SAN FRANCISCO (dpa-AFX) - Tuesday, Visa Inc. (V) intends to lay off 7 percent of its workforce, or roughly 2,600 jobs, mainly in its technology and product divisions, a company spokesperson stated.
In a staff memo seen by Bloomberg, Chief Executive Officer Ryan McInerney stated that the layoffs are expected to make the payments company more efficient in the AI era and stay ahead of its competitors.
'I have deep conviction that we are doing what is right for Visa, our clients and our partners as we continue to focus on driving efficiency across the company in order to reinvest in our highest potential opportunities,' McInerney wrote, Bloomberg reports.
As per the company's 2025 annual report, Visa had around 34,100 employees, up 8 percent from the previous year.
'As a result of the choices we have made over the past few years, we are entering a new era in commerce with a business that has real momentum,' McInerney said in the memo. 'We see this in our continued strong financial results, client satisfaction, employee engagement, and breakthrough innovation as we build and ship products better and faster than ever before.'
A person familiar with the matter stated that AI was not the only factor behind the job cuts. The company also plans to reinvest in consumer payments, commercial and money movement solutions, and value-added services, including stablecoin, cross-border, and business-to-business offerings, the person added, Bloomberg notes.
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