Visa plans to cut 7% of workforce, Bloomberg News reports

Visa plans to cut 7% of workforce, Bloomberg News reports

Tue, July 28, 2026 at 3:46 PM GMT+3 1 min read

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July 28 (Reuters) - Visa plans to cut 7% of its workforce, or ‌about 2,600 jobs, Bloomberg News reported ‌on Tuesday, citing a staff memo, as the payments ​processor seeks to become more efficient in a challenging industry.

The job cuts will primarily affect technology and product teams, the ‌report said.

AI has ⁠helped cut repetitive tasks and speed up product development, but it ⁠was not the sole factor behind the decision, Bloomberg reported, citing a person ​familiar with ​the company's reasoning.

Visa ​did not immediately respond ‌to a Reuters request for comment. The company is set to report its quarterly results after the market close on Tuesday.

Earlier this year, peer Mastercard announced plans ‌to lay off 4% ​of its global workforce, ​citing the ​need to refocus investments in different ‌areas. Fintech firm Block ​also said ​in February it would cut nearly half its workforce, or 4,000 jobs.

Shares ​of the ‌company were up 2.2% in premarket trading.

(Reporting ​by Pritam Biswas in Bengaluru; ​Editing by Tasim Zahid)