Visa is cutting 7% of employees in efficiency push as AI reshapes work - CNBC

What the report says

CNBC reported that Visa plans to eliminate about 2,600 jobs, equal to roughly 7% of its workforce, as Chief Executive Ryan McInerney pushes to make the payments company more efficient. The cuts are expected to fall mainly in technology and product operations, according to a company memo whose contents CNBC said it confirmed with a person directly familiar with the matter.

Affected workers were expected to begin receiving information on Tuesday about next steps and transition support, CNBC reported. In the memo, McInerney said Visa needs to keep changing how it operates to capture future opportunities, and he pointed to artificial intelligence as one force accelerating changes in how work is performed. CNBC said its source described AI as an important factor in the reductions, though not the only reason for them.

The company, which operates a major global payments network, had about 34,100 employees at the end of its most recent fiscal year, according to the report. Visa intends to redirect resources toward areas it sees as higher-growth opportunities, including affluent consumers, cross-border payments, business payments and remittances, stablecoins, and expansion in additional markets.

The move comes as many financial and technology companies reassess staffing while adopting AI tools that can automate or speed up some technical work, including software development. CNBC noted that Visa was scheduled to release quarterly earnings after the market closed Tuesday, giving investors a near-term look at its financial performance as the restructuring plan becomes public.