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Visa is slashing about 2,600 jobs, roughly 7% of its workforce. The layoffs will mainly hit technology and product teams, Bloomberg reports. CEO Ryan McInerney wrote to his staff that AI is “helping to accelerate this evolution and shape the way work gets done at Visa.”
But AI isn’t the whole story. According to a person familiar with the company’s reasoning, the cuts are also about freeing up money to reinvest in newer bets such as stablecoins, cross-border payments and business-to-business services.
Visa had about 34,100 employees at the end of its last fiscal year, more than triple what it had a decade earlier. “I have deep conviction that we are doing what is right for Visa, our clients and our partners,” McInerney wrote. Visa isn’t the only fintech company trimming staff. PayPal recently announced plans to cut 20% of its workforce, and Block has made similar moves in recent months.