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.
Online payment company Paypal has announced a global restructuring plan which will reduce its workforce by 7% (2000 full-time positions). In a press release, the CEO has said employees will receive 'generous packages', the company will engage in consultation where required, and support employees' transitions. However, there is no information on the restructuring process or the role of social partners. The restructuring has been attributed to a 'competitive landscape' and the company says layoffs will occur over the next weeks from the announcement date.
Previous restructuring events have been recorded in the ERM database for Paypal. In 2022 307 job cuts were announced in Ireland (Paypal-2022-IE), in 2021 due to offshoring 131 jobs cuts were announced in Ireland (Paypal-2021-IE), and in Germany 309 job cuts were announced in 2019 (Paypal-2019-DE).
Eurofound (2023), Paypal, Internal restructuring in World, factsheet number 108357, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/108357.