PayPal Holdings says it plans to cut roughly 20% of its workforce over the next two to three years as it pursues a cost-reduction and turnaround effort under new CEO Enrique Lores. Bloomberg reports that the company’s headcount at the end of the year is about 23,800 employees, implying the planned reduction could eliminate more than 4,500 roles. PayPal also says the restructuring is intended to deliver at least $1.5 billion in savings during the same two-to-three-year period, according to a company statement referenced by Bloomberg. Reporting also ties the job cuts to Lores’s stated goal of simplifying operations, sharpening focus, and improving execution and cost structure. While Bloomberg’s account points to the scale of the cuts and the savings target, other coverage adds that Lores emphasizes concentrating investment on areas expected to have the greatest impact, including technology modernization. Some reporting notes that PayPal’s workforce has already been declining in recent years, indicating the new plan is part of an ongoing cost and staffing adjustment. Shares reportedly fall following the turnaround announcement, reflecting investor reaction to the new strategy.
PayPal Plans to Cut About 20% of Jobs as CEO Rolls Out Turnaround
PayPal Holdings says it plans to cut roughly 20% of its workforce over the next two to three years as it pursues a cost-reduction and turnaround effort under new CEO Enrique Lores. Bloomberg reports t...
- PayPal plans to cut about 20% of its workforce over the next two to three years.
- PayPal says the plan targets at least $1.5 billion in savings over the same period.
- The company’s workforce is about 23,800 employees as of year-end, implying more than 4,500 jobs could be eliminated.
- CEO Enrique Lores pursues a turnaround focused on simplifying operations and reducing the cost structure.
- Reporting indicates PayPal has already reduced headcount in recent years.
PayPal Holdings Inc. plans to cut around 20% of its workforce in the next two to three years, according to a person familiar with the matter, as new Chief Executive Officer Enrique Lores seeks to reduce costs and turn around the payments company. PayPal employed around 23,800 people at the end of the year, meaning a workforce reduction of that size could eliminate more than 4,500 jobs. It’s part of the company’s plan to realize at least $1.5 billion in savings over the next two to three years, according to a statement Tuesday. Bloomberg's Diksha Gera joins Bloomberg Intelligence to discuss. (Source: Bloomberg)
3 months agoPayPal Prepares Job Cuts As New CEO Takes "Deliberate Steps" In Turnaround Strategy PayPal shares fell 10% in the early U.S. cash session after CEO Enrique Lores began a turnaround effort aimed at "taking deliberate steps to sharpen focus and accelerate growth." Lores is pushing forward with a new turnaround plan that could generate at least $1.5 billion in savings for the struggling payment platform over the next two to three years. This will allow the company to reinvest in technology modernization. Lores said in an earnings release that PayPal needs to simplify operations, reduce its cost structure, and focus its investments: "I'm energized by the opportunity to improve execution and accelerate PayPal's growth. The company has valuable assets in our brands, technology, and team – and there is significant potential ahead of us. We are taking deliberate steps to sharpen our strategy, simplify our organization, and improve both our growth trajectory and cost structure by focusing our investments where we believe they will have the greatest impact. I am confident in our ability to put the company on a more durable path to long-term growth and shareholder value creation, and we are executing with urgency." Lores did not provide specifics on the scale of the coming job cuts, but Bloomberg data show that PayPal has already been trimming its workforce for several years. The headcount peaked at nearly 31,000 employees in 2021 and has since been reduced to 23,800 as of year-end 2025. Earlier, the Coinbase CEO announced plans to reduce the company's workforce by 14%, or about 700 employees. Block recently told investors it would eliminate 4,000 workers, nearly half of its workforce. We're confident the white-collar job apocalypse will only continue as AI agents replace human workers to streamline operations and trim costs. Whatever happened to Stripe's takeover plan of PayPal? Tyler Durden Tue, 05/05/2026 - 11:45
3 months ago
Nepal warns of more floods as Bhote Koshi water levels rise
Nepal issues fresh flood warnings as water levels rise in the Bhotekoshi (also spelled Bhote Koshi) River, urging reside...
Top 10 Indian firms’ market valuations diverge, with Bajaj Finance gains and HDFC Bank losses
India’s most-valued listed companies see wide swings in market capitalisation over the past week, with results varying s...
Warsh says Fed may need further action to counter persistent above-target inflation
Multiple outlets report that former Federal Reserve governor Kevin Warsh says the Fed still has work to do to fight infl...