1 of 1
Story summary
- PayPal is laying off 70 employees in Israel.
- The cuts target the Tel Aviv AI development center that builds fraud-detection and user-experience tools.
- CEO Enrique Lores announced an efficiency plan to cut 20% of staff, 4,500 jobs, aiming for $1.5 billion savings.
- Layoffs also affect Ireland (164 jobs), India (200 jobs), and San Jose headquarters (251 jobs).
- PayPal will close its 10-year-old venture team that invested $850 million in 80 startups.
