PayPal to Cut 20% of Workforce Under CEO's Transformation Plan

PayPal Holdings Inc. plans to reduce its workforce by approximately 20% over the next two to three years as part of a cost-cutting and transformation strategy under new CEO Enrique Lores. According to a source familiar with the matter, the move is aimed at improving operational efficiency. With around 23,800 employees as of year-end, such a reduction could eliminate more than 4,500 positions. The company stated on Tuesday that this step is part of a plan targeting at least $1.5 billion in savings over the next two to three years. Bloomberg Intelligence analyst Diksha Gera noted that the decision reflects PayPal's efforts to reshape its cost structure and enhance competitiveness. The company aims to become more agile amid increasing competition and evolving dynamics in the payments industry. This is not investment advice.