Visa is set to reduce its workforce by approximately 7%, cutting around 2,600 jobs primarily within its technology and product operations. This move is part of CEO Ryan McInerney’s strategy to streamline the company while focusing investments on key growth areas. The workforce reduction was confirmed in a memo and by a person familiar with the matter, with affected employees being notified beginning Tuesday, along with details on transition assistance.

AI is identified as a significant factor reshaping how Visa operates, accelerating changes in work processes. McInerney highlighted that artificial intelligence is integral in driving organizational evolution, though a source noted that AI was not the only reason behind the layoffs. This adjustment at Visa reflects a broader industry trend where financial and technology firms increasingly use AI tools to automate technical tasks such as software development, while also tightening cost controls after years of extensive hiring.

Despite the employee cuts, Visa plans to double down on strategic priorities, including targeting affluent customer segments, expanding cross-border payments, growing business-to-business remittances, and further geographic expansion. The company also shows interest in emerging areas such as stablecoins. These pivot efforts come amidst Visa’s strong financial performance and client satisfaction, signaling confidence in its future growth trajectory.

Visa ended its last fiscal year with roughly 34,100 employees and is preparing to report its quarterly earnings after market close on Tuesday. The workforce adjustment aligns with McInerney’s vision of positioning Visa to lead the evolving commercial landscape, emphasizing efficiency and innovation-driven growth amidst rapid technological change driven by AI.