Visa, opens new tab plans to cut 7% of its workforce, or about 2,600 jobs, a company spokesperson said on Tuesday, as the payments processor seeks to become more efficient, about six months after a similar move by its closest peer. The job cuts will 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,” CEO Ryan McInerney wrote in a staff memo, excerpts from which were confirmed by the company spokesperson. Earlier this year, peer Mastercard (MA.N), opens new tab announced plans to lay off 4% of its global workforce, citing the need to refocus investments in different areas. Fintech firm Block also said in February it would cut nearly half of its workforce, or 4,000 jobs.
McInerney said Visa must keep evolving the way it operates to seize growth opportunities and stay ahead of industry changes, with AI playing a key role in accelerating that shift.
The layoffs underscore how companies are beginning to translate artificial intelligence investments into workforce changes, heightening concerns among workers and economists that the technology could replace jobs even as it drives productivity and profitability.
