Visa Inc., the operator of the world’s largest payments network, is preparing to cut approximately 7% of its workforce as part of a broader efficiency drive that reflects how artificial intelligence is reshaping work across the financial sector.
The company plans to eliminate roughly 2,600 positions, with the cuts concentrated primarily in technology and product operations, according to an internal memo from CEO Ryan McInerney confirmed by CNBC. Visa had about 34,100 employees at the end of its most recent fiscal year.
In the memo, McInerney framed the workforce reduction as part of an evolution in how the payments giant operates in an era increasingly shaped by automation. “To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work,” he wrote. “AI is also helping to accelerate this evolution and shape the way work gets done at Visa.”
Beyond Cost Cutting
While artificial intelligence played a significant role in the decision to reduce headcount, it was not the sole driver, according to a person with direct knowledge of the matter who spoke to CNBC. The restructuring also reflects Visa’s strategic pivot toward what management views as higher-growth business areas.
The company is looking to invest more heavily in serving affluent customers, expanding cross-border payment activity, growing its business payments operations, developing stablecoin-related services, and pursuing geographic expansion, the person said.
“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 wrote in the memo, pointing to strong financial performance and client satisfaction as evidence of the company’s trajectory.
Broader Industry Trend
The layoffs at Visa mirror a wider pattern across financial services and technology companies, which have increasingly turned to artificial intelligence to automate technical work such as software development. Many firms are also working to control costs after expanding rapidly during the pandemic-era hiring boom.
Visa is scheduled to report quarterly earnings after the market closes Tuesday, which may provide additional context on the company’s financial performance and management’s outlook for the business.
The workforce reduction represents one of the more significant restructurings at Visa in recent years as the company positions itself for what it sees as a transformation in the payments landscape driven by new technologies and changing customer preferences.
Source: www.cnbc.com — https://www.cnbc.com/2026/07/28/visa-is-cutting-7percent-of-employees-in-efficiency-push-as-ai-reshapes-work.html
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