An article summarized by Quartz:

Visa is cutting approximately 2,600 jobs, or about 7% of its workforce, as CEO Ryan McInerney looks to improve efficiency and strengthen the company's competitive position. The layoffs will primarily affect technology and product teams, with McInerney saying the changes are intended to free up resources for higher-growth areas.

The company plans to reinvest the savings into key businesses, including consumer payments, commercial payment solutions, money movement, and value-added services such as stablecoins, cross-border payments, and business-to-business products. McInerney said the restructuring is aimed at positioning Visa for long-term growth.

Artificial intelligence is also contributing to the company's transformation by automating routine tasks and speeding up product development, though Visa said AI was not the sole reason for the layoffs. The cuts come as other major payments companies, including Mastercard, Block, and PayPal, have also reduced their workforces amid broader efforts to improve efficiency.

For the article: https://qz.com/visa-layoffs-workforce-cuts-072826