Tech and Payments Firms Cut Jobs as They Rebuild Around AI

Several major technology and payments firms announced thousands of job cuts in early May 2026 as they reorganize teams to accelerate use of artificial intelligence. Cloudflare, PayPal, Coinbase, Upwork, BILL and Ticketmaster tied the reductions to efforts to streamline operations and create smaller, AI-augmented teams.

Cloudflare said it will eliminate more than 1,100 positions, about 20% of a 5,156-person workforce reported at the end of 2025. The company reported internal AI usage rose by more than 600% in three months and wrote in an internal email: “We have to be intentional in how we architect our company for the agentic AI era.” The announcement arrived in early May.

PayPal outlined plans to cut roughly 20% of its 23,800 employees over the next two to three years, a reduction of about 4,760 jobs. CEO Enrique Lores told investors the company will remove duplicate roles and layers and accelerate AI adoption and automation across operations to meet profitability targets.

Coinbase said it will reduce headcount by about 14%, roughly 700 positions, framing the change as a shift to smaller teams supported by AI tools. Upwork’s CEO Hayden Brown notified staff that the freelance platform will cut about a quarter of its workforce, writing that smaller teams let the company move faster and helped it meet profitability goals after prior reductions.

Payments firm BILL announced it would cut up to 30% of its staff as it rebalances operations. Ticketmaster reduced its global workforce by about 8%, roughly 350 employees across 25 countries, with the company’s global president describing AI as a “new utility.” Several of the announcements were concentrated in the first week of May.

Company statements emphasize faster decision-making, removal of overlapping roles and wider automation as reasons for the restructuring. Firms provided limited and varied information on severance, specific roles targeted and exact timelines, and some said further changes could follow as they align teams with technology priorities.

Recent research finds little evidence so far of widespread AI-driven job losses, and many economists expect labor shifts to take place over time rather than immediately. Employees affected by these reductions will face transitions in the coming weeks and months as employers implement their restructuring plans.