Visa slashes thousands of jobs in efficiency push

Visa on Tuesday announced plans to cut 7% of its workforce, or about 2,600 jobs, as the payment processor moves forward with a push to operate more efficiently.

The job cuts are expected to primarily affect technology and product teams.

"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," Visa CEO Ryan McInerney wrote in a staff memo.

McInerney said Visa needs to keep evolving in how it operates to seize growth opportunities and stay ahead of industry changes, with the emergence of AI playing a key role in the shift.

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The layoffs underscore how companies are translating investments in artificial intelligence (AI) into workforce changes, raising concerns about how the technology will impact jobs while driving productivity and profitability.

While AI has helped cut repetitive tasks and speed up product development, it wasn't the sole factor for Visa's job cuts, according to Bloomberg News, which first reported the layoffs, citing a person familiar with the company's rationale.

According to the company's annual report for 2025, Visa had around 34,100 employees during its 2025 fiscal year, which was an increase of about 8% year over year.

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"We don't view this as a material event, as it is just one of the best-run companies in the world tweaking headcount and costs and reallocating money and resources into areas of higher growth and returns," Evercore ISI analysts said in a note.

Visa's job cuts come about six months after its closest peer made a similar move to scale back its workforce.

Earlier this year, payments industry rival Mastercard announced plans to lay off 4% of its global workforce, as it cited a need to refocus corporate investments in different areas. Fintech firm Block also said in February it would cut nearly half of its workforce, or about 4,000 jobs.

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Visa operates a digital payments network across over 200 countries and territories and is used by billions for everyday transactions, giving it protection from potential economic downturns.

The business model is insulated because it relies on transaction volumes rather than credit risk, allowing strength at the upper end of the income spectrum to offset softness at the bottom end.

"As a result of the choices we have made over the past few years, we are entering a new era in commerce with a business that has real momentum," McInerney said in the memo.

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Reuters contributed to this report.