PayPal Takes Measures to ‘Right Size’ by Laying Off 2,500 Employees in Ongoing Tech Layoffs
As January draws to a close, we’ve seen several layoffs affecting a number of tech companies, including Google, Microsoft, and eBay. Continuing this trend, PayPal, a major player in the payments industry, has announced that it will cut 2,500 jobs, representing 9% of its global workforce.
According to the company’s CEO, Alex Chriss, this decision aims to enhance focus and “right-size” the business. Affected employees should receive notifications by the end of the week. In particular, these layoffs affect both current personnel and positions that the tech giant originally planned to fill.
“I am writing today to share the difficult news that we are reducing our global workforce by approximately 9 percent through both direct reductions and the elimination of open positions during the year,” Chriss said of the layoffs. internal company memo.
“We are right-sizing this business to move at the speed needed to deliver to our customers and drive profitable growth. At the same time, we will continue to invest in business areas that we believe will create and accelerate growth,” he added.
Notably, this development comes just days after PayPal announced it was doubling down on AI, enabling faster checkout, AI-powered merchant recommendations and more. CEO Alex Chriss called it the “next chapter” in PayPal’s journey.
Additionally, in 2022, PayPal had undergone a similar layoff, resulting in a reported layoff of 2,000 employees worldwide. These layoffs coincide with the entry of other giants such as Apple into the digital payments market, leading to a shift in market dynamics.
