Visa to cut 2,600 jobs, 7% of workforce, in tech and product revamp
Visa plans to cut approximately 2,600 positions, representing around 7% of its entire workforce, as CEO Ryan McInerney aims to enhance the company's competitiveness. According to a memo to employees obtained by Bloomberg, the reductions will primarily impact technology and product teams. These layoffs are part of a larger restructuring initiative designed to optimize operations and concentrate on essential growth sectors.
Key facts
- Visa is cutting about 2,600 jobs.
- The layoffs represent approximately 7% of Visa's total workforce.
- CEO Ryan McInerney announced the cuts in a staff memo on Tuesday.
- The reductions will target technology and product teams.
- The move aims to make Visa more competitive.
- Bloomberg reviewed the internal memo.
- The layoffs are part of a broader restructuring.
- Visa's stock ticker is $V.
Entities
Institutions
- Visa
- Bloomberg
Sources
- Quartz —