Visa is cutting 2,600 jobs, or about 7% of its workforce, as it works to adapt to the rapidly changing payments industry.

Chief Executive Ryan McInerney said in a memo to employees that most of the roles affected would be on technology and product teams, but that there would be cuts across the organization. He said technology trends are creating "a once-in-lifetime inflection point in payments" that is changing how money moves around the world.

"To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work," he wrote in a memo viewed by The Wall Street Journal.

He said AI is helping to accelerate the evolution and shaping "the way work gets done at Visa."

Visa joins a bevy of other large companies that have looked to slim down their organizations and gain more efficiency from AI. The likes of Intuit, Cisco and Facebook-parent Meta have announced cuts in the last several months, citing AI.

Visa is set to report its quarterly earnings after the market close.