Industry Odisha Bureau, July 29: In latest news, Visa is set to lay off 7 percent of its global workforce, or about 2,600 jobs. This decision comes as the payments giant looks at improving efficiency and redirecting investments towards higher growth areas. The Visa job cut will mainly affect the company’s technology and product teams, official reports state.
The company said that the restructuring comes as part of a broader effort to simplify operations and position itself for future growth.
In a memo to employees, Visa CEO Ryan McLnerney said the company must continue evolving to stay ahead in the fast changing payments industry. He added, “We are focusing on driving efficiency across the company so we can reinvest in our highest potential opportunities.” He also said that Artificial Intelligence (AI) will play an important role in accelerating this transformation.
Other official reports also state that AI is only one factor behind the layoffs. The company is also reorganising its workforce and reallocating resources to support long term growth,
The announcement comes six months after Visa rival Mastercard announced its own job cuts. Earlier this year, Mastercard said it would cut about 4 percent of its workforce, while fintech firm Block announced plans to eliminate around 4,000 jobs.
