PayPal cuts 251 San Jose jobs as part of a plan to shed about 20% of staff

PayPal is cutting 251 employees at its San Jose headquarters, according to a government filing, as part of a multi-year restructuring under CEO Enrique Lores. The plan targets about 20% of the workforce, more than 4,500 jobs, over two to three years, and about $1.5 billion of projected savings. The company is also increasing AI investment while it trims costs.

• 251 positions cut at the San Jose headquarters
• Plan to reduce the workforce by about 20%, more than 4,500 jobs, over two to three years
• Projected savings of about $1.5 billion
• Q2 net income $1.26 billion, down 12% from a year earlier