Visa to Cut 2,600 Jobs as AI Changes How Work Gets Done

Visa, the company behind the world's largest payments network, is cutting about 7% of its workforce. That means roughly 2,600 people will lose their jobs, according to a company memo confirmed by CNBC.

Visa is the business that helps process card payments when you buy something. It's a giant in the financial world, with about 34,100 employees at the end of its last fiscal year (the 12-month period a company uses for accounting).

Why is this happening? The company's CEO (chief executive officer, the top boss), Ryan McInerney, says Visa wants to become more efficient and put more money into areas where it sees future growth. A big part of the story is artificial intelligence (AI) — computer technology that can now do tasks that used to require humans, like writing software code.

Here are the key facts:

• About 2,600 jobs will be eliminated (roughly 7% of staff)
• Most cuts are in technology and product operations
• Affected employees will be contacted starting Tuesday
• AI played a "significant role" but wasn't the only reason

Where does Visa want to grow instead? The company plans to invest more in:

• Wealthy (affluent) customers
• Cross-border payments — money sent between different countries
• Business payments
• Stablecoins — a type of cryptocurrency designed to hold a steady value, often tied to the US dollar
• Expanding into new countries

This move is part of a bigger trend. Many companies in both finance and tech are using AI to automate work and cut costs, especially after hiring lots of people in recent years.

McInerney struck an upbeat tone in the memo, saying Visa is "entering a new era in commerce" with strong momentum, pointing to good financial results and happy clients.

The bottom line: Even a hugely successful company like Visa is reshaping its workforce as AI changes how modern jobs are done. Visa will report its latest quarterly earnings (a company's financial results every three months) after markets close on Tuesday.

This is an AI-generated summary. Read the original article at: https://www.cnbc.com/2026/07/28/visa-is-cutting-7percent-of-employees-in-efficiency-push-as-ai-reshapes-work.html