Payment processor Visa plans to reduce its workforce by around 7%, affecting about 2,600 employees, according to a Bloomberg report. The layoffs will mainly impact the company's technology and product teams.
Why is Visa cutting jobs?
Bloomberg reported that the payments giant said artificial intelligence (AI) is changing the way it operates, although the company stressed that AI is not the only reason behind the workforce reduction.
According to Bloomberg, chief executive Ryan McInerney, in a memo to his employees, said, "To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work.”
He also said, “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.”
