Visa plans to cut about 2,600 jobs, which is about 7% of its global workforce, as the payments company restructures parts of its business and shifts more resources into areas it sees as offering stronger long-term growth.
The job cuts will mainly affect employees in the company’s technology and product teams, a Visa spokesperson confirmed on Tuesday.
The decision comes about six months after Mastercard announced plans to reduce its own workforce by 4% as part of goal to redirect investments. Other fintech companies, including Block, have also announced layoffs this year.
In a memo to employees, Visa Chief Executive Officer Ryan McInerney said the company was making difficult decisions to strengthen the business and free up resources for future investments.
“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 also told staff that Visa must continue changing how it operates to keep pace with shifts in the payments industry. He said artificial intelligence is helping speed up that transition, although reports indicate it was not the only reason behind the workforce reduction.
According to Bloomberg, AI has helped the company reduce repetitive work and speed up product development. However, the report said the layoffs were also driven by cost management and broader business priorities.
Visa employed about 34,100 people in its 2025 financial year, an 8% increase from the previous year, according to its latest annual report.
The company is expected to report its latest quarterly earnings after markets close on Tuesday. Over the past two years, Visa has exceeded Wall Street’s profit expectations in nearly every quarter.
Consumer spending was steady during the second quarter of 2026, giving further support to the company’s business. Unlike banks, Visa earns most of its revenue by processing payment transactions rather than lending money, making its business less exposed to credit losses during economic slowdowns.
McInerney said the company believes it is entering a new phase of growth.
“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.”
Investors appeared to welcome the announcement. Visa’s shares rose about 1% in early trading, giving the company a market value of more than $683 billion.
The stock has gained just over 3% since the beginning of 2026. While that trails the market, it has performed better than Mastercard over the same period.
