Visa Slashes 7% of Workforce Amid AI-Driven Restructuring Efforts
Visa is undergoing significant restructuring to make its operations leaner and faster. In an effort led by CEO Ryan McInerney, the company will cut approximately 2,600 positions, about 7% of its workforce. This move primarily affects tech and product teams.
The company's decision to reduce headcount in traditional tech roles while preserving digital asset teams reflects a shift towards leveraging artificial intelligence to streamline work processes. McInerney pointed out that advancements in AI are reshaping how Visa operates, allowing the company to evolve its work processes by automating tasks previously requiring human labor.
Visa's continued investment in stablecoin infrastructure during this major restructuring is notable, particularly for the crypto market. The company's support of multiple stablecoins as a mechanism for facilitating lower-cost transactions within its payment network suggests that digital assets are increasingly being viewed as a growth engine rather than a cost center.