According to reports from Bloomberg, Visa has announced plans to reduce its workforce by 7%, affecting approximately 2,600 employees. CEO Ryan McInerney made the announcement on July 28 in a staff memo, stating that the company must "continue evolving how we work" to capture opportunities ahead. The layoffs come as part of a broader cost reduction strategy aimed at improving operational efficiency in the competitive payments industry. As reported by Bloomberg, the cuts will primarily affect the technology and product teams, with the company having approximately 34,100 employees at the end of its last fiscal year, more than triple from a decade earlier. The restructuring was announced on July 28, 2026. Following the announcement, Visa's stock edged 0.6% higher at market open, with retail sentiment around the firm rising to 'bullish' from 'neutral' territory over the past day, according to Stocktwits data.
As reported by Bloomberg, CEO Ryan McInerney emphasized that AI technology is accelerating work evolution at Visa and shaping how work gets done. In a memo to employees, McInerney pointed to advancements in artificial intelligence as a key factor reshaping how Visa operates, essentially acknowledging that AI can handle tasks that previously required human headcount. The CEO stated that "I have deep conviction that we are doing what is right for Visa, our clients and our partners as we continue to focus on driving efficiency across the company in order to reinvest in our highest potential opportunities." According to Bloomberg, while AI is used to reduce repetitive work and accelerate product development, it wasn't the only driver of Visa's decision. McInerney noted that "to capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work." The company believes it can do more with fewer engineers, likely by deploying AI tools that accelerate development cycles and reduce the need for large teams writing code or managing product roadmaps.
In a significant development, Visa's digital asset operations have been protected during the major restructuring, with none of the reported cuts appearing to touch the company's cryptocurrency or stablecoin operations. As reported by Bloomberg, the company continues to support multiple stablecoins as a mechanism for facilitating lower-cost transactions within its payment network. By reducing headcount in traditional tech roles while preserving digital asset teams, Visa is effectively reallocating its resource priorities toward growth engines rather than cost centers. This strategic decision validates the thesis that digital assets are migrating toward the financial mainstream, as Visa processes trillions of dollars in annual transactions and sees continued investment in stablecoin infrastructure as a key growth driver.
The workforce reduction at Visa follows a broader trend across the fintech sector, where companies have increasingly pointed to AI-driven productivity gains while reducing headcount. PayPal announced earlier this year that it would eliminate roughly 4,760 positions, or about 20% of its workforce. Block cut nearly 4,000 jobs, close to 40% of its staff, citing AI efficiencies. Meanwhile, Coinbase reduced its workforce by roughly 700 employees, representing about 14% of staff. However, as reported by Bloomberg, the reported 2,600 job cuts at Visa represent a meaningful restructuring but remain smaller than many of the reductions announced by other fintech companies this year. The firm is scheduled to report earnings after the bell on Tuesday, with Wall Street expecting earnings per share of $3.23 on revenue of $11.4 billion, as per Koyfin data.
