Modernizing the tech stack is a critical priority for PayPal, but CEO Enrique Lores has more to do to deliver success in an agentic AI era
PayPal’s made no secret of its re-invention ambitions to thrive in the age of AI, where no retailer’s public pronouncements are complete without announcing their very own ‘exclusive’ agentic commerce deal with OpenAI or Google.
Part of the reason that the firm brought in CEO Enrique Lores from HP was to build up its tech credentials for this transformative period and the first fruit of what he has in mind have started to manifest.
Start with the bad news - around a fifth of PayPal staff look set to be on the job seeking trail over the next two to three years. According to scuttlebutt, around 4,760 of the firm’s 23,800 staffers will have to go, partly to meet Lore’s goal of making gross savings of $1.5 billion in operating costs, and partly to make room for AI tech taking over their roles.
On a less downbeat note, Lore’s...
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