PayPal to slash hundreds of California jobs as big money managers axed by tech giant

Fresh layoffs at a Bay Area tech giant have gutted senior employees and engineers as part of a brutal 20% workforce reduction.

Payments giant PayPal plans to ax 251 employees at its San Jose headquarters, according to a notice filed with California’s Employment Development Department.

Dozens of senior directors, managers and engineers will lose their jobs as part of the layoffs, the filing states.

The cuts include 42 senior software engineers and 28 senior engineering managers, along with various other leaders, middle managers and other roles across the organization.

The tech firm employs approximately 23,800 people worldwide but plans to cut around one-fifth of its workforce — or about 4,760 jobs — to trim expenses and “accelerate” its adoption of artificial intelligence, according to the Wall Street Journal.

Senior directors at PayPal generally earn more than $300,000, SFGate reported — the latest example of layoffs affecting higher-earning Bay Area workers.

Just this week, Uber announced it will cut 10% of its total 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.

“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 become one of the world’s largest payment platforms, also acquiring Venmo in 2013.

The PayPal layoffs will take effect on Oct. 30, according to the state filing.

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