As January comes to an end, we’ve witnessed a series of layoffs affecting a variety of tech companies, including Google, Microsoft, and eBay. Continuing this trend, PayPal, a major player in the payments industry, announced that it would lay off 2,500 employees, accounting for 9% of its global workforce.
The company’s chief executive, Alex Chriss, said the decision was aimed at sharpening focus and “right-sizing” the business. Affected employees are expected to be notified this weekend. Notably, these layoffs will impact existing employees and positions that the tech giant originally planned to fill.
“Today, I am writing to share the difficult news that we will reduce our global workforce by approximately 9% this year through direct layoffs and the elimination of open positions,” Chris said when announcing the layoffs in an internal company memo.
“We are doing this to right-size our business so that we can serve customers at the pace they need and drive profitable growth. At the same time, we will continue to invest in areas of the business that we believe will create and accelerate growth.” he added.
Notably, this development comes just days after PayPal announced it would be doubling down on AI technology to enable faster checkouts, AI-powered merchant recommendations, and more. CEO Alex Chriss called it “the next chapter” in PayPal’s history.
Additionally, PayPal went through a similar round of layoffs in 2022, which reportedly resulted in the layoffs of 2,000 employees worldwide. These layoffs coincide with other giants such as Apple entering the digital payments market, causing a shift in market dynamics.
Follow us on Google news ,Twitter , and Join Whatsapp Group of thelocalreport.in
