Chime and Visa Cut Thousands of Jobs Due to AI

Financial services firms Chime and Visa are reducing their workforces to increase operational efficiency and adapt to the rise of artificial intelligence. Chime is cutting 10% of its staff, affecting nearly 150 employees, as part of a strategy to create a flatter organizational structure with smaller teams.

Visa is eliminating approximately 2,600 positions, representing 7% of its global workforce. These cuts primarily target technology and product teams. While the company stated that AI is not the sole driver of the restructuring, it noted that the technology helps automate repetitive tasks, allowing the firm to redirect resources toward higher-growth opportunities.

These layoffs mirror a broader trend across the financial sector, with firms such as Block, Robinhood, and Mastercard implementing similar reductions to achieve AI-driven productivity gains.