PayPal Begins Job Cuts After Dropping Sale Option

PayPal, an early leader in digital payments, operates online checkout, peer-to-peer transfers and merchant payment services. The company has been under pressure to contain costs and improve profitability as competition across the payments industry intensifies. The latest workforce reduction signals that management is continuing to streamline operations and reshape the organization around a leaner cost structure.

PayPal began cutting jobs this week, putting an earlier workforce-reduction plan into effect. The move follows the company’s decision to abandon a potential sale option and instead reduce the size of its teams, according to the report. PayPal has not disclosed how many employees or business units are affected, the expected financial impact, or a date for completing the cuts.