Visa is cutting 7% of employees in efficiency push as AI reshapes work
馃摪 source: cnbc_topnews 路 馃捈 business
visa is cutting about 7% of its workforce, or roughly 2,600 jobs, mostly in technology and product operations, as ceo ryan mcinnerney pushes to streamline the company and invest in growth areas like cross-border payments, business payments, stablecoins, and geographic expansion. the layoffs, confirmed by a memo obtained by cnbc, come as ai reshapes work but were not solely driven by it. impacted employees will be contacted starting tuesday. visa had around 34,100 employees at the end of its last fiscal year. the company is scheduled to report quarterly earnings after market close tuesday.
why it matters: visa's layoffs signal a major shift toward ai-driven efficiency and reinvestment in high-growth areas like cross-border and stablecoin payments.
source: cnbc_topnews
sentiment: -0.30 路 impact: 0.50