The layoffs will mainly impact teams in technology and product development.
“To seize the opportunities ahead and effectively position Visa to spearhead this transformation, we need to continue evolving our work processes,” CEO Ryan McInerney noted in a memo to staff, excerpts of which were confirmed by the spokesperson.
Artificial Intelligence is also accelerating this transition and shaping the way work is conducted at Visa, he mentioned.
AI has facilitated the reduction of repetitive tasks and expedited product development; however, it was not the primary reason for this decision, as reported by Bloomberg News, which cited a source familiar with the company’s rationale.
The company is scheduled to announce its quarterly results after the market closes on Tuesday.
This year, Mastercard, a competitor, revealed plans to lay off 4% of its global workforce to realign its investment strategies. In February, fintech company Block also stated it would reduce its workforce by nearly 50%, amounting to 4,000 jobs.
As per the company’s annual report for 2025, Visa employed approximately 34,100 individuals in that year, reflecting an 8% increase from the previous year.
Shares of the company experienced a 1% rise in early morning trading.
So far in 2026, they have increased by just over 3%, trailing behind the wider market while surpassing Mastercard in performance.
