Visa intends to cut approximately 7% of its workforce, equal to about 2,600 roles, with the reductions largely focused on its technology and product teams, according to a staff memo. The move is framed by the company as an effort to run more efficiently amid pressure across the payments industry.
Company communications referenced changes in how work is executed, noting that artificial intelligence has removed some repetitive tasks and helped accelerate product development. However, sources familiar with the matter indicated that AI was not the sole driving factor behind the decision.
Visa did not immediately respond to a request for comment. The timing of the announcement comes ahead of the company’s scheduled quarterly earnings report, which is set to be released after the market close on Tuesday.
Other major firms in the payments and fintech sectors have also reduced head count this year. Earlier in the year, Mastercard announced plans to cut roughly 4% of its global workforce to rebalance investment priorities. In February, fintech firm Block said it would slash nearly half of its workforce, trimming about 4,000 jobs.
Market response to Visa’s announcement showed some positive movement: shares of the company were up 2.2% in premarket trading. Further market reaction may follow once Visa releases its quarterly results and provides additional commentary on the restructuring.
The reductions are expected to affect teams responsible for technology and product development, though the company’s internal memo and available commentary did not provide a full breakdown of roles by region or level. The memo-driven approach indicates internal planning behind the workforce changes, but the broader strategic rationale beyond efficiency measures and selective automation was not fully detailed in available communications.
What remains unclear: the precise mix of roles and locations affected, the schedule for implementing the reductions, and the extent to which the changes will alter near-term product roadmaps or operating costs. Visa’s forthcoming quarterly report may offer additional context on financial implications and the company’s plans going forward.