Payments giant Visa is cutting roughly 7 percent of its workforce in a pivot toward artificial intelligence, affecting about 2,600 employees. The job cuts are expected to primarily affect technology and product teams, with sources telling Bloomberg that cost reduction is a significant driver. Visa has European offices in Poland and the UK, areas that may experience these employment adjustments as the organization restructures.
AI and cost savings drive the job cuts
The layoffs are partially a result of a cost-saving measure, though sources suggest AI-powered work efficiency is also a factor. Visa CEO Ryan McInerney wrote in a memo to staff, parts of which were verified by multiple news organisations, stating, “To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work.” McInerney noted that Visa’s move comes at a transformational moment for the tech industry, which has been rapidly evolving since generative AI’s mainstream popularity skyrocketed in recent years.
“AI is also helping to accelerate this evolution and shape the way work gets done at Visa,” McInerney stated. Tech leaders, including the likes of Meta CEO Mark Zuckerberg and Block’s Jack Dorsey, among several others, have shared their vision for slimmer teams powered with AI for better cost saving and added efficiency. Fintech company Block cut around 40 percent of its company’s staff – or around 4,000 people – earlier this year. More recently, Microsoft announced 4,800 job cuts and the parent company behind the Reuters news agency laid off 500 engineering jobs. Even bigger layoffs, including 8,000 job cuts at Meta, were also announced in recent months.
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Industry-wide layoffs continue
According to the technology and start-up layoffs tracker Layoffs.fyi, 252 tech companies have cut more than 124,000 jobs so far in this year alone, already crossing the nearly 123,000 that were laid off in the whole of 2025. Despite these reductions, Visa reported net revenue of $11.6 billion for the quarter, up 14 percent from the previous year.
Share prices gained more than 1 percent by trading close on Tuesday, 28 July, though they fell marginally in after-hours trading. Over the past year, the company’s stock has risen nearly 5 percent. For the employees affected, the shift represents a challenging transition as the company integrates advanced tools to streamline operations.
“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 went on to say, “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.” He added, “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.” Visa intends to redirect the funds saved towards consumer payments, business and value-added services, including stablecoins, cross-border and business-to-business offerings. This strategic focus on high-potential areas suggests the company is betting on digital innovation to drive future growth rather than relying on a large headcount to maintain its market position.
