3 weeks ago
Visa cuts 7% of workforce, cites agentic AI in layoffs
Visa is a big company that helps people pay with cards.
Visa said it will let go of about 2,600 workers around the world, which is about 7 out of every 100 employees.
The company's boss, Ryan McInerney, says smart computer programs called 'agentic AI' can now do many jobs people used to do.
Because of that, Visa needs fewer workers for some jobs.
We do not know yet how many workers in India will lose their jobs.
Visa has more than 3,500 workers in Indian cities like Bengaluru, Mumbai, Chennai, and Hyderabad.
Reports say some teams are losing many workers, even people who worked there for a long time.
Another card company, Mastercard, is also planning to cut jobs because of AI.
Visa announced it will reduce around 7% of its global workforce, affecting nearly 2,600 employees.
The company cited artificial intelligence, specifically the shift toward 'agentic AI' that can perform tasks with human supervision, as the key reason.
India-specific reduction numbers were not disclosed, though Visa employs over 3,500 people across Bengaluru, Mumbai, Chennai and Hyderabad.
Reports indicate significant cuts in some teams, including long-serving employees, with details such as 4 AM emails and notice period procedures.
Mastercard has also planned similar AI-related workforce reductions.
- Who
- Visa, led by CEO Ryan McInerney; Mastercard has also planned similar AI-related workforce reductions.
- What
- Visa announced it will reduce around 7% of its global workforce, affecting nearly 2,600 employees, citing artificial intelligence as the key reason.
- Where
- Globally, including India, where Visa employs over 3,500 people across Bengaluru, Mumbai, Chennai and Hyderabad.
- When
- Not specified in the article.
- Why
- The shift toward 'agentic AI,' which can perform tasks with human supervision, was cited as the key reason for the workforce reduction.
Key facts
- Company
- Visa
- Global workforce reduction
- Around 7%, affecting nearly 2,600 employees
- Key reason cited
- Artificial Intelligence ('agentic AI')
- CEO
- Ryan McInerney
- India workforce
- Over 3,500 employees across Bengaluru, Mumbai, Chennai and Hyderabad
- India-specific numbers
- Undisclosed
- Related development
- Mastercard planning similar AI-related workforce reductions
Sources
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