PayPal Lays Off Dozens in Israel Amid Global Efficiency Drive
Translated & summarized from Mako by baba
PayPal is laying off dozens of employees in Israel as part of a global efficiency initiative. The company, which employs around 300 people in Israel, did not specify the number of affected workers, citing a broader restructuring effort.
The story in 5 lines · by baba
- PayPal is cutting dozens of jobs in Israel.
- The layoffs are part of a global efficiency and restructuring plan.
- The company employs about 300 people in Israel.
- Similar cuts were announced in Ireland.
- The move comes amid increased competition in the payments sector.
PayPal is implementing layoffs affecting dozens of employees at its Israeli operations as part of a worldwide efficiency and restructuring plan. The company, which employs approximately 300 people in Israel, has not disclosed the exact number of workers to be dismissed.
This move follows a similar announcement of 164 job cuts in Ireland, representing 11.9% of PayPal's permanent workforce there. The company stated that these personnel changes are integral to a multi-year transformation aimed at streamlining global operations and positioning PayPal for long-term growth. A spokesperson emphasized that such decisions are difficult and that the company is committed to supporting affected employees through this transition.
The Israeli presence of PayPal was largely built through acquisitions, notably the 2008 purchase of Fraud Sciences for around $169 million. The recent layoffs occur amid increasing competition in the digital payments sector from newer players like Apple, Google, and Stripe.
These developments come shortly after reports that a potential joint acquisition of PayPal by Stripe for $53 billion collapsed. Earlier this year, Enrique Lores from HP was appointed as PayPal's new CEO, succeeding Alex Chriss, whose performance reportedly did not meet board expectations. In June, it was also reported that PayPal intended to close its investment arm.
