The payments giant targets a 7% staff cut, focusing on technology and product teams amid industry challenges.
Visa will eliminate approximately 2,600 jobs, representing 7% of its workforce, as part of an efficiency drive. The reductions will mainly impact technology and product teams, though AI-driven productivity gains were not the sole factor behind the decision.
The move follows similar actions by peers, including Mastercard’s 4% workforce reduction earlier this year. Fintech firm Block also announced significant layoffs in February, cutting nearly half its staff. Visa is scheduled to report quarterly earnings later today.
Shares of Visa rose 2.2% in premarket trading ahead of the announcement.