PayPal confirms 4,760 cuts as new CEO Enrique Lores shifts to AI-native model

PayPal announced on May 5 that it will phase out 4,760 jobs over the next two to three years, about 20% of its 23,800-person workforce. New CEO Enrique Lores said the goal is to reduce organizational layers and accelerate AI and automation, targeting $1.5B in annual cost savings.