Global payments company Visa will cut 2,600 jobs, about 7% of its workforce, to respond to a rapidly changing payments industry. The move is seen as a reorganization to focus investment in growth areas as the market is reshaped by the spread of artificial intelligence (AI) and stablecoins. On the 28th, according to the Wall Street Journal (WSJ), Bloomberg, and others, Ryan McInerney, Visa chief executive officer (CEO), announced the layoff plan in an internal memo. The cuts will occur across all divisions but are expected to have the greatest impact on the technology and product organizations. McInerney said, "We must keep evolving how we work to seize future opportunities and ensure Visa remains positioned to lead the industry transition," adding, "The payments industry is at a once-in-a-lifetime inflection point, and AI is accelerating these changes." Visa unveiled the restructuring plan ahead of its quarterly earnings release. As of the end of the last fiscal year, Visa had about 34,100 employees. The company said savings will be reinvested in growth areas, including consumer payments, business-to-business (B2B) payments, money movement solutions, cross-border payments, and stablecoin-based services. Mastercard also said early this year it would cut about 4% of its workforce.