Paypal announces over 300 job losses

The multinational payments facilitator said that the proposal for job cuts came after "a review of its operational needs."
Paypal announces over 300 job losses

Consultation with staff regarding the redundancies is set to begin on Thursday. Picture: Sasko Lazarov

PayPal is to cut 307 jobs from its offices in Dundalk and Dublin, the company announced today.

Consultation with staff regarding the redundancies is set to begin on Thursday.

The company said it is not offering a voluntary redundancy programme. 

The multinational payments facilitator said that the proposal for job cuts came after "a review of its operational needs."

Of the over 300 job losses, 135 of the redundancies will occur in company's Dublin office in Blanchardstown, while the remaining 172 job cuts will be in the Dundalk office. 

In a statement a spokesperson for the company said: "PayPal remains committed to Ireland and our Dublin and Dundalk sites will continue to be among our largest global centres for employment and operations, supporting our customers.

"PayPal is committed to ensuring that colleagues who leave under the proposed changes are treated fairly and generously. We are offering enhanced redundancy and support packages to help them as they move to the next step in their careers."

In response to the job cuts Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar said: "I have spoken with the PayPal leadership team and expressed my disappointment at the decision and the impact it will have on their employees. The company has assured me that PayPal remains committed to Ireland and the remaining 2,000 staff the company will continue to employ here.

"Consultation with staff will begin this Thursday and I understand all 307 redundancies will be initially sought on a voluntary basis and a good redundancy package will be made available.

"The Government will make all necessary State assistance available to the workers, to help them find new employment, education and training opportunities as soon as possible," he added

Last month, PayPal lowered its full-year profit view, signaling that payments volumes at the company could take a hit from surging inflation and the conflict in Ukraine.

The company said it expects adjusted profit between $3.81 and $3.93 on a per share basis, down from its previous forecast of $4.60 to $4.75 per share.

Customers in the United States have started tightening their belts in recent months as inflation surges to its highest in decades, pressuring earnings of payment processors like PayPal.

The company is also expected to take a financial hit from its decision to join the Western corporate boycott of Russia over the invasion of Ukraine, which Moscow has called a "special operation."

Additional reporting from Reuters

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