Israeli Tech Firms Bizzabo, PayPal Announce Layoffs Amid Global Cuts
Translated & summarized from Calcalist by baba
Israeli tech company Bizzabo and payment giant PayPal have announced layoffs affecting employees in Israel and globally. The cuts are attributed to organizational restructuring and efficiency programs aimed at streamlining operations and improving financial performance.
The story in 4 lines · by baba
- Bizzabo and PayPal are laying off employees in Israel and worldwide.
- The layoffs are part of broader restructuring and efficiency initiatives.
- Bizzabo has conducted multiple rounds of layoffs since mid-2022.
- PayPal aims to cut 20% of its global workforce over 2-3 years.
Israeli tech company Bizzabo has laid off dozens of employees, a portion of whom were based in Israel, with the majority located internationally. The company, which previously employed around 150 people globally, stated the organizational changes were part of a move toward faster operations for the growing events market. Bizzabo, founded in 2011, develops a platform for managing physical, virtual, and hybrid business events. This marks the third round of layoffs for the company since mid-2022, which has seen its workforce shrink by over two-thirds.
In parallel, payment giant PayPal is also cutting jobs in Israel as part of a worldwide reduction. PayPal's Israeli operations, centered at its development center in Tel Aviv, employ between 200 and 250 people. The Israeli layoffs are integrated into a global wave of cuts that began this week, affecting employees across Asia-Pacific, Europe, and the Middle East. In Ireland, PayPal will dismiss 164 employees, approximately 12% of its workforce there.
PayPal explained these workforce adjustments are a component of a multi-year efficiency program aimed at streamlining global operations and enhancing performance. This plan, introduced by new CEO Enrique Lores, intends to reduce the company's global workforce by about 20% over two to three years, equating to roughly 4,760 jobs, to achieve annual savings of $1.5 billion. The company affirmed its commitment to supporting affected employees through this transition.
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