Visa to cut about 2,600 jobs, or 7% of staff, in efficiency push

Visa plans to cut 7% of its workforce, or about 2,600 jobs, a company spokesperson told Reuters, as the payments network seeks greater efficiency roughly six months after a similar move by peer Mastercard. The reductions will primarily hit technology and product teams. CEO Ryan McInerney told staff in a memo, excerpts confirmed by the spokesperson, that the company is focusing on efficiency so it can reinvest in higher-potential opportunities, and that it must keep evolving operations with AI playing a key role in that shift. Reuters noted Mastercard earlier planned a 4% global layoff and that fintech firm Block said in February it would cut nearly half its workforce, or 4,000 jobs. Bloomberg News first reported the Visa cuts and said AI helped reduce repetitive work and speed product development but was not the sole factor, according to a person familiar with the reasoning. Visa had about 34,100 employees in fiscal 2025, up 8% year over year, per its annual report cited by Reuters. The company was due to report quarterly results after the Tuesday close. Shares were up 1% in early trading, with market value a little over $683 billion including those gains, according to LSEG data in the report.