The payments processor plans to eliminate about 2,600 jobs, primarily in technology and product teams, as it pursues efficiency gains.
5:09 PM
Visa plans to cut approximately 7% of its workforce, or about 2,600 jobs, according to a memo confirmed by the company on Monday. The layoffs will affect primarily the technology and product operations divisions as the world's largest payments network seeks to streamline operations.
CEO Ryan McInerney announced the decision in a memo to employees, stating that the company is focused on "promoting efficiency across the company, in order to reinvest in our highest-potential opportunities." McInerney said artificial intelligence is helping "shape the way work gets done at Visa."
A person with direct knowledge of the decision said AI was a significant factor in the layoffs, though not the sole driver. The company intends to reinvest savings in growth areas including affluent customers, cross-border payments, business remittances and geographic expansion.
The move comes approximately six months after Mastercard, Visa's primary competitor, implemented a similar workforce reduction. A company spokesperson did not specify whether Brazil or other particular countries would be affected by the cuts.
Visa is scheduled to report quarterly earnings after market close on Tuesday.
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