Ryan McInerney plans to cut 7% of Visa's workforce to streamline operations and invest in growth areas.
Ryan McInerney, CEO of Visa, plans to eliminate approximately 2,600 positions, representing a 7% reduction in the company's workforce. The layoffs will primarily affect technology and product operations as the company seeks to streamline its structure and invest in key growth areas such as stablecoins and geographic expansion. McInerney stated that the company must continue evolving how it works to capture future opportunities, noting that artificial intelligence is helping to accelerate this transformation. While AI is a significant driver of the automation of technical work, it is not the sole reason for the cost-cutting measures. Visa currently employs about 34,100 people. Impacted employees will begin receiving transition assistance starting Tuesday. The company is issued a quarterly earnings report after the market closes on Tuesday.