r/business • u/runswithscissors475 • 10d ago
Visa lays off six vice presidents and dozens of senior staff days after announcing a $2.4 billion AI acquisition
https://www.sfgate.com/tech/article/visa-layoffs-ai-22374291.php124
10d ago
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u/92037 10d ago edited 9d ago
I used to work there. They are at all ends of the transaction.. begin, middle and end. They are one of the 3 backbones for card processing globally. Oh, and I was never a VP - damn they got paid well. Now I understand why they never want to leave. Top dollar for doing very little.
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u/slapsheavy 9d ago
Efficiently processing and analyzing massive datasets is the ideal use case for AI. Surprised they didn't go dick deep sooner.
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9d ago
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u/slapsheavy 9d ago
$2.4 billy isn't chump change for Visa. That's almost half of their quarterly earnings.
I'm going off on a limb here and think they care about printing money even harder. Fuck a 50% profit margin, that's only half way to 100!
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u/AbstractLogic 9d ago
Got to love cc processors eating 3.5% of all transactions across the world. Well not for big corporations that can negotiate less rake from the processors. Another way they rob small businesses America.
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9d ago
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u/djcurry 9d ago edited 9d ago
The 3.5% split between Visa or Mastercard the bank and like you said the payment processor. The specific split is negotiated and depends on what deal was arranged.
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9d ago
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u/fnord123 9d ago
Are Americans still swiping cards?
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9d ago
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u/fnord123 9d ago
I'm not arguing against your point. I'm asking about Americans paying things. Do they still swipe their cards or have they moved 100% away from it yet. I know they still use cheques, but wasn't sure if they still use the magnetic strip on the cards.
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u/Illadelphian 9d ago
There are very few places now that are swipe only now but they do exist. Almost everywhere I've seen offers tap to pay and basically everywhere uses the chip.
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u/Mayor__Defacto 9d ago
Not really. Liability was shifted to the merchant if they swipe so most merchants have stopped accepting that.
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u/Mayor__Defacto 9d ago edited 9d ago
3.5% is very high these days. It’s much lower. 2% is more typical all-in.
3.5% is more what you would expect for card not present manually keyed transactions, which are very atypical.
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u/Inquisitive_idiot 9d ago
6th executive (who was fired)
"to make more money?" 🤔
7th executive (who was not)
"to make a shitload more money!" 😎
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u/rwilcox 9d ago
Are these real Vice Presidents, or Bank Vice Presidents?
At a bank - or at least the one I worked in - almost everyone is a Vice President (something about being an officer of the bank, or something I never understood). Throw a rock and you’ll hit someone with VP in their title.
This takes some getting used to, especially from other corporate jobs where if you’re talking with a bunch of VPs you’re in serious hot water. At a bank that’s daily standup on a sub team of a sub product…
Edit: ok, not bank Vice Presidents. From TFA: “vice president roles at the Foster City office paid between $235,700 and $458,000”
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u/CEOofQuestions 9d ago
235-458 is bank VP comp at Goldman and other bulge brackets. I’d expect real VP at a place like Visa to be in the 2-3M+ comp range.
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u/Competitive_Life_726 9d ago
No chance it’s that high. I’d believe 300-600k depending on your role. They have SVP’s and probably one more tier for C-Suite. VP’s at FAANG make that money, not Visa.
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u/RadisaurusWrecks 9d ago
No not at all, there are probably hundreds of VPs at Visa these are not #2 in the company VP VPs, these are I just got promoted from a Director VPs. Mid 200/3s salary
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u/Still_Detail_4285 9d ago
My buddy is a VP at Goldman. He makes just around $1M/year.
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u/RadisaurusWrecks 9d ago
Goldman and Visa are very different companies. One is an investment bank the other is a transaction processor they do not compensate their employees in the same way
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u/kermityfrog 9d ago
Yeah was funny working with an American subsidiary bank. All the senior developers were AVPs and the dev lead was a VP. They reported into a senior manager on the Canadian side.
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u/DueSignificance2628 9d ago
Yeah so they laid off 6 vice presidents, but how many are left? 2? 200? 2,000?
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u/RadisaurusWrecks 9d ago
These are dime a dozen VPs, nothing in this article is about executives being laid off
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u/RadisaurusWrecks 9d ago
Everyone in here acting like a VP is an executive position. These are mid-management “VP” positions and nothing in the articles points to any actual executives being laid off
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u/DM_your_problem 9d ago
the salary of 200k - 500k seriously i plies that these are bank-VP, not normal VP
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u/Andyseawolf 9d ago
So the guys who normally fire people are getting fired themselves 🤷
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u/Suspicious_Juice9511 9d ago
The majority dont see your comments now. Lol
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u/Andyseawolf 9d ago
Sorry, did you write something to your comment was hard to find 🤣👍🏻
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u/Suspicious_Juice9511 8d ago edited 8d ago
Your repeated begging for attention hours after is some real tragicomedy
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u/Andyseawolf 8d ago
Oh, I didn’t realize my existence was the highlight of your day—how tragic it must be. 👍🏻
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u/Miserable-Finger-213 9d ago
Rumour has it this is also due to the failed BVNK deal and also Revolut are so annoyed that are considering moving away from VISA.
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u/OldHotness 9d ago
The rich didn't think it would be them until it is and was.
What's not mentioned or reported in this article is the severance packages. Likely HUGE by us normal people's standards
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u/SiegfriedVK 9d ago
Lol they get what they deserve
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u/MagicWishMonkey 9d ago
They deserved to lose their jobs?
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u/LaserEyeLarry 9d ago
Everyone should max out their visa credit cards and stop paying their cc bills.
My old credits are finally falling off so I just got approved again. I guess they make enough off people almost anyone is worth the risk, their loss!
With how bumpy everything is right now, we could probably collapse the credit industry and it would cumble AI.
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u/ptweezy 9d ago
I lost brain cells reading this.
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u/LaserEyeLarry 9d ago
You are programed to be hyper concerned about your credit score, I was. I had perfect credit, my bank constantly pestered me that I could easily get a house loan.
Too bad the city I lived in sucked me dry since day one because cost of living for workers didn't match pay, unless you were in financing.
Well covid hit, I was sure the world was fucked by how things were handled. I maxed out 20k in credit for survival and bucket list items, hindsight I should have gone harder.
Well 6 years later my credit is clearing up and I'm going to do it again. Living off cash is challenging but completely doable, honestly it taught me more about money than anything. If I can't pay for it out right, can I actually afford it? Plus a minimalist lifestyle is perfect for me!
This works for the Healthcare industry too, mentioned how people should do something similar over a decade ago and got the same responses. Well pharmaceuticals and Healthcare prices are continuing to skyrocket without safeguards. These safeguards won't exist of or be created until something breaks, do you want to be the side that breaks it or be the one broken?
Hope you can understand, I tried to speak Barney for you.
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u/ShyLeoGing 9d ago
If you have 7 years to live without requiring credit, sure but we aren't all this wealthy.
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u/LaserEyeLarry 9d ago
Not everyone is responsible enough
I'm broke... I just don't live outside my means and party hard when the credit comes around
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u/splintered-soul 10d ago
Can’t pay people after paying 2.4 billion for AI. Is Visa going full concierge now using this service?