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Visa to cut 7% of workforce, eliminating about 2,600 jobs

Visa to cut 7% of workforce, eliminating about 2,600 jobs

The payments company reported higher quarterly revenue and said spending stayed resilient as it concentrates cuts in technology and product operations while reinvesting in cross-border payments, business remittances, stablecoins and expansion.

Fact Check
The originating Bloomberg report confirms Visa is cutting ~2,600 jobs (~7% of workforce), matching the headline claim exactly. Crypto Briefing corroborates both the figures and the strategic rationale of shifting toward consumer payments, money movement, and value-added services including stablecoins, cross-border payments, and B2B products — precisely mirroring the claim's content. Both sources attribute the cuts to CEO Ryan McInerney's efficiency drive via a staff memo.
    Reference: 12
Summary

Visa plans to cut about 2,600 jobs, or roughly 7% of its workforce, while reporting higher quarterly revenue backed by resilient consumer and business spending. The reductions are focused mostly on technology and product operations as the company streamlines operations and shifts resources toward growth areas including affluent customers, cross-border payments, business remittances, stablecoins and geographic expansion. Chief Executive Ryan McInerney said artificial intelligence is helping shape how work gets done at Visa, and a person with direct knowledge said AI was a significant factor in the layoffs, though not the only driver.

Terms & Concepts
  • stablecoins: Digital tokens designed to hold a steady value, often by being linked to a fiat currency such as the U.S. dollar.
  • cross-border payments: Money transfers between countries, an area where payment companies seek faster settlement and lower friction.
  • business remittances: Payments sent by companies, typically across entities or borders, for commercial activity rather than consumer use.