Visa lays off 7% of staff in renewed efficiency push
Ahead of reporting third-quarter earnings Tuesday, Visa announced it's laying off 7% of its workforce — roughly 2,600 people — as CEO Ryan McInerney pushes for greater efficiency. Technology and product teams were most impacted. In a memo to staff, McInerney cited a need to "focus on driving efficiency across the company in order to reinvest in our highest potential opportunities." Visa plans reinvestment in consumer payments, commercial and money-movement solutions and value-added services, including stablecoin. McInerney acknowledged that AI-related productivity gains factored in the layoff decision.
Visa announced it is laying off approximately 7% of its workforce ahead of reporting third-quarter earnings on Tuesday. The cuts will affect roughly 2,600 employees as CEO Ryan McInerney seeks greater operational efficiency.
Technology and product teams were among the most heavily impacted by the reductions. The company is streamlining these areas to improve overall performance.
In a memo to staff, McInerney explained the need to “focus on driving efficiency across the company in order to reinvest in our highest potential opportunities.” The restructuring aims to free up resources for strategic priorities.
Visa plans to reinvest in key growth areas, including consumer payments, commercial and money-movement solutions, and value-added services such as stablecoin. These sectors are seen as critical to the company’s future.
McInerney also acknowledged that AI-driven productivity gains played a role in the layoff decision. The company is leveraging artificial intelligence to operate more efficiently with a smaller workforce.
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