Visa plans to cut about 2,600 jobs while ramping up stablecoin and other businesses

Odaily Planet Daily News: Payment giant Visa plans to cut approximately 2,600 positions, about 7% of its total workforce, primarily affecting its technology and product teams. Visa CEO Ryan McInerney stated that the move aims to improve operational efficiency and reallocate resources to high-potential businesses. Visa plans to bolster consumer payments, commerce and money movement solutions, and value-added services; the latter includes stablecoins, cross-border payments, and business-to-business operations. The company also indicated that AI is helping it reduce repetitive work and accelerate product development, but it is not the sole reason for this round of layoffs.