Visa to Lay Off 1,400 Employees Amid Industry-Wide Downsizing

Visa has announced plans to lay off about 1,400 employees and contractors by year-end, focusing mainly on technology roles, aiming to streamline operations amid changing market demands. Despite the cuts, Visa plans to expand its workforce in the future. These layoffs highlight the challenges large corporations face in balancing operational efficiency with employee morale.

According to a report by the Wall Street Journal, Visa’s layoffs will primarily impact technology positions, with approximately 1,000 roles set to be cut. Additionally, the layoffs will extend to Visa's merchant sales and global digital partnership teams. While some layoffs reportedly occurred last week, Visa plans to retain certain employees in the global digital partnership teams until the end of the year.

A company spokesperson for Visa indicated that the company regularly adjusts its operational model to foster growth, which may necessitate the elimination of certain roles. Despite these cuts, Visa anticipates increasing its workforce in the long term. As of the end of fiscal year 2023, Visa globally employed approximately 28,800 people and is expected to report its fourth-quarter earnings soon.

As organizations like Microsoft, Xbox,, Cisco, and Intel reduce their workforces to streamline operations, concerns about job security have intensified. This climate of uncertainty leaves employees feeling vulnerable, while job seekers face a more competitive landscape with fewer opportunities.  

As reported by MBN , a Express Employment Professionals-Harris Poll survey reveals that nearly one-third of respondents worry about losing their jobs before finding new ones, up from 28% in fall 2023 and 24% in spring 2023. This study, which surveyed 1,002 adults, underscores the growing anxiety about employment stability and broader economic concerns.

To mitigate these fears, organizations must prioritize transparent communication and offer support resources to help employees navigate these challenging times. Ultimately, how companies respond to these layoffs will significantly impact employee morale and the overall health of the job market, according to Reuters.