Visa plans to lay off approximately 2,600 employees, with plans to increase investment in stablecoins and other businesses.

July 28th, according to Bloomberg, payment giant Visa plans to lay off approximately 2,600 employees, accounting for 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 increase investment in consumer payments, commercial and money movement solutions, and value-added services; the latter includes stablecoins, cross-border payments, and business-to-business (B2B) operations. The company also stated that AI is helping it reduce repetitive tasks and accelerate product development, but it is not the sole reason for this round of layoffs.