Visa is reducing its global workforce by approximately 7%.
The layoffs will impact about 2,600 employees. CEO Ryan McInerney announced the restructuring in a staff memo on Tuesday.
The job cuts primarily affect Visa's technology and product teams. McInerney stated the move will improve efficiency within a competitive industry.
Visa will reinvest in high-potential areas like consumer payments and commercial solutions. The company is also targeting value-added services including stablecoins and cross-border payments.
McInerney noted that AI is accelerating the evolution of work at the company. The CEO clarified that AI was not the sole driver for the workforce reduction.