Proposed redundancies are expected to take place between 7 and 21 October.
PayPal is laying off 164 of its Ireland-based workers in a now familiar Big Tech move to “simplify” company operations for long-term growth.
The layoffs represent 11.9pc of PayPal’s total full-time Irish workforce of 1,380 and includes both remote workers and on-site employees.
PayPal told Sinn Féin TD Ruairí Ó Murchú that the job cuts are part of a strategy announced earlier this year that aims to improve company operations by removing duplication and putting in place clearer reporting lines.
News of the redundancies was revealed yesterday (31 August) after 29 senior members of the staff, three team leaders and one manager were told they were being made redundant. The company later said that a further 131 employees, across a range of departments, would be laid off as well.
The Department of Enterprise said it received a collective redundancy notification from PayPal on 28 August, a legal requirement if a big business is considering laying off 30 or more employees. The proposed redundancies are expected to take place between 7 and 21 October, the fintech told Ó Murchú.
The layoffs come just after talks of Stripe jointly acquiring the once fintech giant for $53bn reportedly fell through. According to the tech job cuts tracker Layoffs.fyi, the latest redundancies take PayPal’s total layoffs since 2022 to more than 4,800.
PayPal has struggled in recent years to modernise against emerging rivals in the payments space, including Apple, Google and Stripe.
The fintech brought in HP’s Enrique Lores as its new CEO earlier this year, replacing Alex Chriss, whose work was apparently “not in line” with board expectations. But by June, PayPal had reportedly planned to shut down its venture capital arm.
PayPal’s shares have dropped dramatically over recent years as a result of the turbulent times at the company, but picked up after promising reports of a takeover by Stripe, which took its market capitalisation to $52.5bn just days ago, up from roughly $43bn in February, before dropping down to around $45bn today (1 September).
Last month, payments giant Visa cut roughly 2,600 employees, or about 7pc of its workforce in a pivot towards AI, and Etsy cut 12pc of its workforce for “flatter, faster teams”.
Medtech giant Boston Scientific said it is planning layoffs in Ireland, while 52 Ireland-based positions are expected to be cut at the Dublin-based automotive software provider Cubic3.
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