Visa is cutting 7% of employees in efficiency push as AI reshapes work

Visa plans to eliminate about 2,600 jobs, representing 7% of its workforce, as part of an efficiency push driven by artificial intelligence. CEO Ryan McInerney stated that AI is helping 'shape the way work gets done at Visa.' The cuts will primarily affect employees in technology and product operations roles.

Visa has been investing heavily in AI to automate tasks such as fraud detection, transaction processing, and customer support. The company expects the reductions to generate significant cost savings, though it did not provide a specific target.

This move reflects a growing trend among major financial firms to leverage AI for operational efficiency, often resulting in workforce reductions. The affected employees will receive severance packages and outplacement support, according to the company.