Visa Cuts 7% Of Workforce As AI Reshapes Operations
By CU Today Staff —
SAN FRANCISCO— Visa said artificial intelligence is allowing the payments giant to operate more efficiently and accelerate product development, helping support a restructuring that will eliminate about 2,600 jobs, or roughly 7% of its global workforce, primarily in technology and product teams, Reuters reported.
The comments came as the company reported stronger-than-expected quarterly results fueled by resilient consumer spending and increased cross-border travel.
Chief Executive Ryan McInerney told analysts AI is fundamentally changing how work gets done across the company, enabling faster product development and greater productivity as Visa reallocates resources toward higher-growth opportunities. While executives said AI was not the sole driver of the layoffs, they acknowledged the technology is helping reshape the workforce as the company adapts to rapid changes in the payments industry.
The workforce reduction comes as Visa continues investing heavily in AI, stablecoins and other emerging payment technologies. The company has said AI is becoming central to both its internal operations and future commerce strategy, with research released earlier this year highlighting the growing role of AI agents in making purchases and negotiating transactions on behalf of consumers and businesses.
Despite the job cuts, Visa posted adjusted third-quarter earnings of $3.32 per share on revenue of $11.63 billion, topping Wall Street expectations. Payment volume rose 10%, processed transactions increased 10% and cross-border volume climbed 13%.
Originally reported by CU Today.