Visa Cuts 2,600 Jobs as AI Reshapes Work and Funds Growth Push
Updated
Updated · CNBC · Jul 28
Visa Cuts 2,600 Jobs as AI Reshapes Work and Funds Growth Push
3 articles · Updated · CNBC · Jul 28
Summary
About 2,600 Visa employees — roughly 7% of its 34,100 workforce — will lose their jobs, with affected staff set to be contacted starting Tuesday.
Most cuts hit technology and product operations as CEO Ryan McInerney streamlines the payments giant, saying AI is accelerating changes in how work gets done.
Visa said the layoffs are not driven by AI alone; the company also wants to rein in costs after years of hiring and redirect spending to affluent customers, cross-border activity, business payments, stablecoins and geographic expansion.
The restructuring lands just before Visa reports quarterly earnings Tuesday, after McInerney told staff the company is entering a "new era in commerce" with strong results and client satisfaction.