Posted on 08/05/2026 5:26:35 PM PDT by Libloather
Payment processing giant Visa recently conducted a brutal layoff of 2,600 jobs — and not even top executives were spared.
The San Francisco-based credit card titan filed a notice with California on July 31 revealing that 320 employees will lose their jobs at its Foster City campus.
The bloodbath hit well beyond rank-and-file workers: The filing shows 37 senior directors are being cut, along with 16 chief engineering and architect positions, as well as dozens of senior software engineers, researchers and other technical employees.
Six vice presidents also lost their jobs; LinkedIn job postings cited by SFGATE show those VP roles advertised salaries ranging from $235,700 to $458,000, excluding potential sales incentive payments.
The job cuts are part of the wider 2,600-job reduction across the company, around a 7% reduction, Bloomberg reported.
"I have deep conviction that we are doing what is right for Visa, our clients and our partners as we continue to focus on driving efficiency across the company in order to reinvest in our highest potential opportunities,” Visa CEO Ryan McInerney wrote.
“To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work,” he continued. “AI is also helping to accelerate this evolution and shape the way work gets done at Visa.”
(Excerpt) Read more at nypost.com ...
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Thirty-seven high earners making almost $500k annually losing their jobs at the same time translates to a lot of very painful downstream economic effects no one wants to talk about. Think about it.
A 7% reduction is a yawn not a brutal layoff.
Reminds me that my Visa and AMZ bills are larger than usual. Gotta check the mail and pay them right away. Always do. but tcurrent bills hurt more than usual.
Quite honestly, I was thinking big bank CEOs would be making millions per year, not $237,000….doesn’t sound like a “fat cat” to me…
I’m trying to wrap my head around losing a $458,000/year job. Sounds bad.
I don’t think visa is a bank ... maybe I’m wrong ...
Stock holders bid Visa down by 0.23% today.
It is a payment processing institution which licenses its brand and services to banks.
that is what I thought ... thanks ...
.
Yeah the S&P was down 0.17% today.
Bitcoin payment processes making an impact I see
Those kind of jobs can be hard to replace.
Worked at First Data Resources back in the 90s and they were a large credit card processor for merchants and the year I left, they started cutting the bottom 10%. They called it mowing the grass. Former colleagues said after review time, everyone started comparing marks in the hopes of determining who was on the chopping block so they could leave on their own accord.
Architects, software engineers? Just to put a out credit card?
Ha! In most cases, those idiots are the FIRST ones that should be thrown out the door.
They’ve got to free up money to pay for AI somewhere.
VP is a fairly low level position at a bank.
And to be clear, this isn’t a bank, although it was started by Bank of America in the 1950s, and rebranded as Visa in the 1970s. It was BankAmericaCard vs. MasterCharge in the early days, now it’s Visa against MasterCard. (Bank of America has both Visa and MasterCards for customers at this point. Captial One has that beat, however, as it has MasterCards, Visa Cards and Discover Cards. )
Just looked online. It appears that Bank of America’s BankAmericard offering is now MasterCard branded.
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