Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv
A man sits in a room at the Visa booth during the China International Supply Chain Expo (CISCE) in Beijing, China June 22, 2026. REUTERS/Florence Lo/File Photo Purchase Licensing Rights, opens new tab
July 28 (Reuters) - Visa (V.N), opens new tab plans to cut 7% of its workforce, or about 2,600 jobs, a company spokesperson said on Tuesday, about six months after a similar step by its closest peer as the payments processor seeks to become more efficient.
The job cuts will primarily affect technology and product teams.
The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here.
"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.
Advertisement · Scroll to continue
Artifical Intelligence is also speeding up this shift and influencing how work is carried out at Visa, he added.
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.
The company is set to report its quarterly results after the market close on Tuesday.
Earlier this year, peer Mastercard (MA.N), opens new tab 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.
Advertisement · Scroll to continue
According to the company's annual report for 2025, Visa had about 34,100 employees in 2025, an increase of 8% year over year.
Shares of the company were up 1% in early morning trading.
They have gained just over 3% so far in 2026, underperforming the broader market but outperforming its closest peer Mastercard (MA.N), opens new tab.
Reporting by Pritam Biswas in Bengaluru; Editing by Tasim Zahid
Our Standards: The Thomson Reuters Trust Principles., opens new tab
-
X
-
Facebook
-
Linkedin
-
Email
-
Link
Read Next
- 16 hours agoWorld at Workcategory
Porsche to axe one in five jobs by 2035 as China, EV woes bite
- 1 hour agoWorld at Workcategory
Germany's sick-note crackdown may be treating the symptoms, not the disease
- July 24, 2026United Kingdomcategory
Aerospace fights for young recruits as AI drains talent pool
- July 23, 2026World at Workcategory
British Gas owner Centrica to cut 1,300 jobs, flags slower trading arm growth
- July 23, 2026Worldcategory
Immigrant employment in the EU reaches record high, study shows
- July 22, 2026World at Workcategory
Amazon cuts jobs in its artificial general intelligence group
Business
US consumer confidence eases in July
Businesscategory · July 28, 2026 · 10:20 AM EDT · 7 mins ago
U.S. consumer confidence ebbed in July and households' perceptions of the labor market remained generally weak, a survey showed on Tuesday.
Media & Telecomcategory Former FCC officials oppose early review of Disney-owned ABC licenses
10:20 AM EDT
category Gold forecasts fall, but central bank buying expected to cushion retreat
10:09 AM EDT
ANALYSIS Trump's diversity crackdown reverberates through US boardrooms
10:02 AM EDT
Financecategory Hedge funds on track for another stellar year on AI boom
10:01 AM EDT
Read Original at Reuters →