PayPal trims 220 Indian positions amid multi-year cost-cut plan

PayPal announced it has cut roughly 220 positions in India, marking a concrete step in the multi-year turnaround plan disclosed earlier this year. The restructuring, overseen by newly appointed CEO Enrique Lores, is designed to streamline global operations, reduce organizational layers, and embed AI and automation to raise efficiency. The company targets $400 million in cost reductions by the end of the year and at least $1.5 billion over the next two to three years.

Intensifying competition from fintech startups and big-tech players such as Apple and Google has pressured PayPal’s market share, contributing to a sharp decline in its share price since its 2021 peak. Despite the workforce reduction, PayPal raised its full-year profit forecast after a quarterly beat. Earlier reports of a $53 billion acquisition bid by a consortium that included Stripe and private-equity firm Advent have reportedly fallen off the table.