PayPal laid off 251 employees at its San Jose headquarters as part of CEO Enrique Lores’s multiyear restructuring plan. The company intends to cut about 20% of its workforce — roughly 4,500 jobs — over the next two to three years to save around $1.5 billion, redirecting savings toward AI integration across the business. The cuts come amid declining net income and competitive pressure from Apple Pay, Google Pay, and reduced use of PayPal’s branded checkout.
