Morning Business Report: Visa plans 2,600 job cuts as AI reshapes operations

isa is planning to cut 2,600 jobs as the company moves to reshape its operations and increase its use of artificial intelligence.

(LILAMAX)- Visa is planning to cut 2,600 jobs as the company moves to reshape its operations and increase its use of artificial intelligence.

The company’s CEO says AI is playing a role in the cuts, with the technology expected to help accelerate product development and reduce repetitive work.

Meanwhile, OpenAI CEO Sam Altman is heading to Washington for meetings with top economic officials, including Treasury Secretary Scott Bessent. Altman is expected to preview new OpenAI models while facing questions about recent breaches and growing competition with China.

On Wall Street, semiconductor stocks continued to struggle as investors raised concerns about the rising cost of the AI boom. Markets are also awaiting the Federal Reserve’s latest decision on interest rates.

The Trump administration is expected to end a Medicare drug plan subsidy, according to The Wall Street Journal. The move could leave some seniors facing higher prescription coverage rates next year.

An administration official said the additional subsidies encouraged insurers to increase rates because the government would cover the added costs.

And a new survey suggests finances are playing a significant role in relationships, particularly among younger Americans.

The survey, commissioned by consumer finance app Current and conducted by Talker Research, found 40% of Gen Z respondents believe their finances have prevented them from finding “true love,” compared with 11% of baby boomers.

Eight in 10 Gen Z respondents also said salary can determine whether someone finds true love, while 15% of respondents overall said they have ended a relationship specifically because of financial circumstances.