From the article "To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work," McInerney wrote. "AI is also helping to accelerate this evolution and shape the way work gets done at Visa." The layoffs come as companies across the financial and technology sectors increasingly use artificial intelligence to automate technical work like software development, while seeking to rein in costs after years of rapid hiring. Visa had about 34,100 employees at the end of its last fiscal year. While AI played a significant role in the layoffs, it wasn't the sole driver, according to the person with direct knowledge of the matter, who declined to be identified speaking about the changes.