0 months ago
Visa layoffs hit 2,600 employees, senior executives in AI push
Visa is a company that helps people pay for things with their credit and debit cards.
Visa decided to let go of almost 2,600 people who work for it.
That is about 7 out of every 100 Visa workers around the world.
The company wants to use artificial intelligence, which is smart computer technology that can do tasks people used to do.
Even important leaders lost their jobs, not just regular workers.
Some of those leaders were earning as much as ₹4.36 crore per year.
Workers found out in the early morning when they got emails from the human resources team.
Visa's boss, Ryan McInerney, said the changes will help the company work better.
Visa thinks that in the future, AI helpers will shop and pay for things for people.
Visa hopes this 'agentic commerce' will help the company grow.
Visa is cutting nearly 2,600 jobs, about 7% of its global workforce, as it restructures around artificial intelligence.
The cuts reached senior leadership: six vice presidents, 37 senior directors and 16 chief engineering and architect roles in Foster City.
A WARN notice filed July 31 shows 320 employees affected at Visa's Foster City headquarters across multiple business functions.
CEO Ryan McInerney said most cuts are in technology and product teams as Visa enters the 'era of agentic AI.'
Visa said agentic commerce, where AI agents research, compare, negotiate and buy on behalf of consumers, will fuel future growth.
- Who
- Visa CEO Ryan McInerney and nearly 2,600 employees, including vice presidents, senior directors and senior technical staff.
- What
- Visa is eliminating about 7% of its global workforce to restructure its operations around artificial intelligence.
- Where
- Visa's Foster City headquarters in California, with the cuts also affecting its global workforce.
- When
- Emails about the cuts arrived in the early hours of July 29; a WARN notice was filed on July 31.
- Why
- To improve efficiency and position Visa for growth in what its CEO calls the 'era of agentic AI.'
Key facts
- Company
- Visa
- Employees affected
- Nearly 2,600 (about 7% of global workforce)
- Foster City layoffs (WARN notice)
- 320 employees
- Senior roles cut in Foster City
- 6 vice presidents, 37 senior directors, 16 chief engineering and architect roles
- Vice president salary range
- $235,700–$458,000 (₹2.24 crore–₹4.36 crore)
- CEO
- Ryan McInerney
- Reason for cuts
- AI-driven restructuring and a shift toward 'agentic AI'
- WARN notice filed
- July 31
Quotes
Chief Executive Officer Ryan McInerney
CEO of Visa
“Today, we announced that we are eliminating roles, with the majority being in our technology and product teams, to ensure that we are continuing to position Visa for future growth. Now, as we enter the era of agentic AI, we are going beyond AI assistance and harnessing the power of AI to execute work and tasks with our supervision.”
livemint.com
Sources
Related news
Visa Cuts 2,600 Jobs Amid AI Push, India Employees Shocked
Visa cuts 7% of workforce, cites agentic AI in layoffs
Global Tech Sector Records Over 1.63 Lakh Layoffs in 2026
Apple Cuts Over 200 Jobs in Siri, Vision Pro Reshuffle
Salesforce Cuts 4,000 Support Jobs As AI-Driven Layoffs Near 50,000
66% of India's AI workers expect layoffs within six months
New-Age Indian Stocks Rally, But Analysts See Uneven Upside
HDFC Bank Trading Slumps to Six-Month Low as Funds Buy
Apple Watch Series 12 Reportedly Gains New Health Features
iPhone 18 Pro India Launch: Expected Price and Upgrades
Tim Cook’s Pay and Wealth Trail Elon Musk’s
