Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The US online payments company Paypal has announced a restructuring programme which will reduce its workforce by 9%, cutting 2,500 jobs worldwide in 2024.
So far, the company announced a restructuring programme in Ireland where 205 jobs are expected to be cut. The conditions of the programme will be negotiated with employee representatives according to local regulations. PayPal said it would offer discretionary enhanced redundancy and support packages to departing staff.
President and CEO Alex Chriss emphasised the need to “right-size” PayPal, allowing the company to move swiftly to deliver for its customers and drive profitable growth. The company aims to achieve this by deploying automation, consolidating technology, and enhancing efficiency.
Previous restructuring events have been recorded in the ERM database for Paypal. In [2023], 2,000 job cuts were announced globally (https://apps.eurofound.europa.eu/restructuring-events/detail/108357). In 2022, 307 job cuts were announced in Ireland [Paypal-2022-IE] (https://apps.eurofound.europa.eu/restructuring-events/detail/106848), and in 2021, due to offshoring, 131 job cuts were announced in Ireland [Paypal-2021-IE] (https://apps.eurofound.europa.eu/restructuring-events/detail/104726).
UPDATE 18/06/2024
It has been announced that PayPal will cut a further 85 jobs in Ireland. As a result, the company will cut its employment in Ireland by up to 290 jobs as opposed to the original 205 planned cuts.
Eurofound (2024), Paypal, Internal restructuring in World, factsheet number 200783, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/200783.