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Visa to cut about 2,600 jobs, or 7% of workforce
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Visa announced it is cutting approximately 2,600 jobs, or about 7% of its workforce, primarily affecting technology and product teams. CEO Ryan McInerney stated that AI is accelerating the evolution of work at Visa, but the layoffs are also aimed at freeing up capital to reinvest in newer initiatives such as stablecoins, cross-border payments, and business-to-business services. The company had over 34,100 employees at the end of its last fiscal year, more than triple the number a decade earlier. Visa joins other fintech firms like PayPal, which recently announced a 20% workforce reduction, and Block, which has also made similar cuts in recent months.
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By Jonathan Small Wed, July 29, 2026 at 6:20 AM PDT | 1 min read
Visa is slashing about 2,600 jobs, roughly 7% of its workforce. The layoffs will mainly hit technology and product teams, Bloomberg reports.
CEO Ryan McInerney wrote to his staff that AI is "helping to accelerate this evolution and shape the way work gets done at Visa."
But AI isn't the whole story. According to a person familiar with the company's reasoning, the cuts are also about freeing up money to reinvest in newer bets such as stablecoins, cross-border payments and business-to-business services.
Visa had about 34,100 employees at the end of its last fiscal year, more than triple what it had a decade earlier.
"I have deep conviction that we are doing what is right for Visa, our clients and our partners," McInerney wrote.
Visa isn't the only fintech company trimming staff. PayPal recently announced plans to cut 20% of its workforce, and Block has made similar moves in recent months.
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Yahoo FinanceWestern
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Visa to Cut 7% of Workforce, Eliminating 2,600 Jobs