PayPal to layoff 9% employees

PayPal, an online payment company, has announced a plan to cut 2,500 jobs globally in the latest round of big tech layoffs.

The decision, according to the company, would affect 9 per cent of its workforce across the world.

In a message to the company’s employees on Tuesday, PayPal Chief Executive Officer, Alex Chriss, said the decision was to “right-size” the company business.

He said affected employees will be notified by the end of the week.

“In our last Global All Hands, I shared that to build a growth organisation and unlock our true potential, we need to be honest about how we can improve.

“During the last few months, I have spent as much time as possible with as many of you as possible to learn about our company’s great strengths, as well as where we need to move faster, where we need to change, and what we need to do to instil a culture of innovation that returns our company to the true position of strength it deserves,” he said.

“Specifically, across our organisation, we need to drive more focus and efficiency, deploy automation, and consolidate our technology to reduce complexity and duplication. We have started on that journey, but there is a lot of work to do and 2024 marks a year of change, including some difficult but necessary decisions to get us to where we need to go.

“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,” Mr Chriss said.

He said the company will right-size its business, allowing it to move with the speed needed to deliver to 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 noted.

“If your role is included in this workforce reduction, you will be notified between today and the end of the week. These decisions were not easy to make, and we are undertaking these actions with tremendous care and consideration,” he added.

The PayPal boss said all decisions are subject to consultation, where required by law.

“True to our values, we will support our employees’ transitions with the utmost respect, support, and compassion,” he said.

The company had in February last year announced its plan to cut 2,000 of its employees, reducing the company’s workforce by 7 per cent.

PayPal, an online payment company, has announced a plan to cut 2,500 jobs globally in the latest round of big tech layoffs.

The decision, according to the company, would affect 9 per cent of its workforce across the world.

In a message to the company’s employees on Tuesday, PayPal Chief Executive Officer, Alex Chriss, said the decision was to “right-size” the company business.

He said affected employees will be notified by the end of the week.

“In our last Global All Hands, I shared that to build a growth organisation and unlock our true potential, we need to be honest about how we can improve.

“During the last few months, I have spent as much time as possible with as many of you as possible to learn about our company’s great strengths, as well as where we need to move faster, where we need to change, and what we need to do to instil a culture of innovation that returns our company to the true position of strength it deserves,” he said.

“Specifically, across our organisation, we need to drive more focus and efficiency, deploy automation, and consolidate our technology to reduce complexity and duplication. We have started on that journey, but there is a lot of work to do and 2024 marks a year of change, including some difficult but necessary decisions to get us to where we need to go.

“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,” Mr Chriss said.

He said the company will right-size its business, allowing it to move with the speed needed to deliver to 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 noted.

“If your role is included in this workforce reduction, you will be notified between today and the end of the week. These decisions were not easy to make, and we are undertaking these actions with tremendous care and consideration,” he added.

The PayPal boss said all decisions are subject to consultation, where required by law.

“True to our values, we will support our employees’ transitions with the utmost respect, support, and compassion,” he said.

The company had in February last year announced its plan to cut 2,000 of its employees, reducing the company’s workforce by 7 per cent.