Visa announced layoffs affecting nearly 2,600 employees globally as part of a restructuring to prioritize artificial intelligence, according to livemint.com. The job cuts, communicated on July 29, impacted staff across levels, including senior executives earning up to ₹4.36 crore. The payments giant is shifting its operations to align with AI-driven strategies.
The layoffs were communicated via emails from Visa's human resources team in the early hours of July 29. A layoff notice filed in California confirmed the scale of the cuts at Visa's Foster City headquarters. The reduction extends beyond junior and mid-level employees, encompassing senior leadership roles as the company reallocates resources to AI initiatives, livemint.com reported.
This move by Visa reflects a broader trend in the payments and fintech sectors where companies are restructuring to integrate artificial intelligence technologies. The layoffs at Visa follow similar actions by other major firms aiming to optimize costs while investing in AI capabilities. The inclusion of high-earning senior executives highlights the depth of the organizational shift underway.
Visa's restructuring marks one of the largest job cuts in the payments industry this year, with 2,600 employees affected globally. The company’s focus on artificial intelligence signals a strategic pivot as it adapts to evolving technology demands and competitive pressures, according to livemint.com.