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PayPal is the latest tech giant to let go of employees in 2024.
After Google, Microsoft, and others, PayPal has become the latest entrant in the tech layoffs scene of 2024, announcing the layoff of 2,500 employees globally
As January comes to a close, we’ve witnessed a series of layoffs impacting various tech companies, including Google, Microsoft, and eBay. Continuing this trend, PayPal, a major player in the payments industry, has announced a workforce reduction of 2,500 employees, constituting 9% of its global staff.
According to the company’s CEO, Alex Chriss, this decision aims to enhance focus and “right-size” the business. The affected employees are slated to receive notifications by the week’s end. Notably, these layoffs will affect both current staff and positions that the tech giant had initially planned to fill.
“Today, I am writing to share the difficult news that we will be reducing our global workforce by approximately 9 per cent through both direct reductions and the elimination of open roles over the course of the year,” Chriss said, announcing the layoffs in an internal company memo.
“We are doing this to right-size our business, allowing us to move with the speed needed to deliver for our customers and drive profitable growth. At the same time, we will continue to invest in areas of the business we believe will create and accelerate growth,” he added.
Notably, this development comes just days after PayPal announced that it is doubling down on artificial intelligence by enabling a faster checkout, AI-powered merchant recommendations, and more. CEO Alex Chriss called it the “next chapter” in PayPal’s journey.
Additionally, in the year 2022, PayPal had undergone a similar round of layoffs, leading to the reported termination of 2,000 employees globally. These layoffs coincide with the entry of other giants, such as Apple, into the digital payments market, resulting in a transformation of the market dynamics.
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