Visa and McKinsey Cut Jobs Amid AI Efficiency Push

Major corporations are implementing workforce reductions to accelerate the integration of artificial intelligence. Visa Inc. is cutting approximately 7% of its staff to improve efficiency, a move CEO Ryan McInerney attributed to AI shaping how work is executed.

Similarly, McKinsey & Co. eliminated about 200 global technology roles to automate internal functions. Global Managing Partner Bob Sternfels stated the firm is prioritizing client-facing hires while reducing headcount in non-client-facing areas, noting that technology will leverage remaining staff in those roles.

These cuts align with a broader corporate trend where companies like Amazon, Intel, and Microsoft have reduced staff to redirect capital toward AI spending. This shift occurs as global financial markets face volatility, with investors rotating out of AI-linked equities despite companies like Apple briefly reaching a $5 trillion market capitalization.