Visa to cut 2,600 jobs, 7% of staff, as AI reshapes work

Visa plans to cut about 2,600 jobs, or 7% of its workforce, a company spokesperson said on Tuesday. The reductions will primarily affect technology and product teams.

The payments processor is seeking to become more efficient in a challenging industry environment. "To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work," chief executive officer Ryan McInerney wrote in a staff memo.

McInerney said AI is speeding up the shift and influencing how work is done at Visa. The technology 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.

Visa had about 34,100 employees in 2025, up 8% year over year, according to its annual report. The layoffs come about six months after peer Mastercard announced plans to cut 4% of its global workforce. Fintech firm Block said in February it would cut nearly half its workforce, or 4,000 jobs.

Visa shares were up 1% in early trading. They have gained just over 3% in 2026, underperforming the broader market but outperforming Mastercard. The company reports quarterly results after the market close on Tuesday.

The cuts add Visa to a growing list of financial firms trimming headcount as AI reshapes technology and product work. With repetitive tasks increasingly automated, the payments sector is testing how far efficiency gains can go before growth follows.