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In a major shake-up, PayPal is planning to slash nearly 20% of its workforce over the next two to three years, sending shockwaves across the tech industry.
The move comes under new CEO Enrique Lores, who took charge recently and is already pushing aggressive cost-cutting measures to revive the struggling payments giant.
With around 23,800 employees on its rolls, the planned cuts could impact more than 4,500 jobs — a massive blow for workers.
The company is aiming to save at least $1.5 billion during this period as it tries to improve its financial performance.
PayPal has been facing increasing pressure in recent years due to slowing growth and rising competition in the fintech space.
The layoffs are part of a broader strategy to streamline operations and boost efficiency.
Interestingly, PayPal is not alone. Rival firm Coinbase has also announced job cuts, indicating a wider trend of downsizing in the fintech sector.
While the company hopes the move will strengthen its future, for thousands of employees, the coming months could bring uncertainty and tough decisions.
