Visa, the payments giant, plans to lay off around 2,600 employees, or about 7% of its global workforce, as it looks to streamline operations and improve efficiency while placing greater emphasis on artificial intelligence in its work processes.

A company spokesperson confirmed on Tuesday that the layoffs will mainly affect technology and product teams. In a memo to employees, CEO Ryan McInerney said the company must adapt to seize future opportunities and help lead a broader industry transformation.

McInerney said AI has been part of that shift by streamlining repetitive tasks and speeding up product development, though he said AI was not the only reason behind the decision.

According to Visa’s 2025 annual report, the company employed about 34,100 people, up 8% from the previous year. The planned workforce reduction would significantly lower that figure as Visa adjusts its headcount for a more automated operating environment.

The announcement came on the same day Visa was due to report quarterly results, with shares up about 1% in early trading.

Visa’s move fits into a wider wave of job cuts across financial technology and payments companies in 2026. Mastercard, Visa’s closest competitor, said earlier this year that it planned to cut 4% of its global workforce as part of a strategy to refocus investments.

Fintech company Block also announced in February that it would lay off nearly half its workforce, or about 4,000 jobs, in one of the sector’s largest restructurings this year.

Outside payments, the broader technology industry has also shed tens of thousands of jobs in 2026. Oracle confirmed a reduction of about 21,000 employees over its last financial year. LinkedIn cut 875 jobs despite posting 12% revenue growth. Meta said it planned to reduce headcount by 8,000 even as it surpassed $200 billion in annual revenue.

The pattern has been similar across companies: many remain profitable and continue to grow, while reorganising around AI-driven efficiency and reducing roles that the technology is beginning to absorb.

For Visa, which processes billions of transactions daily across more than 200 countries, the pressure to modernise its technology infrastructure is substantial. The payments industry is also facing increasing competition from real-time payment networks, crypto-based settlement systems, and fintech challengers operating with much smaller teams. Visa says becoming leaner while investing in AI-powered capabilities is its response to that competitive landscape.

Reuters