Visa is set to cut around 2,600 jobs as its CEO Ryan McInerney moves to improve efficiency.
According to a Bloomberg report, the reductions would represent about 7% of the card network’s workforce.
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The roles affected are expected to be concentrated in technology and product teams, the publication added, citing a memo McInerney sent to staff.
“I have deep conviction that we are doing what is right for Visa, our clients and our partners as we continue to focus on driving efficiency across the company in order to reinvest in our highest potential opportunities,” he was quoted as saying in the memo.
Visa reported about 34,100 employees at the end of its last fiscal year.
McInerney also wrote: “To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work.
“AI is also helping to accelerate this evolution and shape the way work gets done at Visa.”
A person familiar with the matter told Bloomberg that AI was not the only factor behind the decision.
The person added that Visa plans to reinvest in consumer payments, commercial and money-movement solutions, and value-added services. Areas cited include stablecoin-related initiatives, cross-border capabilities and business-to-business offerings.
The report comes alongside Visa’s latest quarterly results.
The company said GAAP net income for the three months ended 30 June 2026 was $5.6bn, or $2.97 per share, up 7% and 10% year on year, respectively.
Net revenue for the quarter increased 14% year-on-year to $11.6bn. Visa attributed the rise to growth in payments volume, cross-border volume and processed transactions.
Payments volume for the three months ended 30 June 2026 also rose 10% year-on-year on a constant-dollar basis.
