PayPal cuts 164 Irish jobs to ‘simplify’ operations

PayPal has announced plans to cut 164 jobs among its Ireland-based employees, as part of a strategy to streamline operations and drive long-term growth. The redundancies, expected to take place between October 7 and 21, represent 11.9% of PayPal's full-time workforce in Ireland, which numbers 1,380 staff members in total. The job cuts encompass both remote and on-site workers across various departments.

The company disclosed the decision after speaking with Sinn Féin TD Ruairí Ó Murchú, with 29 senior members, three team leaders, and one manager initially informed of their redundancy status. Additional 131 employees were set to be let go, spanning different areas of the organization. The redundancies follow a series of layoffs at PayPal since 2022, totaling over 4,800 positions.

PayPal's decision comes in the wake of a reported failed attempt to acquire the company for $53 billion by Stripe. The layoffs are a key part of a strategy announced earlier this year aimed at improving operations by eliminating duplication and establishing clearer reporting lines. The move follows a recent restructuring, which included the departure of CEO Alex Chriss in June, after his performance was deemed "not in line" with board expectations. He was replaced by Enrique Lores, who joined PayPal in January.

In the face of increased competition from rivals like Apple, Google, and Stripe, PayPal has been grappling with the need to modernize its services. The company's shares have seen a decline in value over recent years as investors have grown wary of the turbulent situation at the payments giant. However, shares did rise following reports of a potential takeover by Stripe, which pushed PayPal's market capitalization to $52.5 billion, up from roughly $43 billion in February.