digital payment company PayPal announced plans to cut 9% of its workforce this Tuesday this year global approximately 2,500 jobsBoth through layoffs and the elimination of vacant positions.
Alex Chriss, the tech company’s chief executive, cited efficiency, “automation” and the use of technology to “reduce complexity and duplication” as arguments for the measure in a public message previously shared with staff. Chriss, who joined us last September after working as a manager at fintech (financial technology) Intuit, said that 2024 will be the year of “change” and innovations and introduced a product series supported by Artificial Intelligence (AI) last week. According to their memo, employees to be laid off will be notified this week and elimination of vacancies will occur throughout the year. “We are doing this to right-size our company, which will allow us to move at the pace necessary to deliver results for our customers and deliver beneficial growth,” he added.
PayPal laid off nearly 2,000 employees last year as part of a wave of layoffs that has mainly affected tech companies and continues this year.