Visa just cut 2,600 jobs while announcing a $20B buyback. That's not a contradiction — it's the new corporate playbook.

Visa just eliminated 2,600 positions — 7% of its global workforce — while simultaneously authorizing a $20 billion share repurchase.

The cuts land hardest on technology and product teams.

CEO Ryan McInerney told employees AI is "helping to accelerate this evolution and shape the way work gets done at Visa."

But here is what the memo does not say.

Visa posted 17% net revenue growth last quarter. $6 billion in GAAP net income.

This is not a company in distress.

AI has boosted Visa's feature development speed by 65%. That means fewer engineers are needed to ship the same product velocity.

The remaining workforce will be smaller, more expensive, and expected to deliver output that AI cannot yet handle.

The $20B buyback tells you where the freed-up capital goes. Not into reskilling. Not into transition support. Into shareholder returns.

This is the new playbook: cut the builders, keep the revenue, return the savings to Wall Street.

Financial services is now the second wave. JPMorgan, Citi, Wells Fargo — all running the same playbook. AI efficiency gains used to justify leaner teams while earnings stay strong.

If you are in financial services and your role does not directly touch AI infrastructure or revenue generation, start reskilling now. The next round of cuts targets non-AI functions at every major institution.