Bay Area tech giant PayPal cuts hundreds of California jobs | Latest Tech News
Fresh layoffs at a Bay Area tech giant have gutted senior staff and engineers as half of a brutal 20% workforce discount.
Payments giant PayPal plans to ax 251 staff at its San Jose headquarters, according to a discover filed with California’s Employment Development Department.
Dozens of senior administrators, managers and engineers will lose their jobs as half of the layoffs, the submitting states.
The cuts embody 42 senior software program engineers and 28 senior engineering managers, along with varied other leaders, center managers and other roles across the group.
The tech firm employs roughly 23,800 people worldwide but plans to cut around one-fifth of its workforce — or about 4,760 jobs — to trim bills and “accelerate” its adoption of artificial intelligence, according to the Wall Street Journal.
A PayPal signal is seen at its headquarters on Jan. 30, 2024, in San Jose, California. Getty Images
PayPal plans to cut 20% of its global workforce. Getty Images
Senior administrators at PayPal usually earn more than $300,000, SFGate reported — the latest instance of layoffs affecting higher-earning Bay Area employees.
Just this week, Uber announced it can cut 10% of its whole workforce, one-third of which is based in the Bay Area. Amazon this week disclosed 150 job cuts in Northern California.
“The proposed staffing changes are part of our previously announced multi-year transformation to simplify our global operations, strengthen execution, and position the company for long-term growth,” a PayPal spokesperson said.
Peter Thiel, co-founder of PayPal. Getty Images
“Decisions like these are never easy. We recognize the impact they have on our employees and are committed to supporting them through this transition.”
Co-founded as Cofinity in 1998 by Peter Thiel, Max Levchin and Luke Nosek, PayPal has turn out to be one of the world’s largest cost platforms, also buying Venmo in 2013.
The PayPal layoffs will take impact on Oct. 30, according to the state submitting.
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