PayPal lays off about 2,500 people, 9% of its total workforce

On January 30, 2024, online payment service

PayPal announced that it had laid off approximately 2,500 employees, representing 9% of its total workforce. This is the second time that PayPal has made large-scale employee reductions, following in February 2023.

Press Release: Preparing for the Future

PayPal to Cut 9% of Staff in Companywide Layoffs — The Information

PayPal (PYPL) to Cut Around 2,500 Jobs as Rivals Snag Market Share - Bloomberg

PayPal begins more layoffs | TechCrunch

According to a message from PayPal President and CEO Alex Criss to employees, the reduction in employees will help PayPal streamline its operations, better serve its customers, and accelerate growth opportunities. It is said to be from.

Approximately 2,500 people, or approximately 9% of all employees, will be subject to the layoffs, and PayPal says, ``We will support the employees who have been laid off with the utmost respect and consideration.'' states. In addition, employees targeted for termination will be notified by February 3, 2024.

Regarding the workforce reductions, Chris said: ``Across the organization, we need to become more efficient, introduce automation and integrate technology, and reduce complexity and duplication within our teams. We have a lot of work to do, and reducing our workforce is a difficult but necessary decision.' Chris also positions PayPal in 2024 as a 'year of change.'

Chris said PayPal's growth in the third quarter of 2023 has been slow due to the company's 'cost base and complex structure.' Therefore, PayPal has reported that it plans to take measures to increase operating profits.

This is the second large-scale employee reduction by PayPal, following February 2023, and the last time around 2,000 employees, about 7% of the total workforce, were laid off.

PayPal lays off approximately 2,000 people, equivalent to 7% of all employees - GIGAZINE

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