“The company now expects to incur an additional $100 million in restructuring charges this year, though the job cuts will ultimately help the firm save about $260 million a year in employee-related costs, PayPal said.
“We are continuing to review our facility needs due to our new work models,” PayPal said in the filing. “The strategic actions and cash payments associated with this plan are expected to be substantially completed by the fourth quarter of 2022.”
Here’s the article with company spokesperson quote
https://www.bloomberg.com/news/articles/2022-05-26/paypal-begins-cutting-staff-as-push-to-reduce-costs-ramps-up