Thread regarding VISA Inc. layoffs

@a9 this was the communication that made my jaw drop. It was a truly sad day at Visa. And yet the earnings email had such a smug, self-congratulatory tone with no mention of the layoffs and the people who contributed to this success leaving Visa — while those 7% still had email access. What an embarrassment. If we had any hopes that Al Kelly values were passed on to his protege, those are gone. That said, I am so proud of how we the employed have shown love to one another during this time. We get to define the culture too. We don’t speak ill of those who have left — so much talent left the room, including those who were incredibly busy on key projects. It does not make sense to those trying to decipher a rationale for the decisions. Though my manager says the decisions were not made lightly and a lot of thought was put into the choices, and that every effort was made to do right by the employees. I’ll have to take their word for it. Because it doesn’t make a ton of sense based on the comms. Our town hall was not reassuring AT ALL, and I kind of think it wasn’t intended to be. Hang in there everybody. 💙💛

@eq I want to call out the subtle and overt racism from respondents towards all the Indian/Asian/foreigner work visa - you’re a victim of capitalism and not because of H1B

More mass layoffs NOT coming within the next year, this wasn’t the start of monthly rounds thankfully, though I wouldn’t be surprised if a couple roles across departments are eliminated, but that’s common occurrence nowadays. This was confirmed directly from leadership in my orgs townhall.

@b1 and no mention or consideration for employees who are also share holders

So these nebulous "shareholders" expect Visa to operate like a big tech company while paying dog sh-t salaries. Such a joke that they plaster Visa all over events like F1 and Fifa World Cup but pay even lower than companies like Airwallex 🤡

@av yep. He pretty much said we should focus on our shareholders and their needs. I took it as focus on shareholders' pockets rather than our livelihoods.

Seeing him handling himself in his townhall, he is in over his head. Ryan too.

Am I incorrect in my interpretation of Rajat’s statement that layoffs happened because that’s what shareholders expect and they own the company so it’s our duty to give them what they want. I don’t think I’m off base when I say it sounded like he literally said that shareholders expect constant layoffs so we will provide that to them.

Middle to upper management can't clearly articulate the reasons for them, can't come across as caring, and clearly just care about the stock price. They keep bringing in outside people (mostly from where they worked before), the outside people never learn the job, and they are never held accountable for not producing the results and revenue that they promised. If I hear another "this is the year to build" and "next year we will get the results" messaging, I'm going to hurl.

Rajat's live Q/A am session went about how'd you expect. They had to block emoji reacts because people were spamming laugh reactions during his sad attempt at being empathetic to the layoffs. The questions got too hard for him so they started pre screening questions to save image, making sure to skip the tough ones that got through initially. When asked what the c-suite is going to do with the all time low morale amongst those who are left - his answer was he doesn't believe morale is low. So out of touch.. we should be happy with the layoffs apparently. When asked if more layoffs are coming, he wouldn't give a clear answer... so if you're still at Visa my advice would be prepare for the worst while you can. He also said the layoffs weren't because of AI as if Ryan didn't say that publicly... Lastly, he mentioned caring about the shareholders multiple times. I guess I missed the memo where "Obsess about Customers" became "Obsess about Shareholders". So sad about the people who were let go... We lost so many talented people, 30-40 years of service thrown to the curb. #TheyWereVisaToo

Before my call with HR, they still sent out the earnings call claiming they had a great financial year email when all the impacted employees still have access to outlook. What a heartless move. Made me lose respect for this company, they dont care about their employees. We are just names to them, disposable. Glad im out though. If not, i'll constantly be fearing for the next layoff. Seems its going to be a norm for Visa to layoff people.

Even hyped all of us up on the new SG office, had us vote for the new office furniture wow.

VAS, AP

Worse

How many 7% from C-Suite?