PayPal will eliminate 251 positions at its San Jose headquarters on October 30, 2026, including roles for senior software engineers and product directors. The cuts form part of a plan to reduce the company’s global workforce by roughly 20%, or about 4,760 of the 23,800 employees it had at the end of 2025, and generate $1.5 billion in annual savings. CEO Enrique Lores, who took leadership in March 2026, is overseeing a restructuring that divided PayPal into Checkout Solutions & PayPal, Consumer Financial Services & Venmo, and Payment Services & Crypto. The crypto unit includes PYUSD, PayPal’s dollar-pegged stablecoin, as the company increases its focus on artificial intelligence and digital assets while facing slower branded-checkout growth and competition from Apple Pay and Google Pay. PayPal had already reduced its workforce by about 2.5% by the end of 2025. The company reported second-quarter net income of $1.26 billion, down 12% year over year, while its shares fell more than 15% over the previous 12 months and traded around $55. PayPal is investing $400 million this year to improve branded checkout and has linked weaker activity partly to a K-shaped economy. A reported takeover offer worth more than $50 billion from Stripe and Advent International was abandoned in July. The reductions come as U.S. technology companies accelerate layoffs and redirect resources toward AI.