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00:02Visa plans to cut about 7% of its workforce, eliminating roughly 2,600 positions,
00:09mostly in technology and product operations, according to a memo confirmed by CNBC.
00:14The cuts come as CEO Ryan McInerney streamlines the company and shifts investment toward growth
00:20areas. Impacted employees will begin receiving notifications on Tuesday. McInerney said,
00:26AI is helping reshape how work gets done at Visa. Although a person with direct knowledge said
00:31AI was not the only factor behind the layoffs. Visa plans to increase investment in affluent
00:36customers, cross-border activity, business payments, stable coins, and geographic expansion.
00:42For all things money, visit Benzinga.com.
