PayPal cuts 220 India jobs as part restructuring plan announced earlier

PayPal has cut roughly 220 jobs in India as part of the payments firm’s broader, multi-year ​turnaround plan laid out earlier this year, a ​person familiar with the matter told Reuters on Thursday.

Here are some ‌more details:

• “The recent 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,” a PayPal spokesperson said in an emailed statement.

• The firm has outlined extensive cost-saving measures this year under newly appointed CEO, Enrique Lores, as it seeks to sharpen its competitive position in the crowded payments market.

• PayPal has set a target of achieving $400 million in cost savings by ‌year-end and at least $1.5 billion over the next two to three years.

• Among the initiatives are plans to reduce organizational layers, improve productivity and integrate AI and automation across the business.

• It joins a growing list of U.S. companies that have announced job cuts this year.

• The rise of fintech rivals and big-tech players such as ​Apple and Google in payments has chipped away at PayPal’s market share in recent ‌years, weighing on its stock. The company’s shares are down roughly 82% from its 2021 record high.

• In its latest earnings ​report, ‌PayPal raised its full-year profit forecast after quarterly results topped Wall Street ‌expectations.

• The turnaround initiatives come against a backdrop of takeover speculation around the company.

• Reuters reported in July, citing sources, that a ‌consortium ​including payments company Stripe ​and private equity firm Advent had made a $53 billion offer to buy PayPal.

• The suitors are no longer pursuing the ‌deal, according ​to media reports in late August.