Visa to cut 7 percent of its workforce, about 2,600 jobs

Payments company Visa said on Tuesday, 28 July 2026 (6 Mordad 1405), that it is eliminating roughly 2,600 jobs, or about 7 percent of its total workforce. According to reports, the cuts fall mainly on technology and product teams. Visa had roughly 34,100 employees at the end of its most recent fiscal year.

Visa Chief Executive Ryan McInerney wrote in a memo to staff: "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." According to those reports, the freed up capital is expected to flow back into areas such as consumer payments, commercial and money movement solutions, and value added services, a category that spans stablecoin, cross border and business to business products.

The decision was announced on the same day Visa published its fiscal third quarter 2026 results, with net revenue of $11.6 billion. Visa's services are not available in Iran and the move has no direct effect on the domestic market; its significance for an Iranian reader lies in what it shows about how the global payments industry is reshaping its workforce under pressure from automation and artificial intelligence.