Fintech Industry Faces Major Shockwave..

PayPal is planning a major restructuring move that will see nearly 20% of its global workforce being laid off over the next two to three years. The decision comes under new CEO Enrique Lores, who is implementing aggressive cost-cutting measures to improve the financial performance of the struggling payments company.

With around 23,800 employees worldwide, the layoffs could impact more than 4,500 jobs. PayPal aims to save about $1.5 billion as part of its efficiency drive. The company is facing pressure due to slowing growth and rising competition in the fintech sector, and similar layoffs have also been announced by rival firms like Coinbase.