Visa cuts 2,600 jobs, including 320 in California | Latest Tech News
Payment processing giant Visa lately performed a brutal layoff of 2,600 jobs — and not even top executives have been spared.
The San Francisco-based credit card titan filed a discover with California on July 31 revealing that 320 workers will lose their jobs at its Foster City campus.
The massacre hit properly past rank-and-file staff: The submitting reveals 37 senior administrators are being cut, along with 16 chief engineering and architect positions, as properly as dozens of senior software program engineers, researchers and other technical workers.
Visa’s latest layoffs eradicated practically 3,000 jobs, with the cuts affecting top executives making six-figure salaries. Getty Images
Six vice presidents also misplaced their jobs; LinkedIn job postings cited by SFGATE show those VP roles marketed salaries ranging from $235,700 to $458,000, excluding potential gross sales incentive funds.
The job cuts are half of the broader 2,600-job discount across the company, around a 7% discount, Bloomberg reported.
Ryan Mcinerney.
“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,” Visa CEO Ryan McInerney wrote.
“To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work,” he continued. “AI is also helping to accelerate this evolution and shape the way work gets done at Visa.”
Part of the layoff effort could possibly be fueled by Silicon Valley’s artificial intelligence growth, which many firms have turned to as a justification for needing fewer staff.
Visa had only lately announced its $2.4 billion money acquisition of BioCatch, an Israeli company specializing in AI-powered fraud detection. In an Aug. 3 news release, the acquired company said it is going to be in a position to detect fraud through AI analyzing keystrokes, contact gestures and other data.
“The acquisition of BioCatch complements Visa’s existing cyber, fraud, risk, and security solutions and is expected to help clients better protect themselves and their customers,” the news release said.
Visa lately announced its $2.4 billion money acquisition of BioCatch, an Israeli company specializing in AI-powered fraud detection. REUTERS
The fintech space goes through related layoffs. Mastercard said in January, when it announced it’s going to lay off 4% of its workforce to “refocus investments in other areas.”
The AI growth has had destructive penalties for the broader tech sector.
US tech employment had its worst start to the yr since 2023, with AI blamed for tens of 1000’s of brutal job cuts, according to a new report. The first three months of 2026 noticed 52,050 tech layoffs — a 40% leap from the same period last yr, govt teaching firm Challenger, Gray & Christmas said in a report revealed earlier in the yr.
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