Bengaluru’s Visa manager loses job in latest round of layoffs despite ‘outstanding performance reviews’

A Bengaluru’s Visa manager who secured ‘outstanding performance reviews’ lost his job in the latest round of layoffs, a former employee claimed on social media. This comes in the backdrop of Visa’s restructuring campaign as a part of which the payments processor decided to cut back its outlays. By reducing 7% of its global workforce, it seeks to improve efficiency.

Soon after world’s biggest payments network announced nearly 2,600 job cuts on 28 July, a former Visa employee, named Arnab Das, in a post on X shared the immediate impact. “Visa laid off some of my close friends. The worst part they laid off my manager yesterday and I don’t know how to verify my CV points. What a worst situation to be in,” the post said over Visa’s recent layoffs

In another post, he revealed that his entire product team at Visa got laid off. Arnab Das, who left his Visa job two months ago to join IIM Calcutta, wrote, “My entire team at Visa just got laid off including my manager. The guy had end-to-end ownership of the product, outstanding performance reviews every cycle, and was probably the last person you’d expect to be let go.” Appalled by the news, he added, “Feeling shocked. And strangely lucky that I left Visa.”

How did social media react?

A user wrote, “Layoffs have literally nothing to do with performance. When it comes down to cost cutting, 1st they look for redundant roles and then they target fat paychecks employees.”

Another user remarked, “Its a complete blood bath, everyone is so anxious. Don’t know what to do and what not to do as well. Can’t focus on work, I don’t know how they expect people to work under such circumstances.”

A third user stated, “There is tremendous pressure to demonstrate AI gains…dont think anyone can be certain about their role in US cos currently (sic).”

A fourth comment read, “Brutal. when they cut the guy with end-to-end ownership and perfect reviews you know it’s not about performance at all. Visa just confirmed 2,600 cuts – 7% – mostly tech and product. whole orgs getting wiped.”

A fifth user replied, “If a powerhouse like visa is laying off then i guess its a sign of things to come.”

CEO Ryan McInerney announces Visa layoffs

CEO Ryan McInerney wrote in a staff memo wrote, “I have deep conviction that we are doing what is right for Visa, our clients and our partners as we continue to focus on driving efficiency across the company in order to reinvest ​in our highest potential opportunities,” Reuters reported citing excerpts from the ​company spokesperson.

Hours after Visa began communicating the job cuts to its employees, the company reported a fiscal third-quarter profit that beat Wall Street estimates. According to Bloomberg report, adjusted net income for the three months through June rose 8% from a year earlier to $6.3 billion, or $3.32 a share.

The product-development teams of the San Francisco-based company, which used to number 10 or more, will be retooled into “smaller and more nimble” groups of two to four, McInerney told analysts.

Disclaimer: This report is based on user-generated content from social media. Livemint has not independently verified the claims and does not endorse them.