we are doing what is right for Visa, our clients and our partners,” McInerney wrote in his message. Visa joins a growing list of fintech companies reassessing staffing levels, including PayPal, which has announced a 20% workforce reduction, and Block, which has also moved to trim jobs recently.
