Visa is cutting about 2,600 jobs, roughly 7% of its staff, and it is cutting them mostly from the teams that build its technology. The money it saves is going into the payment methods that could one day make those rails matter less.
The payments network confirmed the cuts on Tuesday, in a staff memo from chief executive Ryan McInerney that was first reported by Bloomberg. Most of the losses fall on technology and product.
The savings, Visa says, will be reinvested in consumer payments, cross-border activity, business payments and stablecoins.
AI is named, but not blamed
McInerney put artificial intelligence in the memo, carefully. “AI is also helping to accelerate this evolution and shape the way work gets done at Visa,” he wrote. Note the verb. AI is helping, not deciding.
