The job cuts will primarily affect Visa’s technology and product teams, coming about six months after rival Mastercard announced a similar round of layoffs. According to Visa’s 2025 annual report, the company employed around 34,100 people worldwide, News.Az reports, citing Reuters.
In a memo to staff, CEO Ryan McInerney said Visa must continue evolving its business to seize future opportunities and remain competitive during a period of industry transformation.
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“To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work,” McInerney wrote.
He added that artificial intelligence is accelerating the company’s transformation by changing how work is performed. While AI has helped automate repetitive tasks and speed up product development, the company indicated that the technology was only one factor behind the restructuring, rather than the sole reason for the layoffs.
Visa is scheduled to report its latest quarterly earnings after U.S. markets close on Tuesday, with investors closely watching the company’s financial performance and outlook.
The announcement follows broader workforce reductions across the financial technology sector. Earlier this year, Mastercard said it would eliminate about 4% of its global workforce to redirect investments, while fintech company Block announced plans to cut nearly 4,000 jobs.
Visa shares rose about 1% in early trading following the announcement. The stock has gained just over 3% so far in 2026, outperforming Mastercard but trailing the broader U.S. market.
