Visa plans to cut 7% of its workforce, or about 2,600 jobs, a company spokesperson said today, about six months after a similar step by its closest peer as the payments processor seeks to become more efficient.<\/p>\n
The job cuts will primarily affect technology and product teams.<\/p>\n
“To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work,” CEO Ryan McInerney wrote in a staff memo, excerpts from which were confirmed by the company spokesperson.<\/p>\n
Artifical Intelligence is also speeding up this shift and influencing how work is carried out at Visa, he added.<\/p>\n
AI has helped cut repetitive tasks and speed up product development, but it was not the sole factor behind the decision, according to Bloomberg News, which first reported the cuts, citing a person familiar with the company’s reasoning.<\/p>\n
The company is set to report its quarterly results after the market close later tonight.<\/p>\n
Earlier this year, peer Mastercard announced plans to lay off 4% of its global workforce, citing the need to refocus investments in different areas. Fintech firm Block also said in February it would cut nearly half its workforce, or 4,000 jobs.<\/p>\n
According to the company’s annual report for 2025, Visa had about 34,100 employees in 2025, an increase of 8% year over year.<\/p>\n
Shares of the company have gained just over 3% so far in 2026, underperforming the broader market but outperforming its closest peer Mastercard.<\/p>\n","protected":false},"excerpt":{"rendered":"Visa plans to cut 7% of its workforce, or about 2,600 jobs, a company spokesperson said today, about…\n","protected":false},"author":2,"featured_media":573332,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,61,60],"class_list":["post-573331","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/573331","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=573331"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/573331\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/573332"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=573331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=573331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=573331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}