U.S. payment company Visa plans to cut about 7% of its workforce, or roughly 2,600 jobs, according to Reuters, as reported by infohub.kz.
The cuts will primarily affect technology and product divisions. Visa said the decision aims to boost efficiency and redirect resources to the most promising areas.
“I am deeply convinced that we are doing the right thing for Visa, our clients and partners by continuing to focus on improving the efficiency of the entire company to reinvest in the most promising projects,” wrote Visa CEO Ryan McInerney in a memo to employees.
According to McInerney, the company must constantly refine its methods to seize new growth opportunities and adapt faster to changes in the payments industry.
He cited artificial intelligence as a key driver of these changes. The technology is already helping Visa automate routine tasks and speed up product development.
However, AI was not the only reason for the layoffs. The company is also reviewing expenses and reallocating resources toward areas with higher growth and profitability potential.
The cuts at Visa are the latest example of large companies turning AI investments into workforce restructuring. This heightens concerns that technological advances could lead to job losses, even as productivity rises.
Visa had been expanding its workforce in previous years. At the end of fiscal 2025, the company employed about 34,100 people, up 8% from a year earlier.
Analysts at Evercore ISI do not see the upcoming cuts as a significant negative for the company. “We do not view this as a material event, as it is one of the best-managed companies in the world, adjusting headcount and expenses while reallocating capital and resources to higher-growth, higher-return areas,” they wrote in a research note.
Earlier, other major financial players also announced layoffs. Mastercard planned to reduce its global workforce by about 4%, and fintech firm Block reported cutting roughly 4,000 employees.