July 28 (Reuters) - Visa plans to cut 7% of its workforce, or about 2,600 jobs, a company spokesperson said on Tuesday, about six months after a similar step by its closest peer as the payments processor seeks to become more efficient.
The job cuts will primarily affect technology and product teams.
"To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work,” CEO Ryan McInerney wrote in a staff memo, excerpts from which were confirmed by the company spokesperson.
Artifical Intelligence is also speeding up this shift and influencing how work is carried out at Visa, he added.
AI has helped cut repetitive tasks and speed up product development, but it was not the sole factor behind the decision, according to Bloomberg News, which first reported the cuts, citing a person familiar with the company's reasoning.
The company is set to report its quarterly results after the market close on Tuesday.
Earlier this year, peer Mastercard announced plans to lay off 4% of its global workforce, citing the need to refocus investments in different areas. Fintech firm Block also said in February it would cut nearly half its workforce, or 4,000 jobs.
According to the company's annual report for 2025, Visa had about 34,100 employees in 2025, an increase of 8% year over year.
Shares of the company were up 1% in early morning trading.
They have gained just over 3% so far in 2026, underperforming the broader market but outperforming its closest peer Mastercard.
(Reporting by Pritam Biswas in Bengaluru; Editing by Tasim Zahid)
