PayPal cuts 220 India jobs as part of previously announced restructuring plan

PayPal has eliminated approximately 220 positions in India as part of its comprehensive, multi-year restructuring plan, according to a source familiar with the company's decision. PayPal spokesperson confirmed the move, stating the layoffs are in line with their previously announced strategy to streamline global operations, enhance execution, and foster long-term growth.

The company has been implementing significant cost reduction measures throughout the year under the leadership of CEO Enrique Lores, aiming to strengthen its competitive edge in the highly competitive payments industry. Their goal is to achieve $400 million in cost savings by the end of the year and at least $1.5 billion over the next two to three years.

These changes join a series of job cuts announced by other U.S. companies this year, as the emergence of fintech rivals and big-tech players has diminished PayPal's market share, impacting its stock price. The stock has plummeted around 82% since its 2021 peak. Recent financial results saw PayPal raising its full-year profit forecast after meeting Wall Street's expectations during quarterly reporting.

The company's restructuring efforts come amid takeover speculation, with Reuters reporting in July that a consortium including Stripe and private equity firm Advent had submitted a $53 billion offer to acquire PayPal. However, sources indicate that the potential buyers have since withdrawn from the deal.