Visa will eliminate around 2,600 positions, or roughly 7% of its workforce, as CEO Ryan McInerney pursues a broader effort to increase efficiency and reposition the payments giant for future growth, Bloomberg reported Tuesday. 

The cuts, outlined in a staff memo, will mainly impact technology and product employees.

McInerney said the layoffs are designed to make Visa more efficient while allowing the company to reinvest in its highest-priority growth areas. According to him, AI is an important tool for reducing repetitive work and speeding up product development, but the technology was not the primary reason for the workforce reduction.

As reported, Visa plans to direct investment toward consumer payments, commercial payment solutions, money movement services and value-added products, including stablecoin initiatives, cross-border payments and B2B services.