Visa Cuts 2,600 Jobs: CEO Says AI Made These Roles Unnecessary, Stock Rises 2%
Visa just announced it is cutting 2,600 people — not because the business is struggling, but because it just posted record quarterly buybacks.
Three Key Takeaways
Seven percent of the workforce is being let go. Visa CEO Ryan McInerney confirmed the company will eliminate roughly 2,600 technology and product roles, about 7% of total headcount. Bloomberg first reported the layoffs on July 28. A WARN filing submitted on July 31 revealed further details: the Foster City headquarters alone is losing 320 people, including six vice presidents, 37 senior directors, and 16 chief engineer and architect-level executives. The cuts take effect August 15.
The savings go to AI and stablecoins. Visa explicitly stated that the payroll savings will be redirected to three areas: AI infrastructure, stablecoin settlement rails, and cross-border payment expansion. McInerney specifically highlighted the company's bet on "agentic AI" — systems capable of completing complex tasks with minimal human intervention.
Wall Street voted with its feet. Following the announcement, Visa shares rose approximately 2.1% in premarket trading. Investors clearly read the restructuring as a positive cost discipline signal, not a sign of deterioration. Earlier in 2026, Visa reported record quarterly shareholder returns and has authorized roughly $33 billion in total stock buyback capacity.
WangDou's Take
Visa did not lay off assembly-line workers. It laid off vice presidents and chief architects. That is the real story here. When people used to talk about AI replacing jobs, they pictured customer service reps, translators, and data entry clerks. Now Visa is telling you that senior technical managers earning $300,000–$400,000 a year are on the list too. The crueler detail: the company's financials are stellar, with $33 billion in buyback authorization sitting right there. The layoffs happened purely because "AI can do this now." Where did the savings go? Stablecoins and agentic AI — in other words, Visa is using the salaries of the people it just fired to build systems that will never need them. The stock went up 2%. That is probably the last number those 2,600 people wanted to hear.
Source: Bloomberg, TechTimes, HR Executive