Texas Border Business
Texas Border Business
Visa plans to reduce its global workforce by about 7%, or approximately 2,600 employees, as the company restructures parts of its business and redirects investment toward strategic growth initiatives, according to reports by CNBC and Bloomberg based on an internal company memo.
Bloomberg first reported the planned layoffs. CNBC later confirmed the contents of the memo with a person familiar with the matter.
According to CNBC, the workforce reductions are expected to affect employees primarily in the company’s technology and product operations teams. Employees impacted by the decision were expected to receive notification Tuesday along with information about transition assistance.
In the memo, Visa Chief Executive Officer Ryan McInerney said the company is adapting its operations to prepare for future opportunities.
“AI is also helping to accelerate this evolution and shape the way work gets done at Visa,” McInerney wrote, according to CNBC.
CNBC reported, citing a person familiar with the company’s plans, that artificial intelligence was an important factor in the restructuring but not the sole reason for the layoffs. The report said the workforce reduction also reflects broader efforts across the financial and technology sectors to improve efficiency while investing in new areas of growth.
Visa reported approximately 34,100 employees at the end of its most recent fiscal year. Based on that figure, the planned reduction represents about 7% of its workforce, CNBC reported.
According to CNBC, the company intends to increase investment in several strategic priorities, including services for affluent consumers, cross-border payments, business payments, remittances, stablecoin initiatives and geographic expansion.
McInerney also wrote that Visa is entering “a new era in commerce,” according to CNBC, pointing to the company’s recent financial performance and customer satisfaction as evidence of continued momentum.
Sources: CNBC and Bloomberg.
