PayPal aims to diversify funding sources and reduce costs by pursuing banking license
PYPL PayPal Holdings Inc
$59.28 +1.68%
View chart & analysis → - 1PayPal submitted an application to the FDIC and the Utah Department of Financial Institutions last December to establish an industrial loan company in Utah.
- 2CEO Enrique Lores cut approximately 2,000 employees as part of a restructuring plan started in April.
- 3CFO Jamie Miller mentioned an expected $1.5 billion in cost savings for PayPal over the next 2 to 3 years.
So what's the key point?
PayPal has applied to set up a lending company. The company plans to reduce its workforce and save $1.5 billion in costs.
Source Payments Dive · View original ↗
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