PayPal Cuts 220 India Jobs in Restructuring Plan

PayPal Holdings, Inc. cut approximately 220 jobs in India as part of a multi-year restructuring and turnaround plan. Led by CEO Enrique Lores, the initiative seeks to simplify operations, reduce costs, and modernize technology through increased AI integration.

The company expects the transformation to generate roughly $400 million in savings by the end of 2026. However, PayPal anticipates transformation-related charges between $120 million and $140 million during the second half of the year.

This strategic reset follows a decision by the company's board to reject an acquisition offer from a consortium including Stripe and Advent, which valued PayPal at over $53 billion. Despite a 9% increase in second-quarter total payment volume to $486.4 billion, the company faces pressure on operating margins and intense competition from Apple Pay and Google Pay.