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Visa has announced that it will cut around 7% of its global workforce as part of a major business change. Reports indicate that the digital payments leader will eliminate around 2,600 jobs globally, bringing it into the limelight.
Generally, the wave of layoffs hits administrative, marketing, or support functions, but Visa’s layoffs will trim people from its core technology and product divisions. The employees most affected will be software engineers, platform architects, and digital product teams who build and maintain the company’s core services.
The company is not only trying to reduce costs, but it is also moving money from traditional software projects to AI development. In a memo, the CEO Ryan McInerney has noted that AI is helping to speed up this change and how work is done at Visa.
As AI tools become better at writing, testing, and reviewing code, companies no longer need as many people for routine coding work. Instead, they are looking for engineers who can build and manage AI-based systems.
The demand for software engineers is changing. Companies still need engineers, but they now want people with different skills. Most companies are now looking for people with knowledge of AI tools, prompt engineering, AI integration, and system design, a combination that is becoming more valuable than basic coding alone.
Many routine tasks can now be handled by AI. That’s why engineers who can work alongside AI are likely to have better career opportunities. Experts believe learning AI-related skills will become important for anyone planning to stay in the software industry.
Also Read: Microsoft Layoffs: Employees to Get Up to 39 Weeks’ Salary as Severance
Visa's latest layoffs show how fast the tech job market is changing. Companies are not stopping hiring completely. They are simply looking for a different set of skills.
For software engineers, this is a reminder to keep learning. Those who understand AI and know how to use it in real projects will be in a stronger position as the industry continues to change.
