Visa, the payments giant, plans to lay off around 2,600 employees, which represents about 7% of its global workforce. This decision comes as the company aims to streamline operations and impr
Visa, the payments giant, plans to lay off around 2,600 employees, which represents about 7% of its global workforce. This decision comes as the company aims to streamline operations and improve efficiency, with an increasing focus on the role of artificial intelligence in its work processes.
The layoffs will mainly affect technology and product teams, as confirmed by a company spokesperson on Tuesday. CEO Ryan McInerney informed employees in a memo that the company needs to adapt to seize future opportunities and lead a broader industry transformation.
He recognised that AI has been driving this change by streamlining repetitive tasks and speeding up product development, although AI was not the only reason for the decision.
Visa CEO, Ryan McInerney As of its 2025 annual report, Visa employed approximately 34,100 people, reflecting an 8% increase from the previous year. However, planned workforce reductions will significantly decrease this number as the company adjusts its headcount to align with a more automated work environment.
The announcement comes on the same day Visa is due to report its quarterly results, and shares were up about 1% in early trading.
Visa’s layoffs reflect a wider AI-driven jobs resetVisa’s recent announcement aligns with a broader trend of job cuts affecting financial technology and payments companies in 2026. Its closest competitor, Mastercard, revealed earlier this year that it plans to cut 4% of its global workforce as part of a strategy to refocus its investments.
Additionally, fintech firm Block announced in February that it would be laying off nearly half of its workforce, approximately 4,000 jobs, in one of the most significant restructurings in the sector this year.
Beyond payments, the wider technology industry has shed tens of thousands of jobs in 2026. Oracle confirmed a reduction of approximately 21,000 employees over its last financial year. LinkedIn cut 875 jobs despite posting 12% revenue growth. Meta announced plans to reduce headcount by 8,000 even as it crossed $200 billion in annual revenue.
Also read: Visa, Mastercard’s $1 trillion market cap race: who will become the payment powerhouse?
The pattern is consistent: companies are profitable and growing, but they are simultaneously reorganising around AI-driven efficiency and pulling back on roles the technology is beginning to absorb.
For Visa, which processes billions of transactions daily across more than 200 countries, the pressure to modernise its technology infrastructure is significant. The payments industry is also facing growing competition from real-time payment networks, crypto-based settlement systems, and fintech challengers that operate with far smaller teams. Becoming leaner while investing in AI-powered capabilities is the company’s stated response to that competitive landscape.
