PayPal eyes over 4,500 layoffs, expects $1.5 bn in savings: Report

PayPal is considering a 20% reduction in its workforce, or over 4,500 jobs, as part of a major restructuring plan, Bloomberg reported. CEO Enrique Lores said the restructuring could deliver $1.5 billion in cost savings over the next two to three years. “Leveraging AI more extensively in our development processes will significantly help us with this effort,” Lores said.