PayPal shares fell 10% in the early U.S. cash session after CEO Enrique Lores began a turnaround effort aimed at "taking deliberate steps to sharpen focus and accelerate growth."

Lores is pushing forward with a new turnaround plan that could generate at least $1.5 billion in savings for the struggling payment platform over the next two to three years. This will allow the company to reinvest in technology modernization. Lores said in an earnings release that PayPal needs to simplify operations, reduce its cost structure, and focus its investments:

"I'm energized by the opportunity to improve execution and accelerate PayPal's growth. The company has valuable assets in our brands, technology, and team – and there is significant potential ahead of us.

We are taking deliberate steps to sharpen our strategy, simplify our organization, and improve both our growth trajectory and cost structure by focusing our investments where we believe they will have the greatest impact.

I am confident in our ability to put the company on a more durable path to long-term growth and shareholder value creation, and we are executing with urgency."

Lores did not provide specifics on the scale of the coming job cuts, but Bloomberg data show that PayPal has already been trimming its workforce for several years.

The headcount peaked at nearly 31,000 employees in 2021 and has since been reduced to 23,800 as of year-end 2025.

Earlier, the Coinbase CEO announced plans to reduce the company's workforce by 14%, or about 700 employees.

Block recently told investors it would eliminate 4,000 workers, nearly half of its workforce.

We're confident the white-collar job apocalypse will only continue as AI agents replace human workers to streamline operations and trim costs. 

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