Visa plans to cut about 2,600 jobs, representing roughly 7% of its workforce, with AI cited as a significant but not sole factor. The company will redirect savings into growth areas such as affluent customers, cross-border activity and geographic expansion as it reports quarterly earnings the same day.
A person with direct knowledge told CNBC that AI played a significant role in the layoffs but was not the sole driver.
The cuts come as companies across financial and technology sectors use artificial intelligence to automate technical work such as software development.
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