Visa is cutting hundreds of Bay Area jobs while posting record profits and fighting a federal monopoly lawsuit. The payments giant filed layoff notices affecting 192 workers in San Mateo and 10 more at its Mission Bay headquarters.
The reductions follow an earlier round announced in early November. That first notice covered 91 Bay Area positions. Combined, the cuts have fallen heavily on upper management.
The first November document listed four senior vice presidents, 17 vice presidents, 17 senior directors and 17 directors among those let go. The latest filing shows two senior vice presidents, five vice presidents, 29 senior directors and 23 directors. Dozens of engineers and technical program managers also lost jobs in this newest round. Several affected workers have already turned to LinkedIn to search for new roles.
These WARN notices align with October reporting from the Wall Street Journal, which indicated Visa planned to eliminate roughly 1,400 employees and contractors before year end. About 1,000 of those positions sat in technology. A September SEC filing put Visa’s total workforce at approximately 31,600 people.
Company spokesperson Fletcher Cook confirmed the layoffs belong to the broader restructuring reported by the Journal. He declined to verify the 1,400 figure. Cook said departing staff would receive severance, counseling and outplacement help. He also claimed Visa expects to grow headcount over the coming years. Meanwhile, the numbers tell a different story. During fiscal 2024, which ended in September, Visa generated $19.7 billion in profit on $35.9 billion in revenue. Its market value has climbed nearly 20% since January, reaching roughly $603 billion.
The layoffs arrive as the Justice Department pursues a civil antitrust case against Visa. Federal prosecutors allege the company illegally maintains a monopoly in debit payments. Attorney General Merrick Garland has argued Visa forces higher costs on merchants and banks, costs that ultimately reach consumers. Visa CEO Ryan McInerney has called the suit meritless and vowed a vigorous defense. The company previously abandoned its planned merger with fintech startup Plaid in 2021 after another DOJ antitrust challenge.
