Visa CEO Ryan McInerney has issued a memo announcing plans to reduce about 7% of his company’s workforce as part of efforts to streamline the business and focus more on growth areas.
The company, which operates the world’s largest payments network, plans to cut about 2,600 jobs, mostly in its technology and product sectors, according to the memo. Impacted employees will start being contacted on Tuesday for next steps and support during the transition.
“To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work,” McInerney wrote. “AI is also helping to accelerate this evolution and shape the way work gets done at Visa.”
“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.”
The layoffs at Visa are happening as companies in the financial and technology sectors increasingly depend on artificial intelligence to automate tasks like software development. The sector is also restructuring to cut costs after years of rapid hiring.
Visa employed about 34,100 people at the end of its last fiscal year.
By CEO NA Editorial Staff
