{"id":425017,"date":"2026-08-06T01:54:30","date_gmt":"2026-08-06T01:54:30","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/425017\/"},"modified":"2026-08-06T01:54:30","modified_gmt":"2026-08-06T01:54:30","slug":"visa-cuts-2600-jobs-including-320-in-california","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/425017\/","title":{"rendered":"Visa cuts 2,600 jobs, including 320 in California"},"content":{"rendered":"

Payment processing giant Visa recently conducted a brutal layoff<\/a> of 2,600 jobs \u2014 and not even top executives were spared.<\/p>\n

The San Francisco-based<\/a> credit card titan filed a notice with California on July 31 revealing that 320 employees will lose their jobs at its Foster City campus.<\/p>\n

The bloodbath hit well beyond<\/a> rank-and-file workers: The filing shows 37 senior directors are being cut, along with 16 chief engineering and architect positions, as well as dozens of senior software engineers, researchers and other technical employees.<\/p>\n

Visa\u2019s recent layoffs eliminated nearly 3,000 jobs, with the cuts affecting top executives making six-figure salaries. Getty Images<\/p>\n

Six vice presidents also lost their jobs; LinkedIn job postings cited by SFGATE<\/a> show those VP roles advertised salaries ranging from $235,700 to $458,000, excluding potential sales incentive payments.<\/p>\n

The job cuts are part of the wider 2,600-job reduction across the company, around a 7% reduction, Bloomberg reported<\/a>. <\/p>\n

Ryan Mcinerney.<\/p>\n

\u201cI 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,\u201d Visa CEO Ryan McInerney wrote.<\/p>\n

\u201cTo capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work,\u201d he continued. \u201cAI is also helping to accelerate this evolution and shape the way work gets done at Visa.\u201d<\/p>\n

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Part of the layoff effort could be fueled by Silicon Valley\u2019s artificial intelligence boom<\/a>, which many companies have turned to as a justification for needing fewer workers.<\/p>\n

Visa had only recently announced its $2.4 billion cash acquisition of BioCatch, an Israeli company specializing in AI-powered fraud detection. In an Aug. 3 news release, the acquired company said it will be able to detect fraud through AI analyzing keystrokes, touch gestures and other data.<\/p>\n

\u201cThe acquisition of BioCatch complements Visa\u2019s existing cyber, fraud, risk, and security solutions and is expected to help clients better protect themselves and their customers,\u201d the news release said.<\/p>\n

Visa recently announced its $2.4 billion cash acquisition of BioCatch, an Israeli company specializing in AI-powered fraud detection. REUTERS<\/p>\n

The fintech space is going through similar layoffs. Mastercard said in January<\/a>, when it announced it will lay off 4% of its workforce to \u201crefocus investments in other areas.\u201d<\/p>\n

The AI boom has had negative consequences for the broader tech sector.<\/p>\n

US tech employment had its worst start to the year since 2023, with AI blamed for tens of thousands of brutal job cuts, according to a new report. The first three months of 2026 saw 52,050 tech layoffs \u2014 a 40% jump from the same period last year, executive coaching firm Challenger, Gray & Christmas\u00a0said in a report published earlier in the year<\/a>.<\/p>\n

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