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

Published Jul 29, 01:20 PM UTC

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.