SAN FRANCISCO, California: Visa plans to cut about seven percent of its global workforce, or roughly 2,600 jobs, as the payments giant steps up efforts to improve efficiency and redirect resources toward higher-growth areas, the company said on July 28.

The layoffs will primarily affect technology and product teams and come about six months after rival Mastercard announced a similar workforce reduction.

"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 to reinvest in our highest potential opportunities," CEO Ryan McInerney wrote in a staff memo, excerpts of which were confirmed by a company spokesperson.

McInerney said Visa must continue evolving its operations to capture growth opportunities and remain ahead of industry changes, with artificial intelligence playing an important role in accelerating that transformation.

The job cuts add to a broader trend across the technology and financial sectors, where companies are using AI to streamline operations while reassessing staffing needs. Earlier this year, Mastercard said it would reduce four percent of its global workforce as it shifted investments to new priorities, while fintech company Block announced plans to cut nearly 4,000 jobs.

Bloomberg News, which first reported Visa's layoffs, said AI had helped reduce repetitive tasks and speed product development but was not the sole reason behind the workforce reductions.

According to Visa's 2025 annual report, the company employed about 34,100 people during the fiscal year, an increase of eight percent from a year earlier.

"We don't view this as a material event, as it is just one of the best-run companies in the world tweaking headcount and costs and reallocating money and resources into areas of higher growth and returns," analysts at Evercore ISI said in a note.

Consumer spending remained resilient during the second quarter of 2026, a positive sign for the world's largest payments processor, whose business depends on transaction volumes rather than credit risk.

"As a result of the choices we have made over the past few years, we are entering a new era in commerce with a business that has real momentum," McInerney said in the memo.