Visa to Cut 2,600 Jobs, Citing AI-Driven Restructuring

Visa is reportedly planning to eliminate approximately 2,600 positions, representing roughly 7% of its global workforce, according to a Bloomberg report. CEO Ryan McInerney informed employees in a company-wide memo that the reductions will primarily affect technology and product teams.

McInerney wrote that the restructuring is intended to improve efficiency, with Artificial Intelligence playing a central role. “I have deep conviction that we are doing what is right for Visa, our clients and our partners as we continue to focus on driving efficiency across the company in order to reinvest in our highest potential opportunities,” he stated. He added that AI is accelerating the evolution of how work gets done at the company.

However, a person familiar with the matter told Bloomberg that AI wasn’t the only driver of the decision. The CEO emphasized that the layoffs reflect strategic investment rather than financial strain, citing strong financial performance and customer satisfaction.

Visa joins a growing wave of AI-driven fintech layoffs. Paypal eliminated roughly 4,760 positions earlier this year, while Block cut nearly 4,000 jobs. Coinbase reduced its workforce by about 700 employees.

The firm is scheduled to report earnings after the bell on Tuesday. Wall Street expects earnings per share of $3.23 on revenue of $11.4 billion, according to Koyfin data. Visa shares have gained more than 3% so far this year.

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