Visa Plans to Cut 7% of Workforce, Bloomberg Reports

3-line summary

• Visa plans to cut 7% of its workforce, or about 2,600 jobs, Bloomberg News reported, citing a staff memo.
• AI has helped cut repetitive tasks and speed up product development, though it was not the sole factor behind the decision, according to the report.
• Rival Mastercard earlier this year announced plans to lay off 4% of its global workforce, citing a need to refocus investments.

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