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PayPal Cuts Nearly 25% of Israeli Staff in Global Overhaul
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PayPal has laid off about 70 employees, nearly 25% of its workforce, in Israel as part of a global restructuring and efficiency drive. The cuts are aimed at streamlining operations and increasing AI use, with similar reductions occurring in other countries.
The story in 6 lines · by baba
- PayPal laid off about 70 employees in Israel, 25% of its local staff.
- The Israeli layoffs are part of a global efficiency drive by CEO Enrique Lores.
- The restructuring aims for $1.5 billion in annual savings and increased AI use.
- Israel's development center is key for cybersecurity and fraud prevention technology.
- PayPal has expanded its Israeli presence through several acquisitions.
- The company stated the cuts are part of a long-term growth strategy.
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