Visa, which manages the largest global payments network, is eliminating about 2,600 jobs, or 7% of its staff, as CEO Ryan McInerney pushes efficiency efforts. The job cuts, concentrated in tech and product operations, were confirmed by CNBC based on an internal memo.
Affected workers began getting notices on Tuesday about the process and support for transitioning. In the memo, McInerney said AI is transforming how work is done at Visa. He also highlighted a broader shift in financial and tech industries using automation to cut costs following years of rapid hiring.
Visa employed around 34,100 people at the end of its last fiscal year. Although artificial intelligence contributed to the decision, it wasn’t the only factor, according to a source with firsthand knowledge. The company also aims to build momentum in areas like high-net-worth clients, cross-border transactions, business payments, and stablecoins.
McInerney said the company is entering a new stage in commerce, fueled by strong financial performance and customer satisfaction. Visa will reveal its quarterly results after markets close Tuesday.