Visa is cutting about 2,600 jobs, or roughly 7% of its global workforce, making it one of the largest layoffs in the payments industry this year, according to Bloomberg. The cuts will hit technology and product teams the hardest as the company reorganizes around artificial intelligence, automation, and a leaner operating model.

The move comes at a pivotal moment for the payments giant. AI is changing how software is built, tested, and maintained across the financial industry, pushing companies to rethink staffing needs without slowing product development. Visa says AI is helping speed up work and eliminate repetitive tasks, though the company maintains it is only one factor behind the restructuring.

A Visa spokesperson confirmed the layoffs on Tuesday, about six months after rival Mastercard announced plans to reduce roughly 4% of its workforce as part of its own strategic reorganization.

In a memo to employees, Visa CEO Ryan McInerney framed the layoffs as part of a broader effort to prepare the company for its next phase of growth.

“To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work,” McInerney wrote in the staff memo, Bloomberg reported.

McInerney added that artificial intelligence is accelerating changes across the company by helping reduce repetitive work and shorten product development cycles. The company said AI was a contributing factor behind the restructuring, though it was not the sole reason for eliminating jobs.

Bloomberg first reported the workforce reduction, citing a person familiar with the company’s reasoning. According to the report, most of the affected positions are concentrated in Visa’s technology and product organizations, areas that have grown steadily over the past several years as the company invested heavily in digital payments, cloud infrastructure, and new financial services.

The layoffs arrive as Visa prepares to report quarterly earnings after markets close on Tuesday. Investors have been watching closely for signs that the payments industry can maintain growth amid softer consumer spending in some markets and rising competition from fintech companies, digital wallets, and account-to-account payment platforms.

The restructuring places Visa alongside a growing list of financial and technology companies that are trimming headcount as AI reshapes internal operations.

Visa joins wave of corporate layoffs with 2,600 job cuts and AI-focused restructuring

Earlier this year, Mastercard said it would cut approximately 4% of its global workforce as it shifted investment priorities. Fintech company Block announced in February that it would eliminate nearly 4,000 positions as part of its own cost-cutting efforts.

Corporate leaders across industries are increasingly describing AI as a productivity tool rather than a replacement for entire departments. Still, automation is allowing companies to complete many software development, testing, customer support, and administrative tasks with fewer employees, prompting many firms to rethink hiring plans and organizational structures.

Visa’s workforce had continued to grow before the latest cuts. According to the company’s 2025 annual report, Visa employed approximately 34,100 people at the end of last year, up 8% from the previous year. A reduction of roughly 2,600 positions would bring the company’s headcount closer to levels seen before that expansion.

Investors appeared largely unfazed by the announcement. Visa shares rose about 1% in early trading on Tuesday. The stock has gained just over 3% so far this year, trailing the broader market’s performance but outperforming rival Mastercard.

The layoffs underscore a broader shift taking place across corporate America. Companies are no longer investing in AI as an experimental technology. Many are rebuilding teams, budgets, and product roadmaps around it, reshaping how work gets done across some of the world’s largest enterprises. For Visa, the restructuring signals that the payments leader expects artificial intelligence to play a larger role in its future, even as it continues competing in an increasingly crowded global payments market.