Visa is preparing to reduce its global workforce by about 7%, eliminating roughly 2,600 jobs as the payments giant moves to streamline operations and redirect resources toward areas with stronger growth potential, the company confirmed on Tuesday.
The layoffs will mainly impact Visa’s technology and product divisions, according to a company spokesperson. The move comes about six months after its closest rival, Mastercard, announced a workforce reduction as part of a broader effort to reshape investments.
Visa CEO Ryan McInerney defended the decision in an internal memo to employees, saying the company needs to continue improving efficiency while investing in key opportunities.
“I have deep conviction that we are doing what is right for Visa, our clients and our partners as we continue to focus on driving efficiency across the company in order to reinvest in our highest potential opportunities,” McInerney wrote in the memo, excerpts of which were confirmed by the company.
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The restructuring reflects a broader trend across the financial technology sector, where companies are reassessing staffing needs and shifting resources toward artificial intelligence, automation and new digital capabilities. Mastercard earlier this year said it would cut 4% of its global workforce to refocus investments, while fintech company Block announced plans in February to eliminate nearly 4,000 positions, or about half of its workforce.
McInerney said Visa must continue adapting its operating model to capture new growth opportunities and respond to changing industry dynamics, with artificial intelligence expected to play a major role in that transformation.
The cuts also highlight growing concerns among employees and economists that AI adoption could reshape jobs across industries. While companies have used AI tools to automate repetitive work and accelerate product development, the technology was not the only reason behind Visa’s decision, Bloomberg News reported, citing a person familiar with the company’s thinking.
Visa employed approximately 34,100 people in fiscal 2025, an 8% increase from the previous year, according to its annual report.
Analysts at Evercore ISI described the move as part of normal business adjustments rather than a major setback for the company.
“We don’t view this as a material event, as it is just one of the best-run companies in the world tweaking headcount and costs and reallocating money and resources into areas of higher growth and returns,” the analysts said in a note.
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Visa is scheduled to release its quarterly earnings after markets close on Tuesday. The company has exceeded Wall Street expectations in nearly every quarter over the past two years, with the exception of one period when its results matched analysts’ forecasts.
The company has continued to benefit from steady consumer spending, which remained resilient in the second quarter of 2026. Visa’s business model has also helped it remain relatively protected during economic uncertainty because it earns revenue from payment transactions rather than taking on direct credit risk.
Operating across more than 200 countries and territories, Visa’s digital payments network processes billions of transactions worldwide. The company’s revenue is closely tied to consumer spending activity, allowing stronger spending among higher-income customers to help balance weaker demand elsewhere.
“As a result of the choices we have made over the past few years, we are entering a new era in commerce with a business that has real momentum,” McInerney stated in the memo.
Visa shares rose about 1% in early trading. The company’s market value stood at slightly above $683 billion, including the session’s gains, according to LSEG.