BELLEVUE, Wash. — Visa announced it is laying off 70 workers at its downtown Bellevue office this fall.
The jobs affected range from directors to lead engineers to senior employees, according to the Worker Employment and Retraining Notification (WARN). Two vice presidents were additionally laid off from the Bellevue office. The layoffs kick in Oct. 1.
According to The Puget Sound Business Journal, the move is part of a broader reduction of approximately 2,600 jobs worldwide — equivalent to 7% of its workforce.
The layoffs come as AI helps reshape how Visa gets its work done, as the company focuses on efficiency and future growth.
“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 said, according to a company memo obtained by Bloomberg. “To capture the opportunities ahead and best position to lead this transformation, we must continue evolving how we work.”
From Cisco to Block, more companies are pointing to AI when unveiling job cuts
Layoffs have been piling up recently, especially in the tech world. And the words “artificial intelligence” are accompanying more and more notices about the cuts.
That’s unnerving workers across sectors, with many fearing what the rapid adoption of AI will mean for their job prospects. Even if AI isn’t replacing people directly, some businesses have announced reductions as they redirect money to the technology or tout new ways to streamline operations — raising alarm about what might be left over for payrolls and future openings.
But corporate explanations are often very vague. AI is rarely the sole reason companies cite when taking layoffs, with most still pointing to wider corporate restructuring or macroeconomic headwinds. Some executives have also suggested that, while they’re making cuts to move around resources now, AI and its demand could open up new roles down the road. Still, it’s hard to know if that’s the real driver or just the message a business wants to tell Wall Street.
Regardless, here are some companies that have announced layoffs recently while at least nodding to the role of AI along the way.
Contributing: The Associated Press