Thread regarding VISA Inc. layoffs

Good luck to Rajat and Rayan with their AI workers from laid off employee)) We were forced to put AI tags, that AI was written the code, not us from upper management. I guess they got a nice stats)).

Statements from Rajat T and Ryan makes the entire company employees in distress. No one is happy to be here with these kind of selfish money hungry management. People work hard to run this company and they treat employees like disposables. It’s a curse for the company with these kind of leaders. How anyone can work happily without making any mistakes with this kind of constant distress. Everyone I meet in Visa is depressed impacting their productivity and that affects their families as well. I wish these two gets fired first to save the legacy of the great company.

Fun Facts
Last updated: 4 September 2024 at 4:06pm EST
Rajat Taneja Net Worth

The estimated Net Worth of Rajat Taneja is at least $107 Million dollars as of 19 January 2024. Mr Taneja owns over 36,546 units of Visa Inc stock worth over $76,288,126 and over the last 13 years he sold V stock worth over $26,297,781. In addition, he makes $4,750,752 as Pres of Technology at Visa Inc.Mr Taneja V stock SEC Form 4 insiders trading
Mr has made over 32 trades of the Visa Inc stock since 2013, according to the Form 4 filled with the SEC. Most recently he exercised 36,546 units of V stock worth $2,953,648 on 19 January 2024.
The largest trade he's ever made was exercising 76,714 units of Visa Inc stock on 30 November 2019 worth over $21,783,707. On average, Mr trades about 15,193 units every 58 days since 2012. As of 19 January 2024 he still owns at least 268,658 units of Visa Inc stock.
Taneja President, Technology $20,057,691
Ryan McInerney Chief Executive Officer $22,599,942

I really do not understand how Rajat Taneja retains his job and compensation- he has a huge wealth of Visa shares yet knows nothing about the business, and is obsessed with uptime and security, he really sweats the small stuff too much rather than focusing on real strategic delivery of modernization of the creaking mainframe. Somebody suggested he must have compromising photos or info on senior people or something ! Very much like the fable of the emperor's new clothes... nobody wants to tell him he is na--d. When will this guy get found out?

Rajat just heard Jensen's podcast with Brad Gerstner and repeating something word for word.

Visa Has Deployed Hundreds of AI Use Cases. It’s Not Stopping.
‘Impatience is a virtue,’ said Visa’s president of technology, Rajat Taneja

By Isabelle Bousquette

Nov. 1, 2024 10:00 am ET
Rajat Taneja said Visa doesn’t invest in AI to displace talent. Photo: Vincent Isore/Zuma Press

Visa is leaning on staff to quickly drum up generative AI use cases even as the payments giant streamlines its international business and cuts jobs.

President of Technology Rajat Taneja said the company already has more than 500 generative artificial intelligence applications in use, the result of a go-fast strategy designed to reap the AI’s benefits sooner and keep pace with bad actors whose fraud methods are becoming more sophisticated.

“This is a time when I think we have to innovate very fast,” Taneja said.

At the same time, Visa is contending with a restructuring of its international business. The company plans to lay off around 1,400 employees and contractors by the end of the year, according to people familiar with the matter. Roughly 1,000 are technology positions, they said. Visa said it continuously evolves to better serve clients and support growth, “which can lead to the elimination of some roles.”“We don’t invest in AI to displace our talent; we invest in AI to help our employees be more productive, continue to protect consumers from fraud, and to drive consistent innovation in payments,” a spokesman said.

Visa’s flood-the-zone approach with AI apps comes as the appetite across the board for blind spending on AI has diminished. CEOs and boards are putting more pressure on seeing actual returns—which often are turning out not to be there.Thirty-seven percent of organizations surveyed in Gartner’s annual CIO and Technology Executive Survey this year said they are using generative AI in production, up from 9% last year.

Visa’s deployments include a tool that finds security bugs in code, chatbots designed to act as subject matter experts on various areas of the business and a tool that helps subscribers customize timings of their billing cycles.

Visa said it has invested $3.3 billion in AI and data infrastructure over the last 10 years.

Visa’s generative AI approach has pluses and minuses, said Gartner AI analyst Wh-t Andrews, adding that first movers quickly discover what works and what doesn’t. Those who wait will learn from the mistakes of others and be able to just tackle the projects with the highest probability of success. More than 60% of organizations are still in that second bucket, he said, but it isn’t clear yet which approach will pay more returns in the end.Gauging those returns on generative AI work can be a challenge, Taneja said. Apps designed to help catch fraud can show how many dollars of fraud they saved. One new AI tool is aimed at identifying enumeration attacks, which inflict $1.1 billion annually in fraud losses at the company. Others, like productivity apps, can come down to a judgment call over whether a saved 15 minutes within a given window is worth $10 to $20 a month.

Taneja said the key to moving fast is first putting in place a strong governance infrastructure, data protections and guardrails and then tapping involvement from teams across the business, rather than trying to put responsibility into the hands of a smaller group of AI experts.

“This is something that the collective organization has to embrace,” he said.

Taneja said his vision in the coming years is for Visa to have AI-generated digital employees that are overseen by human worker. Any given human employee could oversee, on average, eight to 10 AI employees that are trusted with a variety of tasks, he said.

Write to Isabelle Bousquette at isabelle.bousquette@wsj.com