Visa is cutting about 2,600 jobs, or roughly 7% of its workforce, in an efficiency push that CEO Ryan McInerney announced on Tuesday as the payments giant adapts to a rapidly changing industry. The cuts will primarily affect technology and product teams, with affected employees beginning to receive notifications about transition assistance on the day of the announcement.
McInerney framed the reduction as necessary to position Visa for what he called “a new era in commerce.” In a staff memo, he wrote that “AI is also helping to accelerate this evolution and shape the way work gets done at Visa,” according to CNBC. However, a person with direct knowledge of the matter told CNBC that while AI played a significant role in the layoffs, it was not the sole driver of the decision.
The company plans to reinvest the savings in what it views as high-growth areas, including affluent customer segments, cross-border payments, business remittances, stablecoins, and geographic expansion. Visa had approximately 34,100 employees at the end of its last fiscal year, meaning the cuts represent a significant workforce reduction.
Visa’s move reflects a broader trend in 2026. More than 35 companies have announced layoffs this year, with over 165,000 employees laid off across the tech and financial sectors through mid-July, according to tracking data cited by sources including Business Insider. Efficiency and AI-driven automation have become common justifications for these reductions, as companies seek to cut costs while investing in emerging technologies.
The payments industry itself has been undergoing significant transformation. Visa has been positioning itself as a leader in AI-enabled commerce, announcing partnerships and capabilities designed to support agentic commerce and real-time payment innovations. The company’s push into stablecoins and cross-border digital payments reflects McInerney’s vision of a payments ecosystem shaped by artificial intelligence and blockchain technology.
Visa is scheduled to report quarterly earnings after market close on the day of the announcement, which may provide additional context on the company’s financial performance and strategic direction. The timing of the layoff announcement alongside earnings reporting is typical for large corporations seeking to reset market expectations and outline cost-saving initiatives.
Sources
- CNBC — CEO Ryan McInerney’s memo confirming 2,600 job cuts (7% of workforce), impact on technology and product teams, AI as significant but not sole driver, and reinvestment areas including affluent customers, cross-border payments, business remittances, and stablecoins
- Bloomberg — Confirmation of 2,600 job cuts representing 7% of workforce, primary impact on technology and product teams, CEO McInerney’s statement on efficiency and competitiveness
- Reuters — Confirmation of 7% workforce reduction (2,600 jobs) announced on July 28, 2026, and Visa’s efficiency push in a challenging industry
- Wall Street Journal — Confirmation of 2,600 job cuts (7% of workforce) as Visa adapts to changing payments industry
- Business Insider — Context on 2026 layoff trend: over 35 companies conducting layoffs, with AI and economic conditions cited as drivers
