Visa, which runs the world’s largest payments network, plans to cut about 7% of its workforce as CEO Ryan McInerney moves to streamline the company and invest more in growth areas, according to a memo confirmed by CNBC.

The company plans to eliminate roughly 2,600 positions, mostly in its technology and product operations, according to the memo. CNBC confirmed the contents of the memo, which was reported earlier by Bloomberg, with a person with direct knowledge of the matter.

Impacted employees will start to be contacted on Tuesday for next steps and transition assistance, said the person.

“To capture the opportunities ahead and best position Visa to lead this transformation, we must continue evolving how we work,” McInerney wrote. “AI is also helping to accelerate this evolution and shape the way work gets done at Visa.”

The layoffs come as companies across the financial and technology sectors increasingly use artificial intelligence to automate technical work like software development, while seeking to rein in costs after years of rapid hiring. Visa had about 34,100 employees at the end of its last fiscal year.

While AI played a significant role in the layoffs, it wasn’t the sole driver, according to the person with direct knowledge of the matter, who declined to be identified speaking about the changes.

Visa wants to invest more in what it views as growth areas, including its emphasis on affluent customers, cross border activity, business payments, stablecoins and geographic expansion, said the person.

“As a result of the choices we have made over the past few years, we are entering a new era in commerce with a business that has real momentum,” McInerney wrote, citing good financial results and client satisfaction.  

Visa is scheduled to report quarterly earnings after the market closes Tuesday.