NEWS REFERENCE
According to a report by Reuters, published on July 28, 2026, Visa is cutting approximately 2,600 jobs — 7% of its global workforce. The cuts primarily affect technology and product teams. CEO Ryan McInerney stated the decision is about driving efficiency and reinvesting in higher-potential opportunities, with AI playing a key role in accelerating the shift. Visa reported a market capitalization of over $683 billion at the time of the announcement.
What This Means For Canadian Employees
Visa is a profitable, well-capitalized company cutting jobs to become more efficient — not because it is in financial trouble. Under Canadian employment law, that distinction makes no difference to what you are owed. A termination without cause is a termination without cause, regardless of the company’s balance sheet.
What You Are Entitled To
ESA termination pay — One week per year of service, up to 8 weeks.
ESA severance pay — Visa’s payroll far exceeds Ontario’s $2.5 million threshold. With 5 or more years of service, you are entitled to one additional week per year, up to 26 weeks — on top of termination pay.
Common law reasonable notice — For technology and product professionals, courts consider your age, seniority, length of service, and how difficult it is to find comparable work in a contracting fintech sector. This can reach 12 to 18 months or more for senior or long-service employees.
Bonus and equity — Any bonuses near-earned and stock or RSUs that would have vested during your notice period are part of your entitlement. These are routinely left out of first offers.
What To Do Right Now
1/ Do not sign anything immediately — the release Visa provides ends all future legal claims
2/ Check your employment contract — termination clauses are frequently unenforceable
3/ Account for all compensation — base pay, bonus, equity, and benefits all count
4/ Apply for EI at Service Canada — do not wait for severance negotiations to conclude
5/ Get legal advice before accepting or signing anything
The bottom line: Visa’s stock went up on the news of these layoffs. The company is in a strong financial position and legally obligated to compensate Canadian employees properly. The first offer is rarely the full entitlement. Know what you are owed before you sign anything.
