- PayPal will cut around 2,500 jobs to cut costs and maximize profits
PayPal began company-wide layoffs on Tuesday that will result in a reduction of about 9 percent of its global workforce – or 2,500 jobs.
This comes just months after newly appointed CEO Alex Chriss took the helm of the company and indicated in a conference call in November that cost cutting would be a priority.
The layoffs will result in staff cuts across several teams, including engineering and research and development, The Information reported.
This year, a number of technology companies, including Amazon, Microsoft, Meta and Google, have cut their workforces.
PayPal began company-wide layoffs on Tuesday that will result in a reduction of about 9 percent of its global workforce – or 2,500 jobs
Newly appointed CEO Alex Chriss (pictured) said the move was intended to “right-size” the company
In a letter to employees on Tuesday, Chriss said the move was intended to “right-size” the company and enable it to “progress at the pace necessary to serve our customers and drive profitable growth.” “Bloomberg reported.
Employees affected by the layoffs will be notified by the end of the week, Chriss noted in the letter.
“At the same time, we will continue to invest in business areas that we believe will create and accelerate growth,” he said.
Shares of PayPal have fallen 20 percent over the past year, and a series of earnings results have disappointed investors.