PayPal Lays Off Dozens of Israeli Employees Amid Global Efficiency Drive
Translated & summarized from N12 by baba
PayPal is laying off dozens of employees in Israel as part of a global efficiency plan. The company, which employs around 300 people in Israel, did not specify the number of layoffs, which coincide with similar cuts in Ireland and increasing competition in the digital payments market.
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 job cuts were announced in Ireland.
- The move occurs amid increased competition in the payments industry.
PayPal has begun laying off dozens of employees at its Israeli operations as part of a broader global restructuring and efficiency plan. The company, which employs approximately 300 people in Israel, has not disclosed the exact number of workers affected by the cuts.
This move follows a similar announcement of 164 job reductions in Ireland, representing 11.9% of PayPal's permanent workforce there. The company stated that these personnel changes are part of a multi-year transformation aimed at simplifying 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.
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 amidst increasing competition in the digital payments sector from newer players like Apple, Google, and Stripe. This follows reports of a collapsed negotiation for a potential joint acquisition of PayPal by Stripe for $53 billion.
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 planned to close its investment arm.
