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PayPal plans phased layoffs, targeting about 20% of its workforce
PayPal has already cut about 4% in India, while reductions in Ireland total 164 employees, about 12% of the local workforce.
Digital payments firm PayPal Holdings is implementing sweeping layoffs as it works to simplify its global operations, with cuts reportedly starting in India in the Asia-Pacific region and then extending to Europe, the Middle East, and Africa, according to Yahoo Finance. Under CEO Enrique Lores, PayPal expects to reduce about 20% of its global workforce over the next two to three years. In India, the company reportedly cut about 4% of its local workforce, or roughly 220 employees, though an affected employee cited by Moneycontrol said around 600 people were let go.
The report also says PayPal is laying off dozens of employees in Israel and is cutting 164 employees in Ireland, about 12% of the Irish workforce. Yahoo Finance adds that the stock has faced pressure in part due to earlier takeover uncertainty tied to a failed bid involving Stripe and Advent International.
In that proposed transaction, Stripe and Advent International made an offer of $60.50 per share, about $53 billion, but PayPal management rebuffed the bid in search of better terms. Yahoo Finance notes the deal value was only a fraction of the $360 billion valuation PayPal had commanded in 2021, alongside the ongoing restructuring efforts.