The Digital payments pioneer is cutting 251 roles targeting high-earning management personnel and technical leads as part of an aggressive plan to reduce its global staff by 20%. The job terminations have been revealed in a Worker Adjustment and Retraining Notification (WARN) submitted to California’s Employment Development Department. PayPal is reportedly eliminating hundreds of positions at its corporate headquarters in San Jose, California.
Across its global footprint of roughly 23,800 workers, PayPal intends to eliminate approximately one-fifth of its total workforce, amounting to roughly 4,760 positions, to reign in operating costs and speed up its transition toward artificial intelligence (AI) tools, according to reporting by the Wall Street Journal. “The proposed staffing changes are part of our previously announced multi-year transformation to simplify our global operations, strengthen execution, and position the company for long-term growth. The San Jose cuts form a key part of an international contraction. Decisions like these are never easy. We recognize the impact they have on our employees and are committed to supporting them through this transition,” the spokesperson was quoted as saying.