Visa Plans To Cut 1,400 Roles

Visa is reportedly planning to cut approximately 1,400 roles across its workforce, focusing primarily on technology, merchant sales, and global digital partnerships. The Wall Street Journal initially reported that about 1,000 of the affected positions are within Visa’s tech division, while others are in international sales and partnership roles. Some layoffs began a week before the news surfaced, with Visa encouraging affected employees to apply for other open positions within the company. According to a Visa spokesperson cited by Reuters, the company aims to refine its operational model to drive growth, which sometimes necessitates workforce adjustments. Despite these reductions, Visa plans to continue hiring annually based on strategic needs.

Visa is also currently grappling with legal challenges. In September 2024, the U.S. Department of Justice filed an antitrust lawsuit against Visa, accusing it of monopolistic practices in the debit card market, including inflated fees and restrictive competition practices. Filed in the U.S. District Court for the Southern District of New York, the lawsuit claims Visa holds over 60 per cent of the U.S. debit market, allowing it to charge higher fees than it might in a more competitive environment. Allegations also suggest that Visa’s pricing practices drive up costs for consumers, prompting the Justice Department to push for market reforms and protections for U.S. consumers and merchants.