US payment giant PayPal is laying off dozens of employees in Israel as part of a global round of job cuts to streamline operations and invest in artificial intelligence infrastructure and development across the business.

As part of a global multi-year turnaround plan, the US fintech firm is slated to fire around 70 employees at its Tel Aviv development center, almost a quarter of its 300-person workforce in Israel, according to sources familiar with the matter. Among local employees are data scientists, software engineers, and product developers.

A PayPal spokesperson declined to disclose details about the size of planned layoffs in Israel but confirmed that “the proposed staffing changes are part of our previously announced multi-year transformation to simplify our global operations, strengthen execution, and position the company for long-term growth.”

“Decisions like these are never easy,” the PayPal spokesperson said. “We recognize the impact they have on our employees and are committed to supporting them through this transition.”

The job cuts are part of a global restructuring plan announced in May, shortly after incoming PayPal CEO Enrique Lores took office. The........

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