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.
Information / Communication Computer Programming, Consultancy And Related Activities Computer Programming, Consultancy And Related Activities 62.09 - Other Information Technology And Computer Service Activities
2,500 jobs Number of planned job losses
Announcement Date
30 January 2024
Employment effect (start)
30 January 2024
Foreseen end date
Description
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.
Eurofound (2024), Paypal, Internal restructuring in World, factsheet number 200783, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200783.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
