Visa plans to cut 7% of workforce, about 2,600 jobs

Published Jul 28, 12:46 PM UTC

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.