PayPal will cut about 9% of its global workforce – roughly 2,500 jobs – after workforce became bloated during Covid
- PayPal will cut about 2,500 jobs in an effort to reduce costs and maximize profits
PayPal began companywide layoffs on Tuesday, which will eliminate about 9 percent of its global workforce — or 2,500 jobs.
It comes just months after newly appointed CEO Alex Chriss took the helm of the company noted in a November earnings call that cost savings would be a priority.
PayPal hired aggressively during the pandemic, adding nearly 30,000 people to its global workforce in 2022. Nearly half of these were in the US, it reported at the time.
The new layoffs will reduce staff across multiple teams, including engineering and research and development. The information reported.
This year, a number of tech companies, including Amazon, Microsoft, Meta and Google, have reduced their workforces.
PayPal began companywide layoffs on Tuesday, which will cut about 9 percent of its global workforce — or 2,500 jobs
Newly appointed CEO Alex Chriss (pictured) said the move was aimed at right-sizing the company
In a letter to staff on Tuesday, Chriss said the move was aimed at “right-sizing” the company, allowing it to “move at the speed necessary to serve our customers and drive profitable growth.” Bloomberg reports this.
Staff affected by the layoffs will be notified by the end of the week, Chriss said in the letter.
“At the same time, we will continue to invest in areas of the business that we believe will create and accelerate growth,” he said.
PayPal shares have fallen 20 percent in the past year and a string of earnings results disappointed investors.