Visa is set to eliminate 2,600 jobs, or around 7% of its global workforce, as the payments company accelerates an efficiency drive while increasing investment in strategic growth areas, according to Bloomberg.
The workforce reduction comes as the payments industry faces intensifying competition and companies reassess operating models to improve productivity. Ryan McInerney, Chief Executive Officer of Visa, said the restructuring is designed to improve efficiency and free up resources for higher-priority investments, while also acknowledging AI's growing role in reshaping work across the organisation.
Workforce reduction supports strategic priorities
According to Bloomberg, McInerney outlined the rationale for the layoffs in a memo to employees, describing the move as part of a broader effort to strengthen Visa's long-term position.
"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," he said.
The latest job cuts place Visa alongside several fintech and payments companies that have reduced headcount in recent months. According to the report, competitors including PayPal Holdings and Block Inc. have also announced workforce reductions, with cuts larger than Visa's in percentage terms.
AI becomes part of workplace transformation
McInerney said the company is adapting how work is organised as technology continues to evolve.
"To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work," he said.
He also pointed to the increasing adoption of artificial intelligence across the business.
"AI is also helping to accelerate this evolution and shape the way work gets done at Visa."
According to Bloomberg, AI was not presented as the primary reason for the layoffs. Instead, the technology is being used to automate repetitive work and accelerate product development while supporting broader operational changes.
Investment to shift towards growth businesses
Visa plans to redirect resources towards business segments it sees as long-term growth opportunities. According to the report, planned investment areas include:
- Consumer payments
- Commercial payments
- Money movement solutions
- Stablecoin services
- Cross-border payments
- Business-to-business (B2B) offerings
- Value-added services
The strategy reflects Visa's focus on expanding beyond its traditional card payments business while strengthening its position in emerging payment technologies.
Company points to business momentum
Despite the workforce reduction, McInerney said Visa enters the restructuring from a position of strength.
"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 said.
He added that the company continues to see strong financial performance, customer satisfaction and employee engagement alongside faster product innovation.
"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."
Focus shifts to efficiency and future growth
Visa's restructuring reflects a wider trend across the financial technology sector, where companies are balancing cost discipline with investment in AI, digital products and new payment infrastructure.
According to Bloomberg, Visa's latest workforce reduction is intended to improve operational efficiency while creating capacity to invest in technologies and services expected to drive the company's next phase of growth.