In a memo to staff, CEO Ryan McInerney confirmed that the company was planning to cull 7 per cent of its workforce, particularly those within its technology and product teams in an effort to increase efficiency.
"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,” McInerney wrote in the memo, excerpts of which were confirmed by a company spokesperson speaking with itnews.
The CEO added that Visa AI would be a key technology that the company would need to invest in to ensure that it stays abreast of industry changes and can secure growth.
Bloomberg News, who first reported on the staff cuts, said that AI has sped up company product development and allowed it to reduce the number of repetitive tasks being done by the business, but that this was not the only reason for cutting jobs.
Visa’s business model has resulted in very secure quarterly results for the past 2, with all but exceeding expectations of Wall Street. In the one case they didn’t exceed, they matched.
Consumer spending has remained strong in 2026, resulting in solid business for the largest payment processor in the world.
Despite good financial results, McInerney says that it needs to meet the shift into a new era of the finance industry.
"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.
Visa’s decision closely follows similar ones made by its rival Mastercard, who said earlier this year that it planned to axe 4 per cent of its global workforce, adding that it would be refocusing how it invests.
Similarly, Fintech firm Block announced in February that it would cut half of its workforce, roughly 4,000 jobs.
The big 4 banks are also investing heavily in AI and culling staff to free up funds. The Commonwealth Bank of Australia (CBA) last year announced that it would be cutting at least 45 roles to make room for AI, but rolled back the decision after it resulted in poor support calls and union and worker backlash.
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