San Francisco payments giant Visa announces 2,600 layoffs - San Francisco Chronicle

What the report says

The San Francisco Chronicle reported that Visa plans to cut about 2,600 jobs, equal to a little over 7% of its workforce, as the payments company reshapes its technology and product operations and increases its use of artificial intelligence. CEO Ryan McInerney told employees in a Tuesday memo that the company needs to work more efficiently and move resources toward areas it views as stronger growth opportunities. Reuters also confirmed the planned reductions through a Visa spokesperson, according to the Chronicle.

The Chronicle reported that the layoffs are expected to fall mostly in Visa’s technology and product groups, though other parts of the company will also be affected. Visa has not said how many employees in the Bay Area will lose their jobs. The company has a global headquarters at Mission Rock in San Francisco, opened in 2024, and a major Foster City campus that includes many technology and product workers. Notifications to affected employees were expected to start Tuesday.

Visa employed about 34,100 people worldwide at the end of fiscal 2025, the Chronicle said, citing the company’s annual report. McInerney’s memo described intended reinvestment in areas including cross-border payments, business-to-business transactions, affluent consumer services, geographic expansion and stablecoin-related digital payment products.

The cuts come as major payments and financial technology companies reassess staffing and spending priorities amid AI adoption and changing digital commerce trends. The Chronicle noted that Mastercard previously announced a workforce reduction of about 4%, Block planned roughly 4,000 cuts, and Visa had disclosed earlier Bay Area layoffs in late 2024.