(KRON) -- Payments app PayPal is set to cut over 250 Bay Area jobs. According to a filing with the Employment Development Department, PayPal will slash 251 jobs at its headquarters on First Street in San Jose. The layoffs, according to a Worker Adjustment and Retraining Notification (WARN) notice, will take effect on Oct. 30. All the job cuts are permanent, the filing states. Nvidia buying AI startup that was hacked by rogue OpenAI agents PayPal's San Jose job cuts represent about 1% of the payments company's global workforce. According to Silicon Valley Business Journal, the job cuts are mostly among senior software engineers and engineering managers. It is not known if artificial intelligence was a factor in the layoffs. Payments industry blog Payments Dive reported that the Bay Area layoffs are part of a broader cost reduction plan for the company. The PayPal layoffs are just the latest in what is becoming a tough year for the tech industry. The number of tech layoffs this year has already blown past the total number for 2025. According to tracking website Layoffs.fyi, there have already been 128,903 tech layoffs across 294 companies in 2026. ...read more read less