Visa job cuts will eliminate about 2,600 roles as AI reshapes work
Visa plans to cut about 7% of its workforce, with technology and product teams bearing most of the reductions, CNBC reported.
By Frankie Delgado · News Reporter
2 min read
Visa job cuts are set to remove about 2,600 roles, or roughly 7% of the payments company’s workforce, as CEO Ryan McInerney pushes for a more efficient operation and more spending in growth areas, CNBC reported.
The planned reductions will fall mostly in Visa’s technology and product operations, according to a company memo whose contents CNBC said it confirmed with a person who has direct knowledge of the matter. Bloomberg reported the memo earlier, CNBC said.
McInerney told employees in the memo that Visa has to keep changing how work is done to seize future opportunities and put the company in position to lead as commerce changes. He also said artificial intelligence is speeding up that shift and affecting how tasks are performed at Visa, according to CNBC.
Why is Visa cutting jobs?
CNBC reported that AI was a significant factor in the layoffs, citing the person with direct knowledge, who was not named because they were discussing internal changes. That person said AI was not the only reason for the cuts.
The reductions come as financial and technology companies use artificial intelligence for more technical work, including software development, while also trying to control costs after a period of fast hiring, CNBC reported.
Visa had about 34,100 employees at the end of its most recent fiscal year, according to CNBC. A cut of about 2,600 jobs would represent around 7% of that base.
Where does Visa want to spend next?
Visa plans to put more money behind areas it sees as future growth engines, according to the person cited by CNBC. Those include affluent customers, cross-border payments, business payments, stablecoins and expansion into more geographies.
McInerney wrote in the memo that Visa is entering what he called a new period in commerce with momentum, pointing to the company’s financial performance and client satisfaction, CNBC reported.
Visa operates the world’s largest payments network, according to CNBC, making the cuts a closely watched sign of how automation is hitting white-collar work inside big financial technology companies. The memo puts Visa among the major firms reshaping teams as AI tools become more common in corporate operations.
The timing lands just before a fresh look at Visa’s numbers. The company is scheduled to report quarterly earnings after the market closes Tuesday, CNBC reported.
The memo did not say that every affected job is being replaced by AI. CNBC’s account, citing the person familiar with the matter, framed the layoffs as part AI-driven and part a broader effort to shift resources toward businesses Visa expects to grow.
This story draws on original reporting from CNBC.