Coinbase, PayPal, Nissan seen cutting more than 6,000 jobs
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The news: Coinbase, PayPal and Nissan plan to cut over 6,000 combined, according to the companies and media reports, even as US hiring data showed the broader labour market gaining ground.
Coinbase will cut 14% of its workforce, or around 700 employees, with restructuring charges of between USD50 million and USD60 million expected mostly in the second quarter of 2026, the company said in a filing.
CEO Brian Armstrong told employees in a letter he posted on X that the company needed to emerge “leaner, faster and more efficient”, citing AI advances and crypto market volatility.
Meanwhile, Bloomberg and the Wall Street Journal reported, citing an unnamed source, that PayPal plans to cut about 20% of its workforce, or about 4,760 positions, over two to three years.
The company posted first-quarter revenue of USD8.35 billion, up 7% on a year earlier, and toping analyst expectations of USD8.05 billion. New CEO Enrique Lores, who joined in March, said the company would remove duplication and accelerate AI adoption, targeting at least USD1.5 billion in savings to reinvest in new growth.
At Nissan, the Financial Times reported plans to cut about 10% of the car-maker’s European workforce, or around 900 office workers, and consolidate its two Sunderland production lines into one. The company said in a statement to the FT the measures were “essential to protect Nissan’s future in Europe, safeguard jobs in the long term and ensure we can profitably compete in Europe.”
The numbers: Meanwhile in the US, hiring in March surged 655,000 to 5.554 million, even as job openings slipped by 56,000 to 6.866 million, according to the US Labor Department’s JOLTS report.
