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00:02PayPal plans to cut 20% of its workforce over the next two to three years as the company
00:07accelerates AI adoption and cuts costs, according to the Wall Street Journal.
00:11The reduction would eliminate about 4,760 positions based on PayPal's 23,800 employees
00:19at the end of 2025. CEO Enrique Loras said the company underinvested in technology
00:26and needs to remove duplication and organizational layers to focus on AI and core operations.
00:33PayPal said the cost-cutting plan is expected to generate at least $1.5 billion in gross
00:39run rate savings over the next two years. Loras said PayPal's top priority is its checkout business,
00:47which allows customers to use PayPal for online retail purchases.
00:51He said the company also sees growth opportunities in buy now, pay later,
00:55financial services, Venmo, and payment processing as customers seek more flexible payment options.
01:02For all things money, visit Benzinga.com.
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