PayPal is reportedly preparing to lay off dozens of employees in Israel as part of a broader global restructuring and cost-cutting effort by the payments giant.
The company currently employs approximately 300 people in Israel, although the exact number of positions expected to be eliminated has not been disclosed. PayPal confirmed that the cuts are part of a multi-year transformation aimed at simplifying its global operations and positioning the company for long-term growth.
“These types of decisions are not easy, and we are well aware of their impact on our employees,” PayPal said in a statement cited by the report, adding that it is committed to supporting affected workers during the transition.
PayPal has maintained a significant presence in Israel for years, expanding in part through acquisitions of Israeli companies. Among its major purchases was Fraud Sciences, which PayPal acquired in 2008 for approximately $169 million.
The planned Israeli layoffs come as PayPal cuts jobs in other countries as well. The company announced this week that it is eliminating 164 positions in Ireland, representing nearly 12% of its permanent workforce there.
The restructuring comes as PayPal faces growing competition in the digital payments industry from major technology companies and newer financial technology firms.
(YWN World Headquarters – NYC)
