The company is making the cuts to reinvest in consumer payments, commercial and money movement solutions, and value-added services such as stablecoin, cross-border and B2B offerings, according to the report.
“I have deep conviction that we are doing what is right for Visa, our clients and our partners as we continue to focus on driving efficiency across the company in order to reinvest in our highest potential opportunities,” McInerney said in the memo, per the report.
Visa’s cuts were enabled in part by artificial intelligence, which has reduced repetitive work and accelerated product development. McInerney said in the memo that AI is shaping “the way work gets done at Visa,” per the report.
Reached by PYMNTS, Visa confirmed the accuracy of the report.
Visa is set to announce its third-quarter financial results Tuesday after market close.
During Visa’s previous earnings call, which was held in April, the company reported results that showed it was still getting plenty of lift from card spending while pushing deeper into stablecoins, blockchain and AI-driven commerce, PYMNTS reported at the time.
McInerney said during the call that “stablecoins and blockchain are significant opportunities,” that “we’ve established Visa’s role as a key interoperability layer between this powerful infrastructure and real-world solutions for users,” and that consumer, commercial and money movement flows continue to advance in parallel.
Since that call, Visa has added five more blockchains to its global stablecoin settlement pilot; expanded its agentic payments program, Agentic Ready, to clients in Latin America and the Asia-Pacific region; expanded its Commercial Solutions Hub to help issuers and suppliers scale virtual card programs; and partnered with OpenAI to make it easier for developers and merchants to accept Visa payments initiated by AI agents.
It was reported in October 2024 that Visa was laying off 1,400 employees and contractors, including about 1,000 in technology positions, in an effort to streamline its international business. At the time, the company had over 30,000 employees worldwide.
