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)
