Wire flash
Visa plans to cut 7% of workforce, about 2,600 jobs
Editorial responsibility
- No named human review is recorded for this page.
- Source reporting is collected, normalized, translated or condensed automatically when needed.
- Automatically published source-backed update
Visa plans to cut 7% of its workforce, approximately 2,600 jobs, according to a Bloomberg News report citing a staff memo. The job cuts will primarily affect technology and product teams as the payments processor seeks to become more efficient in a challenging industry. While AI has helped cut repetitive tasks and speed up product development, it was not the sole factor behind the decision. The company is set to report quarterly results after market close on Tuesday. This follows similar moves by peers Mastercard, which announced layoffs of 4% of its global workforce earlier this year, and fintech firm Block, which cut nearly half its workforce in February. Visa shares were up 2.2% in premarket trading.
Source report
Source: Reuters Date: Tue, July 28, 2026, 5:46 AM PDT Read Time: 1 min
July 28 (Reuters) – Visa plans to cut approximately 7% of its workforce, or about 2,600 jobs, Bloomberg News reported on Tuesday, citing a staff memo. The move comes as the payments processor seeks to improve efficiency amid a challenging industry environment.
- The job cuts will primarily affect technology and product teams, according to the report.
- While artificial intelligence has helped reduce repetitive tasks and accelerate product development, Bloomberg reported that AI was not the sole factor behind the decision, citing a person familiar with the company's reasoning.
Visa did not immediately respond to a Reuters request for comment. The company is scheduled to report its quarterly results after the market closes on Tuesday.
Broader Industry Context
Earlier this year, peer Mastercard 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 its workforce, or 4,000 jobs.
Market Reaction
Shares of Visa were up 2.2% in premarket trading.
Reporting by Pritam Biswas in Bengaluru; Editing by Tasim Zahid
Source
Yahoo FinanceWestern
Part of this Story
Visa to Cut 7% of Workforce, Eliminating 2,600 Jobs